Sterling and euro rise on Brexit hopes, dollar slips on profit-taking

The surge in the euro and sterling led investors to take profits on the U.S. dollar, which retraced from a 16-month high. The dollar index, a gauge of its value versus six major peers traded at 97.03 on Wednesday, down 0.28 percent. The euro and sterling constitute around 70 percent of the weight in the dollar index. Riding on the positive sentiment around a potential smooth and orderly Brexit deal, the euro gained 0.14 percent to trade at $1.1305 on Wednesday. The euro hit a 6-1/2 month low ver


The surge in the euro and sterling led investors to take profits on the U.S. dollar, which retraced from a 16-month high. The dollar index, a gauge of its value versus six major peers traded at 97.03 on Wednesday, down 0.28 percent. The euro and sterling constitute around 70 percent of the weight in the dollar index. Riding on the positive sentiment around a potential smooth and orderly Brexit deal, the euro gained 0.14 percent to trade at $1.1305 on Wednesday. The euro hit a 6-1/2 month low ver
Sterling and euro rise on Brexit hopes, dollar slips on profit-taking Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14
Keywords: news, cnbc, companies, profittaking, pound, hopes, deal, dollar, brexit, versus, trade, sentiment, sterling, traders, rise, slips, euro


Sterling and euro rise on Brexit hopes, dollar slips on profit-taking

The euro and sterling climbed higher on Wednesday as investor confidence rose on news Britain had struck a draft divorce deal with the European Union after more than a year of talks.

The surge in the euro and sterling led investors to take profits on the U.S. dollar, which retraced from a 16-month high.

The dollar index, a gauge of its value versus six major peers traded at 97.03 on Wednesday, down 0.28 percent. The index hit a 16-month high of 97.69 on Monday.

The sell-off in the dollar has been due to the improved risk sentiment around a potential Brexit deal and not because of any deterioration in the fundamentals of the U.S. economy. The euro and sterling constitute around 70 percent of the weight in the dollar index.

“Don’t be fooled by the pullback in the U.S. dollar…nearly all of the major currencies rebounded because of local factors and not a shift in appetite for U.S. dollars or change in economic fundamentals,” said Kathy Lien, managing director of currency strategy at BK Asset Management.

Lien expects the dollar to strengthen further on the back of a robust U.S. economy, rising interest rates and its safe haven status.

The British pound traded at $1.3006 on Wednesday, gaining 0.25 percent as traders reduced bearish bets after Britain and the European Union agreed a preliminary text that would allow the United Kingdom to leave the EU with a deal that avoids a chaotic “hard Brexit” departure.

The challenge for British Prime Minister Theresa May is now to sell this deal to the parliament, where hardline Brexit supporters accused her of surrendering to the EU. The British cabinet will meet at 1400 GMT on Wednesday to consider the draft withdrawal agreement.

“The bullish sentiment has certainly returned for the pound but we need to see the finer details of the draft deal and May needs support from her ministers,” said Michael McCarthy, chief market strategist at CMC markets.

McCarthy noted that while there is still lot of scope for further sterling appreciation, it would be prudent to wait on the sidelines for now until a clear picture emerges.

Riding on the positive sentiment around a potential smooth and orderly Brexit deal, the euro gained 0.14 percent to trade at $1.1305 on Wednesday. The euro’s gain was limited by concerns about Italy’s budget proposals and downbeat German investor confidence data, traders said.

“Italy is still a concern for traders and we can see more uncertainty in the euro zone going ahead. The gains in the euro will be muted,” added McCarthy.

The single currency lost 0.15 percent versus the pound to trade at 0.8690. The euro hit a 6-1/2 month low versus sterling of 0.8653 on Tuesday.

The dollar gained 0.11 percent versus the yen on Wednesday to trade at 113.93. The yen touched a six-week low of 114.20 on Monday.


Company: cnbc, Activity: cnbc, Date: 2018-11-14
Keywords: news, cnbc, companies, profittaking, pound, hopes, deal, dollar, brexit, versus, trade, sentiment, sterling, traders, rise, slips, euro


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Manufacturing activity slips for second month; construction spending unchanged in September

U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017. The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy. Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An


U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017. The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy. Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An
Manufacturing activity slips for second month; construction spending unchanged in September Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-01
Keywords: news, cnbc, companies, easing, percentage, spending, slips, construction, activity, index, orders, manufacturing, remaining, second, points, month, ism, reading, unchanged


Manufacturing activity slips for second month; construction spending unchanged in September

U.S. manufacturing activity fell short of expectations in October with a gauge of new orders easing to its lowest level since April 2017.

