Forex - Dollar Hits New 4-Month High as Trade Dispute Worsens - Investing.com

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Investing.com -- The dollar hit a four-month high against the but was lower against the yen and Swiss franc early Monday in Europe as the worsening trade conflict between the U.S. and China prompted bids for ‘safe-haven’ assets.

At 03:00 AM ET (0700 GMT), the dollar was at 109.73 , down 0.2% from late Friday, and having dipped as low as 109.60 overnight. That was just a little above the three-month low that the pair hit on Friday as a fresh round of U.S. tariffs on Chinese imports came into force.

The dollar hit a new four-month high against the yuan of 6.8654 overnight.

Over the weekend, President Donald Trump initiated a process to levy 25% tariffs on all remaining untouched Chinese imports, but the two sides continued to negotiate, avoiding an all-out breakdown of the talks. It’s still unclear what form China’s promised retaliation will take.

Anthony Kettle, a senior portfolio manager with BlueBay Asset Management, said it was “logical” that any deal to settle the dispute will now be delayed and that global growth in the second quarter could suffer as a result.

“This represents a significant change compared to market expectations for a deal being signed this week,” Kettle said. “Trade uncertainty is not the market’s friend, and this leads us to take a more cautious stance in the near term, despite the better economic data of late.”

The , which measures the greenback against a basket of six major currencies, was at 97.340, effectively unchanged from Friday as weakness against havens was offset by a rise against risk proxies such as the and .

In Europe, there was little on the data or political calendar to move the or . Sterling may be buffeted later in the week by more political maneuvering ahead of European Parliament elections in nine days’ time, as poor polling numbers put more pressure on Prime Minister Theresa May to break off talks with the Labour Party on a cross-party deal to deliver Brexit.

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2019-05-13 06:40:00Z
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ForexLive Asia FX news wrap: Trump tweets on China trade war over weekend - ForexLive

Forex news for Asia trading Monday, May 13 2019  

After the break down of negotiations between the US and China on trade late last week US President Trump was on twitter again over the weekend not backing down. On Saturday evening (US time) he tweeted the terms offered to China would be 'far worse' in his second term. He backed this up with a Sunday evening tweet saying he had China right where he wanted them, and further warning China to not wait it out until 2020 later (see bullets above).

The very early moves here in Asia reflected the Saturday tweets, yen moving stronger and risk currencies (AUD for example) trading down. The tweets that followed came when there was a little more liquidity in markets and the moves extended. To keep it all in perspective, though, apart from the yuan, forex ranges were not large. USD/CNH jumped to its highest since January this year.

Equities took more of a hit, overnight Globex trade (ES eminis) were more than 1% down as the opened for the new week. Regional equities also fell.

USD/JPY opened lower from its circa 110.95 level late Friday and fell to 110.60 before coming back to around 109.80. Its just under there as I post. AUD/USD, too, opened lower. It managed a retrace move to around 0.7 before dropping down to lows around 0.6975. Its barely off the canvas as I post. NZD/USD has traded a similar pattern.

EUR/USD is net little changed while cable has recovered all its early dip to be above 1.3010. USD/CAD is up also.

Gold looked promising in early trade, hitting above 1288USD but has since fallen under 1284.

Apart from the trade war developments, we had a few Brexit snippets and data that only had a minor impact.

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https://www.forexlive.com/news/!/forexlive-asia-fx-news-13-may-20190513

2019-05-13 03:51:03Z
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Kamloops realtors weigh in on money-laundering report - Kamloops This Week

Here are the results from Saturday's Lotto 649 draw - CTV News

TORONTO -- There was no winning ticket for the $12.5 million jackpot in Saturday night's Lotto 649 draw.

However, the guaranteed $1 million prize was claimed by a ticket holder in Ontario.

The jackpot for the next Lotto 649 draw on May 15 will be approximately $15 million.

