WASHINGTON (Reuters) – The United States and the European Union have agreed a four-month pause on tariffs, Bloomberg News reported Friday, one day after Washington and Britain also announced a fourth month period to negotiate a trade settlement.
The White House and the offices of the United States Trade Representative did not immediately respond to requests for comment on the report.
Reporting by Trevor Hnnicutt, written by Susan Heavey
ROME (Reuters) – Former Italian Prime Minister Giuseppe Conte, a technocrat who previously rejected direct affiliation of any party, on Sunday took on the task of reviving the fortunes of the 5 Star Movement as it struggled to find a way out of politics. crisis.
5-star, the largest group in parliament thanks to its victory in the 2018 election when it won 32.7% of the vote, its support has continued to shrink and now stands at around 15%.
His decision this month to support a new national unity government led by former European Central Bank chief Mario Draghi further divides and weakens him, sparking defections from members who see him as a betrayal of the original 5-Star anti-establishment identity.
“Giuseppe Conte has accepted the task … putting together a project to re-establish the 5 Star Movement,” the party said after a Rome meeting between Conte and 5-Star top brass including its founder, former comedian Beppe Grillo.
It said Conte would lead a “total restructuring” of 5-Star, which Grillo created in 2009 as an anti-system protest movement.
Ecology and the fight against inequality and corruption will remain the main board of the 5-Star platform, the party said in a message on Facebook, adding that it would work more closely with associations and movements not directly involved in party politics.
Conte is one of the most popular politicians in Italy and has always been close to a 5 star. A survey by the Ipsos agency in January gave him an approval rating of around 56%.
By attributing his fortune to the 5 Star, Conte will lose his previous status as a non-partisan mediator between the 5-Star and the center-left Democratic Party (PD), a key backer of his government that collapsed in January over the coalition. broken.
Nonetheless, he is expected to try to forge a stable alliance with the PD to try to compete with the right-wing party bloc led by the League of Matteo Salvini which is currently leading in the polls. The next election is scheduled for 2023.
After Sunday’s development, it is hoped that Conte will soon be formally appointed as the new 5 Star leader, replacing caretaker Vito Crimi. Alternatively, he or she can join the steering committee together with a small group of other senior members.
* Increase in risk appetite hurts dollar
* Kiwi dips but then erases losses after RBNZ decision
* Powell emphasises low rates here to stay
By Stanley White
TOKYO, Feb 24 (Reuters) - The dollar slipped to a three-year
low against the British pound and fell against commodities
currencies on Wednesday as investors increased bets that a
global economic recovery will boost riskier assets.
The New Zealand dollar briefly fell but then quickly
stabilised after the country's central bank kept monetary policy
on hold and said inflation and employment will remain below its
targets in the medium term.
U.S. Federal Reserve Chair Jerome Powell reiterated on
Tuesday that interest rates will remain low and the Fed will
keep buying bonds to support the U.S. economy, which many
traders say is a long-term negative factor for the dollar.
At the same time, more money is flowing toward currencies
that are expected to benefit from a pick-up in global trade and
to countries that are bouncing back quickly from the coronavirus
pandemic, which is also weighing on the dollar.
"Signs of economic recovery are lifting commodities prices,
which in turn supports currencies of commodities exporters,"
said Junichi Ishikawa, foreign exchange strategist at IG
"Risk appetite has improved a lot, and this leaves the
dollar at a big disadvantage."
The British pound rose to $1.4170, the highest
since April 2018.
The outlook for sterling has brightened as investors cheer
Britain's rapid coronavirus vaccination programme and its plans
to ease lockdown restrictions on economic activity.
The New Zealand dollar edged up to $0.7367, close
to a three-year high.
The Reserve Bank of New Zealand expressed some caution about
the outlook, which may have disappointed some traders who
expected central bankers to acknowledge a recent improvement in
The Australian dollar, which tends to benefits from
rising metal and energy prices, jumped to a three-year high of
Against the euro, the dollar traded at $1.2158,
close to a six-week low.