The Institute for Supply Management (ISM) said its index of national factory activity dropped 2.1 percentage points to 57.7 last month from 59.8 in September. A reading above 50 indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.

Economists polled by Refinitiv expected the ISM manufacturing index to hit 59 in October. An index tracking new orders registered 57.4 percent, a decrease of 4.4 percentage points from the September reading of 61.8 percent.

“Demand remains moderately strong, with the New Orders Index easing to below 60 percent for the first time since April 2017, the Customers’ Inventories Index remaining low but improving, and the Backlog of Orders Index remaining steady,” Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee, said in a press release. “Consumption softened, with production and employment continuing to expand, but at lower levels compared to September.”


Company: cnbc, Activity: cnbc, Date: 2018-11-01
Keywords: news, cnbc, companies, easing, percentage, spending, slips, construction, activity, index, orders, manufacturing, remaining, second, points, month, ism, reading, unchanged


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Consumer sentiment slips in October reading, remains near historically high levels

Consumer sentiment for October was weaker than anticipated in the latest survey result, although the index remained near historically high levels. The University of Michigan’s monthly survey of consumers hit 98.6 in the final reading of October, below the 99 expected by economists surveyed by Refinitiv. The key economic indicator hit 100.1 in September’s final reading. “The Consumer Sentiment Index has been higher thus far in 2018 (98.5) than in any prior year since 2000, which was the last year


Consumer sentiment for October was weaker than anticipated in the latest survey result, although the index remained near historically high levels. The University of Michigan’s monthly survey of consumers hit 98.6 in the final reading of October, below the 99 expected by economists surveyed by Refinitiv. The key economic indicator hit 100.1 in September’s final reading. “The Consumer Sentiment Index has been higher thus far in 2018 (98.5) than in any prior year since 2000, which was the last year
Consumer sentiment slips in October reading, remains near historically high levels Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: michael sheetz
Keywords: news, cnbc, companies, slips, consumer, michigans, near, weaker, high, sentiment, survey, levels, university, undermine, historically, hit, remains, final, index, reading


Consumer sentiment slips in October reading, remains near historically high levels

Consumer sentiment for October was weaker than anticipated in the latest survey result, although the index remained near historically high levels.

The University of Michigan’s monthly survey of consumers hit 98.6 in the final reading of October, below the 99 expected by economists surveyed by Refinitiv. The key economic indicator hit 100.1 in September’s final reading.

“The Consumer Sentiment Index has been higher thus far in 2018 (98.5) than in any prior year since 2000, which was the last year of the longest expansion since the mid-1800s,” Richard Curtin, chief economist for The University of Michigan’s survey, said in a statement. “Importantly, stock price declines, rising inflation and interest rates, and the negative mid-term election campaigns, have not acted to undermine consumer confidence.”


Company: cnbc, Activity: cnbc, Date: 2018-10-26  Authors: michael sheetz
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Tesla slips several spots in Consumer Reports reliability ranking

Consumer Reports, which ranks the reliability of vehicles based on owner reviews, says the dependability of Tesla models has slipped in the last year as the automaker upgraded the hardware and software on its Model S vehicles. “While Tesla hasn’t changed the Model S in terms of how it looks, it keeps changing the vehicle underneath, so the reliability fluctuates,” said Jake Fisher, director of auto testing at Consumer Reports. Tesla said the suspension issues for the Model S have been cut by 65


Consumer Reports, which ranks the reliability of vehicles based on owner reviews, says the dependability of Tesla models has slipped in the last year as the automaker upgraded the hardware and software on its Model S vehicles. “While Tesla hasn’t changed the Model S in terms of how it looks, it keeps changing the vehicle underneath, so the reliability fluctuates,” said Jake Fisher, director of auto testing at Consumer Reports. Tesla said the suspension issues for the Model S have been cut by 65
Tesla slips several spots in Consumer Reports reliability ranking Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-24  Authors: phil lebeau, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, slips, reliability, model, vehicles, suspension, reports, consumer, tesla, ranking, auto, report, spots


Tesla slips several spots in Consumer Reports reliability ranking

Consumer Reports, which ranks the reliability of vehicles based on owner reviews, says the dependability of Tesla models has slipped in the last year as the automaker upgraded the hardware and software on its Model S vehicles. The analysis of 29 auto brands, ranks Tesla as No. 27, one of lowest-rated brands in this year’s report.

