The dollar does not recover from the commercial war climate which rages between Washington and Beijing (it continues with the announcement of the addition of a 100% surcharge targeting Chinese imports by Donald Trump, customs duties can go up to 245% on exports to the United States).
Beijing was quick to reply to the American decision by demonstrating its intention to respond with ‘resolved’ countermeasures, while believing that the figures mentioned by the White House had no more economic meaning ‘.
‘China does not wish to hire commercial wars, but we do not fear them either,’ said a spokesperson for the Chinese Foreign Ministry.
The dollar had literally lost foot on Wednesday, the ‘$ -Index’ falling from -1% up to 99.00 in session, before finishing with -0.7% to 99.40.
It only resumes 0.1% this Thursday at 99.45 and exchanged around 1,1350/e (it resumes 0.35%, as well as against the yen, thus avoiding the break of 142.00).
The weakest motto is the Swiss franc that wins -1.25% against $, -1.15% against the book and -0.9% against the euro (around 0.935).
The dollar could have been firmer in the aftermath of the ‘Falcons’ remarks by Jerome Powell (which places the fight against inflation at the top of its priorities) but the many US figures of the day betray a degradation of the economic situation (except paradoxically the job).
The president of the Fed, said yesterday that the American central bank should be ready to combat higher inflation, arising from the increase in customs duties at unforeseen levels.
Caution is therefore to put before the long Easter weekend, which will see the US clos markets this Friday and Europeans stay closed until Tuesday morning.
The ‘highlight’ of the day was the press conference of Christine Lagarde: it confirms that the BCE Governors’ Council announces that it has decided to lower 25 points of basis its interest rates of the ease of deposit, the main refinancing operations and the ease of marginal loan, at 2.25% respectively (against 2.50%), 2.40% and 2.65% from April 23.
-There was above all an agenda loaded level ‘stats’ in the United States with to start a cold stroke in the real estate sector: the Commerce Department reported a fall of 11.4% of housing starts in the United States in March compared to the previous month, to establish itself at 1,324,000 in CVS data.
The building permits of American housing – this prefiguring the future starts – however, increased slightly last month, by 1.6% to 1,482,000, while housing completions fell 2.1% to 1,549,000.
The ‘Philly Fed’ index fell by 39 points to reach -26.4 this month, a lower since April 2023, a decline much higher than expectations since the economists interviewed provided an average of a decline around +10 of the activity in the northeast of the United States in April (area including Pennsylvania and new Jersey).
This level of -26.4 had not been reached for 2 years, shows Thursday the monthly economic situation in the Philadelphia Federal Reserve.
The sub -index measuring the evolution of new orders received by companies collapsed at -34.2, a floor since April 2020, against +8.7 last month.
The survey, on the other hand, shows a continuation of the accentuation of inflationary pressures, the price index paid having gone from 48.3 to 51 this month, a peak since July 2022.
The employment sub-index came out around zero, indicating an absence of change.
Employment still with new registrations for unemployment benefits in the United States The week of April 7, the Labor Department announces that it has registered -9,000 registrations, at 215,000.
The mobile average over four weeks – more representative of the background trend – was 220,750, down 2500 compared to that of the previous week.
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