China Tightens Customs And Oil Takes A Fall – 10 October 2018
Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo
The dollar weakened against all it’s major peers with the index dropping 0.2 percent, and the offshore yuan dropped 0.2 percent to 6.9399 per dollar with the trade conflict causing China to raise material costs that will hurt profit margins, as well as enforce stricter customs rules. The yen rose 0.2 percent to 112.09 per dollar, and the euro gained 0.4 percent to $1.1563. Hurricane Michael’s threat to cut fuel demand across the U.S. has caused oil prices to dip below $73 per barrel with West Texas Intermediate crude falling 1.8 percent to $71.88 per barrel. Gold fell 0.1 percent to $1,193.10 per ounce.