“While Tesla hasn’t changed the Model S in terms of how it looks, it keeps changing the vehicle underneath, so the reliability fluctuates,” said Jake Fisher, director of auto testing at Consumer Reports.

Fisher added that many Tesla owners reported a number of issues, especially with the vehicle’s air suspension system.

Tesla said the suspension issues for the Model S have been cut by 65 percent since last year.

“The suspension issues that some Model S customers experienced primarily in 2017 were due to a supplier-related issue that did not pose any threat to vehicle safety or drivability, and presented itself only when the car was parked,” the company said in a statement sent to CNBC. “The issue has already been addressed for customer vehicles in the field and resolved at the source with fundamental design improvements.”

While the reliability of the Model S has slipped in the eyes of Consumer Reports, it says the Model 3 has “average” reliability.

“The lack of complexity in the Model 3 is why we thought it would have average reliability, and that’s what our members have told us,” said Fisher.

The Consumer Reports annual auto reliability report is based on more than a half-million members of Consumer Reports reviewing their own vehicles. In essence, the owners report what’s wrong with the cars, trucks and SUVs they drive every day.

Overall, U.S. auto brands struggled in this report. Ford ranked the highest at No. 18, just ahead of General Motors’ Buick, Ford’s Lincoln and Fiat Chrysler’s Dodge.


Company: cnbc, Activity: cnbc, Date: 2018-10-24  Authors: phil lebeau, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, slips, reliability, model, vehicles, suspension, reports, consumer, tesla, ranking, auto, report, spots


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Dollar gains after US shares rise, yen slips as risk appetites improve

The dollar strengthened against most major peers on Wednesday, while the yen weakened as upbeat Wall Street earnings reduced global appetites for safe haven assets. The greenback was trading at 112.34 yen, a gain of 0.07 percent against the Japanese currency. Through Monday, when it hit a one-month high of 111.61, the yen had strengthened seven out of eight sessions. The New Zealand dollar traded flat versus the greenback, at 0.6589 on Wednesday. The Australian dollar, often considered a baromet


The dollar strengthened against most major peers on Wednesday, while the yen weakened as upbeat Wall Street earnings reduced global appetites for safe haven assets. The greenback was trading at 112.34 yen, a gain of 0.07 percent against the Japanese currency. Through Monday, when it hit a one-month high of 111.61, the yen had strengthened seven out of eight sessions. The New Zealand dollar traded flat versus the greenback, at 0.6589 on Wednesday. The Australian dollar, often considered a baromet
Dollar gains after US shares rise, yen slips as risk appetites improve Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17
Keywords: news, cnbc, companies, wall, dollar, appetites, risk, traded, yen, slips, global, fed, gain, shares, gains, rise, improve, trading, hit, greenback


Dollar gains after US shares rise, yen slips as risk appetites improve

The dollar strengthened against most major peers on Wednesday, while the yen weakened as upbeat Wall Street earnings reduced global appetites for safe haven assets.

The three main Wall Street indexes each rose by more than 2 percent as blue-chips delivered strong earnings indicating that the U.S. economic recovery is on track despite rising interest rates and global trade war tensions.

Data on Tuesday showed that U.S. industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter

The dollar index, a gauge of its value against six major peers, rose 0.14 percent to quote at 95.18 on Wednesday.

The greenback was trading at 112.34 yen, a gain of 0.07 percent against the Japanese currency.

Through Monday, when it hit a one-month high of 111.61, the yen had strengthened seven out of eight sessions.

“The rebound in global sentiment has taken the appreciation pressure off the yen,” said Stuart Ritson, portfolio manager, emerging markets debt at Aviva Investors.

Market participants will be looking for clues on the dollar’s direction and the path ahead on U.S. interest-rate hikes from minutes of the Federal Reserve’s September meeting, due for release later on Wednesday.

Interest rate futures are pricing in a 77 percent likelihood that the Fed will again raise rates in December, according to the CME Group’s FedWatch Tool.