The dollar managed to rise to 105.40 Japanese yen
and hit an almost three-month high against the Swiss franc
, but overall sentiment was still negative on the
Powell pushed back against suggestions that loose monetary
policy will lead to runaway inflation and financial bubbles,
which have emerged as two important themes this year, because
there is growing scepticism about the rapid pace of gains in
For economies that have limited disruptions caused by the
coronavirus outbreak, their central bankers now face questions
of when to start tightening policy, which makes the dollar look
less attractive, some analysts say.
The dollar index against a basket of six major
currencies fell to 90.025.
In the cryptocurrency market, bitcoin halted its
plunge from a record high above $50,000 and stabilised at
$49,052. Square Inc has invested $170 million in the
digital asset, but some analysts still argue that bitcoin's
recent surge was excessive.
Rival digital currency ether recovered from a
sharp sell-off to trade up slightly at $1,591.
Currency bid prices at 0129 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Euro/Dollar $1.2158 $1.2150 +0.07% -0.49% +1.2164 +1.2143
Dollar/Yen 105.4000 105.2600 +0.21% +2.13% +105.4800 +105.2400
Euro/Yen 128.15 127.86 +0.23% +0.97% +128.2300 +127.7800
Dollar/Swiss 0.9058 0.9054 +0.06% +2.40% +0.9064 +0.9048
Sterling/Dollar 1.4190 1.4112 +0.55% +3.86% +1.4235 +1.4111
Dollar/Canadian 1.2569 1.2590 -0.16% -1.29% +1.2596 +1.2560
Aussie/Dollar 0.7938 0.7909 +0.37% +3.19% +0.7945 +0.7903
NZ 0.7367 0.7343 +0.33% +2.59% +0.7377 +0.7317
Dollar/Dollar All spots
Tokyo Forex market info from BOJ
(Reporting by Stanley White; editing by Richard Pullin)
* Aussie, kiwi make three-year peaks
* Sterling gains as lockdown finish-line comes in to view
* Rising U.S. yields drag on Japanese yen
* Graphic: World FX rates tmsnrt.rs/2RBWI5E
By Stanley White and Tom Westbrook
TOKYO/SINGAPORE, Feb 22 (Reuters) - The U.S. dollar was sold
to multi-year lows against sterling and the Australian and New
Zealand currencies on Monday, as investors cheered vaccine
progress and wagered on the pandemic recovery bringing a global
trade boom and an export windfall.
The British pound hit $1.4043, its highest since
April 2018, as Prime Minister Boris Johnson charts a path out of
lockdowns on the back of rapid vaccinations.
The Aussie rose as much as 0.5% to an almost
three-year high of $0.7908 and the kiwi hit $0.7338,
also its best since early 2018, helped by S&P's upgrade of New
Zealand's sovereign credit ratings by a notch.
The euro was steady at $1.2119, while the yen
was the only major to cede ground to the greenback as
rising U.S. Treasury yields drew investment flows from Japan.
Benchmark 10-year Treasury yields rose to
1.3940%, their highest since Feb. 2020 and the dollar was up
0.2% to buy 105.73 yen.
With local yields anchored by the Bank of Japan, the yen
remains particularly sensitive to the U.S. bond market, and has
dropped 2% this year while U.S. ten-year yields have climbed
nearly 50 basis points.
Sovereign yields elsewhere in Asia have gained in tandem, or
in the case of Australia and New Zealand far in excess of U.S.
rates, leaving little or no relative benefit for the dollar, as
investors begin to price in a pickup in global inflation.
"There's a tide of higher rates across the board, and
whether the U.S. does an extra five basis points than Germany is
neither here nor there," said Jason Wong, senior market
strategist at BNZ in Wellington.
"The bigger picture is (the United States) has got massive
debt issuance for stimulus and to find a buyer for that debt you
either need higher rates or a lower currency or both, and at the
moment we're getting both."
The U.S. dollar index was steady at 90.355.
