Trump warns BRICS nations against new currency as dollar faces pressure
U.S. President-elect Donald Trump warned the BRICS nations against creating a new currency that could replace the U.S. dollar, threatening 100% tariffs. This follows his previous proposals for tariffs against China, Mexico, and Canada, increasing market volatility. The dollar's recent decline ended an eight-week winning streak, primarily due to weakness against the euro and yen. Emerging market currencies remain under pressure, with significant outflows from EM bond funds noted last week. In China, recent data shows signs of economic improvement, with new home prices rising and factory activity expanding. Key economic reports from Asia, including China's manufacturing PMI and Australian retail sales, are expected to provide further market direction.