“The Fed is close to neutrality and the FOMC will pause when the Fed funds rate gets to 2.75 percent,” Brian Martin, ANZ head of global economics, said in a note.

“While there are upside risks to our forecasts, we think the Fed will struggle to raise the Fed funds target much beyond 3.0 percent,” he added.

The British pound was at $1.3175, down 0.1 percent, after tacking a gain of 0.25 percent on Tuesday.

While sterling was supported by Tuesday’s stronger than expected British employment data, investors are still doubtful that the European Union Summit on Wednesday will yield much progress on the Northern Island border issue blocking a Brexit agreement.

On Wednesday, the euro traded lower at $1.1560, down 0.1 percent. On Tuesday, the single currency reached $1.1622 – its highest since Oct. 1 – before giving up its gains.

The New Zealand dollar traded flat versus the greenback, at 0.6589 on Wednesday. The kiwi clocked a gain of 0.5 percent on Tuesday as domestic inflation picked up stronger than expected.

The Australian dollar, often considered a barometer of global risk appetite, lost 0.07 percent to US$0.7135. The Aussie has gained marginally against the greenback over the past two trading sessions. It hit a more than two-year low of US$0.7039 on Oct. 8.

Gold lost 0.16 percent to trade at $1,223 per ounce on Wednesday. The yellow metal hit its highest level since July 27 on Monday, hitting an intra-day high of $1,233 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-17
Keywords: news, cnbc, companies, wall, dollar, appetites, risk, traded, yen, slips, global, fed, gain, shares, gains, rise, improve, trading, hit, greenback


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Gold edges up as dollar slips, global stocks sag

Gold prices inched up on Wednesday as some investors sought refuge in the metal after the dollar weakened and global stocks tumbled on the back of rising bond yields. Spot gold edged 0.1 percent higher to $1,189.73 per ounce. Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher Treasury yields can translate into more demand for the dollar, making the bullion more expensive for holders of other currencies. “The higher yield environment and stronger dollar are p


Gold prices inched up on Wednesday as some investors sought refuge in the metal after the dollar weakened and global stocks tumbled on the back of rising bond yields. Spot gold edged 0.1 percent higher to $1,189.73 per ounce. Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher Treasury yields can translate into more demand for the dollar, making the bullion more expensive for holders of other currencies. “The higher yield environment and stronger dollar are p
Gold edges up as dollar slips, global stocks sag Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10
Keywords: news, cnbc, companies, 01, edges, treasury, gold, investors, dollar, rising, rates, global, higher, interest, sag, slips, yields, stocks


Gold edges up as dollar slips, global stocks sag

Gold prices inched up on Wednesday as some investors sought refuge in the metal after the dollar weakened and global stocks tumbled on the back of rising bond yields.

Spot gold edged 0.1 percent higher to $1,189.73 per ounce. U.S. gold futures gained 0.1 percent at $1,192.90 an ounce.

World equities fell more than 1 percent to three-month lows, while the U.S. dollar index retreated from a seven-week peak hit in the previous session.

“The S&P 500 is looking very weak and negative and that is putting fear into investors,” said Michael Matousek, head trader at U.S. Global Investors.

“With the markets going down people are increasing their allocation towards gold.”

Gold, however, has fallen over 13 percent since hitting a peak in April, with investors increasingly opting for the safety of the greenback as the U.S.-China trade war unfolded against a backdrop of rising U.S. interest rates.

Rising bond yields have also dampened the appeal of gold, which pays no interest. Higher Treasury yields can translate into more demand for the dollar, making the bullion more expensive for holders of other currencies.

“The higher yield environment and stronger dollar are providing a toxic mix for gold,” said Fawad Razaqzada, an analyst with Forex.com.

“The trend for yields has been bullish and they could rise further from here. It will be hard for gold to sustain any rallies in this environment.”

U.S. Treasury yields advanced, holding near multi-year highs after government data showed the U.S. producer price index (PPI) climbed in September, which reinforced expectations that the Fed would hike interest rates at a faster pace.

“Gold prices will struggle to rebound over the remainder of 2018,” said Sabrin Chowdhury, commodities analyst at Fitch Solutions.

“Strong U.S. economic growth, concurrent monetary policy normalization by the U.S. Federal Reserve and a strong dollar will all limit the attractiveness of holding gold as an investment.”

The Fed increased interest rates last month for the third time this year and is widely expected to hike again in December, with no suggestion its tightening policy will cease any time soon.

