The U.S. dollar continued its upward trend with the U.S. dollar index closing at 106.26, which is its highest level since November 2023. The index measures the strength of the dollar against six peers. The peer currencies include the Euro, the Japanese yen, the Canadian dollar, the British pound, the Swiss franc, and the Swedish krona.
Tag: imports
Elon Musk Says Chinese Electric Car Brands Could ‘Demolish’ Rivals as Tesla Earnings Fall (Macro News for January 27, 2024 – February 2, 2024)
Tesla CEO Elon Musk stated his belief that Chinese electric vehicle (EV) manufacturers such as BYD would crush global competitors unless trade barriers were erected. BYD is a Chinese automaker backed by famous investor Warren Buffett. The firm dominated the Chinese market and surpassed Tesla in global sales. BYD has now set its sights on Europe with a manufacturing plant slated to open in Hungary in late 2024.
Australia Snubs EU Terms for Free Trade Deal (Macro News for October 28, 2023 – November 3, 2023)
Australian government officials announced the nation rejected the most recent proposal for a free trade deal with the European Union. The two parties have been in negotiations for over five years with Australia's primary goal to boost agricultural exports by eliminating EU tariffs and increasing quotas. The EU region's primary goal was greater access to "critical minerals."
Trade Between Russia and China is Booming So Much That Shipping Containers are ‘Piling Up’ (Macro News for October 7, 2023 – October 13, 2023)
Chinese goods are moving into Russia so fast that shipping containers are "piling up." According to one report, there are approximately 150,000 shipping containers sitting in Russia waiting to be returned to China. While Russia's imports from China have skyrocketed, there are very few Russian exports going back to China that are typically transported via shipping containers.
Pearson Economic News 