Dollar Tumbles, Euro Soars After Obamacare Repeal Dies; China Intervenes To Halt Rout

www.zerohedge.com | 7/18/2017 | Staff
chicana948chicana948 (Posted by) Level 3
The USD-index dropped to 10 month lows amid fading hopes of US reforms after Obamacare repeal effectively died last night.

The Dollar Index sank to its lowest level since September, a fresh 10-month low, after two more Republican defections on Monday night doomed the proposed GOP healthcare plan in the Senate. And while Treasuries rose on concerns about inflationary pressures and the viability of the Trump stimulus agenda, S&P futures rebounded gingerly from session lows, and were up 0.01% after posting nominal declines earlier in kneejerk reaction to the Senate news.

Dollar - Euro - Surging - May - European

The sliding dollar sent the Euro surging as high as 1.560, the highest since May of 2016, and sending European lower for first time in five days amid concern a stronger euro would damp exporters earnings.

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Hopes - Dollar - Support - Vote - Senate

“Any hopes of dollar support from a successful vote on the Senate’s health-care bill look to be vanishing,” said Rodrigo Catril, a currency strategist at National Australia Bank quoted by Bloomberg. “Near term, the dollar path of least resistance is down. We still think the data - inflation in particular - will provide the Fed with enough ammunition to hike in December and boost the dollar, but this is a fourth-quarter story.”

There were no Chinese fireworks today and no ChiNext "Black Tuesday" largely because Beijing was determined to stop the rout after what appeared to be another "national team" intervention in the last two hours of trading. Earlier in the session, Chinese stocks fell after Monday’s selloff as concern about tougher regulations still unnerved the market.

Sunac - China - Holdings - Hong - Kong

Sunac China Holdings tumbled in Hong Kong after a local media report that banks are...
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