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May 12, 2019 at 06:32PM

Uber, Lyft’s huge capital have created duopoly in rideshare market - Global News

A fare war between Uber and Lyft has led to billions of dollars in losses for both ride-hailing companies as they fight for passengers and drivers.READ MORE: Uber, Lyft drivers go on strike to protest declining wagesBut in one way it has been good for investors who snatched up the newly public companies’ stock: The losses have scared off the competition, giving the leaders a duopoly in almost every American city.Story continues belowThe two San Francisco companies have already lost a combined $13 billion. And with no clear road to profits ahead, no one else has much of an incentive to mount a challenge using the same model relying on people driving their own cars to pick up passengers that summon them on a smartphone app, said Susan Shaheen, co-director of the Transportation Sustainability Research Center at the University of California, Berkeley.Even if another rival dared enter the market, it would likely be difficult to raise enough money to pose a viable threat after Uber and Lyft spent the past decade pulling in billions of dollars from venture capitalists. And in the past six weeks, they raised an additional $10.4 billion in their recently completed initial public offerings of stock.WATCH: Ride-sharing service Uber opens on the New York Stock Exchange

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May 12, 2019 at 04:27AM

Poll: finding work - Poll - Castanet.net

Photo: The Canadian Press

Canada's economy is reporting its biggest one-month employment surge since 1976, when the government started collecting comparable data.

Statistics Canada says the labour market added 106,500 jobs in April, the bulk of which were full time.

The increase helped drop the unemployment rate to 5.7 per cent last month, down from 5.8 per cent in March.

Read more

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May 11, 2019 at 08:30PM

Log costs, wildfires cited in decision to close sawmill in Quesnel, B.C. - National Post

QUESNEL, B.C. — The mayor of Quesnel says the closure of a sawmill in his community is a necessary if difficult step toward keeping British Columbia’s forestry industry alive.

Bob Simpson said lumber processing capacity in the province’s Interior has outstripped a supply ravaged by pine beetles, wildfires and overharvesting.

“Mills have to close, the total capacity in B.C. has to come down to match the long-term sustainable fibre supply and it needs to come down fairly quickly and fairly dramatically,” he said.

Tolko Industries Ltd. said it’s permanently closing its Quest Wood sawmill in Quesnel in August and reducing the shifts by half at its Kelowna mill in July.

The Quesnel sawmill employs 150 people and another 90 workers will be affected by the reduction of shifts from two to one in Kelowna.

Tolko president and CEO Brad Thorlakson said in a statement that reductions to the annual allowable cut have come sooner than expected due to log costs, weak lumber markets and the “catastrophic” impacts of wildfires.

Tolko doesn’t have enough economically priced fibre to to keep all of its British Columbia mills running efficiently and productively, he said.

Forests Minister Doug Donaldson said the province will work with Tolko and the community to deliver support programs for affected workers.

“Unfortunately, the problems facing Tolko are not new. They have been mounting for the past several years,” Donaldson said in a statement.

The mountain pine beetle destroyed millions of hectares of forests in British Columbia following population explosion in the 1990s, but beetle-destroyed forests had also been a source for wood fibre until supplies dwindled.

Donaldson said the fibre shortage was made worse by the record-breaking 2017 wildfire season and weaker lumber markets.

“While the most recent closure will most acutely impact Quesnel, the declining supply of beetle-killed wood has been a factor on the Interior timber supply for the last few years,” Donaldson said.

The industry accelerated harvesting to take advantage of beetle-killed forests, knowing full well that the newly available timber supply was finite, he said.

Donaldson said the government is working to improve industry competitiveness in each of the province’s timber supply areas in collaboration with companies, unions, local governments and First Nations.

Coralee Oakes, the Liberal MLA for Cariboo North, said British Columbia faces the highest production costs in North America. She called on the government to pause a bill amending the Forestry Act that would restrict the transfer of cutting rights and other ownership changes.

“Bill 22, their latest mistake, puts ideology ahead of what’s best for the hard-working B.C. families who depend heavily on the sector, by creating division within forestry-dependent communities,” she said in a statement Saturday.

“These measures will guarantee only one thing, which is that our high-paying forestry jobs will leave B.C. for other jurisdictions like the United States — and it’s clearly already begun.”

But Simpson, who represented the region as an NDP MLA from 2005 to 2013, accused the former Liberal government of failing to get ahead of the problem before it was too late. The beetle epidemic spiked in 2002, bringing the region into a “whole new game,” he said.

“In any other jurisdictions that have had catastrophic pest infestations that have killed large swaths of the forest, they’ve always been followed by fire,” he said. “So it didn’t take a rocket scientist to figure out at some point we were going to have trouble feeding mills.”

Annual allowable cuts saw uplifts and the industry responded by building large mills and more mill capacity, making the problem worse, he said.

Simpson said the City of Quesnel launched a forestry think tank in May 2017 to look at ways to maximize the economic value of residual fibres. In the meantime, he said it’s “about time” more mills shut their doors, adding that affected employees deserve fulsome support through the transition.

“We need this step down, it’s long overdue,” he said.

— By Amy Smart in Vancouver.

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May 12, 2019 at 05:10AM