Besides the U.S. budget deficit, a growing trade deficit has
also weighed on the dollar, as have the large gains that rising
commodity prices have delivered to exporters' currencies.
Copper has gained roughly 8% for the year and hit a
nine-year peak on Monday, oil has gained more than 22% for the
year to date, iron ore about 10% and dairy prices nearly 7%.
The Aussie dollar, which rose nearly 40% from last March's
trough through to the end of 2020 has added another 2% this
year, while the kiwi and Canadian dollar have added 1% or more
and analysts said the rallies might have further to run.
"We are recommending a long AUD/USD trade idea," said
analysts at MUFG Bank in a note to clients. "The Aussie is
continuing to benefit from the outperformance from building
optimism over the global growth/reflation outlook which is
helping to improve Australia's terms of trade."
The bank also recommends a long sterling position as
diminished Brexit uncertainty and solid progress in vaccinating
the British population herald a strong economic recovery.
Ahead on Monday, British Prime Minister Johnson is expected
to outline a roadmap out of lockdowns, a German sentiment survey
is due and European Central Bank President Christine Lagarde is
expected to sound dovish in a speech beginning at 1345 GMT.
Later in the week, the New Zealand central bank sets policy
on Wednesday and then U.S. Federal Reserve Chairman Jerome
Powell testifies before Congress, also on Wednesday.
In the cryptocurrency market, bitcoin eased
slightly to $56,159, but was still near a record high as the
digital asset gains more mainstream acceptance.
Ether, a rival cryptocurrency, fell to $1,871.
Currency bid prices at 0415 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Euro/Dollar $1.2121 $1.2118 +0.03% -0.79% +1.2135 +1.2110
Dollar/Yen 105.6400 105.4900 +0.14% +2.28% +105.7350 +105.5050
Euro/Yen 128.04 127.75 +0.23% +0.88% +128.1300 +127.7000
Dollar/Swiss 0.8975 0.8965 +0.16% +1.49% +0.8979 +0.8962
Sterling/Dollar 1.4020 1.4001 +0.11% +2.60% +1.4051 +1.4012
Dollar/Canadian 1.2607 1.2619 -0.09% -0.99% +1.2617 +1.2581
Aussie/Dollar 0.7876 0.7868 +0.11% +2.39% +0.7908 +0.7864
NZ 0.7307 0.7297 +0.18% +1.80% +0.7337 +0.7292
Dollar/Dollar All spots
Tokyo Forex market info from BOJ
(Reporting by Stanley White in Tokyo and tom Westbrook in
Singapore; Editing by Sam Holmes)
DUBLIN (Reuters) – Members of Northern Ireland’s two largest pro-British parties will take part in legal action challenging parts of Britain’s divorce deal with the European Union, parties said on Sunday.
The United Democratic Party (DUP) and the United Ulster Party (UUP) will join forces with other pro-British figures to challenge the Northern Irish Protocol, which has created trade barriers between the UK and the rest of Great Britain.
The protocol, designed to protect the European Union’s single market without creating a land border on the island of Ireland, has caused significant trade disruptions since it came into force at the start of the year.
Several British companies have stopped shipments to Northern Ireland and several supermarkets have been left empty.
The DUP said several senior members would join “other like-minded union members” as named in the judicial review process challenging the compatibility of the Northern Ireland Protocol with the Union Act 1800, the 1998 Northern Ireland Act and the Belfast Treaty, he said in a statement.
“Neither the Northern Irish Assembly, the Northern Irish Executive nor the Northern Irish people approved the Protocol was enforced or the flow of goods from GB to NI was hindered by the inspection,” said DUP leader and Northern Ireland First Minister Arlene Foster.
The protocol is part of an international agreement signed by Prime Minister Boris Johnson last year.
The region’s second largest pro-British party, the Ulster Unity Party, said in a statement it would “seek to explore every political and legal avenue to overturn the NI protocol.”
Reporting by Conor Humphries; Edited by Bernadette Baum