Gold has held in a $34 range for the last 1-1/2 months, propped up by limited safe-haven buying at the lower end of the range, spurred by concerns over economic growth and inflationary pressure from soaring oil prices.

Analysts said the upside could be limited by waning demand due to depreciating domestic currencies in major gold-consuming countries such as India.

Spot silver fell 0.4 percent to $14.31, palladium rose 0.5 percent at $1,074.80 and platinum gained 0.1 percent to $824.60 an ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-10
Keywords: news, cnbc, companies, 01, edges, treasury, gold, investors, dollar, rising, rates, global, higher, interest, sag, slips, yields, stocks


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Euro hits 7-week low on Italy budget row, yuan slips

The euro fell to a seven-week low against the dollar on Monday on a spat between Italy and the European Union over Rome’s budget plans, while the yuan weakened as Beijing’s move to spur more lending failed to ease concern about economic growth. Nervous investors piled more money into the dollar, as speculators’ bullish bets in the greenback grew to their highest level since December 2016 last week. On Monday, Italian 10-year bond yield increased nearly 20 basis points to 3.60 percent, the highes


The euro fell to a seven-week low against the dollar on Monday on a spat between Italy and the European Union over Rome’s budget plans, while the yuan weakened as Beijing’s move to spur more lending failed to ease concern about economic growth. Nervous investors piled more money into the dollar, as speculators’ bullish bets in the greenback grew to their highest level since December 2016 last week. On Monday, Italian 10-year bond yield increased nearly 20 basis points to 3.60 percent, the highes
Euro hits 7-week low on Italy budget row, yuan slips Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-08
Keywords: news, cnbc, companies, euro, budget, european, low, 7week, highest, slips, italy, italian, dollar, fell, market, hits, level, yuan, row


Euro hits 7-week low on Italy budget row, yuan slips

The euro fell to a seven-week low against the dollar on Monday on a spat between Italy and the European Union over Rome’s budget plans, while the yuan weakened as Beijing’s move to spur more lending failed to ease concern about economic growth.

Sterling retreated as traders booked profits on recent gains tied to optimism about a Brexit deal. Nervous investors piled more money into the dollar, as speculators’ bullish bets in the greenback grew to their highest level since December 2016 last week.

On Monday, Italian 10-year bond yield increased nearly 20 basis points to 3.60 percent, the highest level in 4-1/2 years, while the country’s stock market fell to its weakest since April 2017.

“The confrontation is set to escalate, and this is hurting Italian assets,” Marc Chandler, chief market strategist at Bannockburn Global Forex in New York said of the tension between Italy and the regional economic bloc.

Italian Deputy Prime Minister Matteo Salvini, speaking at a media conference with French far-right leader Marine Le Pen, denounced European Commission President Jean-Claude Juncker and Economics Commissioner Pierre Moscovici as enemies of Europe.

The single currency fell 0.4 percent against the dollar to $1.148 and not far from a more-than one-year low of $1.1355 hit in mid-August. The euro fell 0.3 percent to 1.1397 Swiss franc, and shed 1.1 percent against 129.57 yen.


Company: cnbc, Activity: cnbc, Date: 2018-10-08
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Dollar struggles near 2-1/2-mth lows, yen slips as risk aversion ebbs

“It appears that positions which were skewed towards risk aversion are being reversed across the board,” said Makoto Noji, senior strategist at SMBC Nikko Securities in Tokyo. “The trigger was Chinese Premier Li’s comments on the yuan, which has led to hopes of a more moderate outcome to the U.S.-China trade row,” he said. The Australian dollar, a proxy of China-related trades as well as gauge of risk sentiment, climbed to a three-week high of $0.7297. The Australian dollar, pound and euro also


“It appears that positions which were skewed towards risk aversion are being reversed across the board,” said Makoto Noji, senior strategist at SMBC Nikko Securities in Tokyo. “The trigger was Chinese Premier Li’s comments on the yuan, which has led to hopes of a more moderate outcome to the U.S.-China trade row,” he said. The Australian dollar, a proxy of China-related trades as well as gauge of risk sentiment, climbed to a three-week high of $0.7297. The Australian dollar, pound and euro also
Dollar struggles near 2-1/2-mth lows, yen slips as risk aversion ebbs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-21
Keywords: news, cnbc, companies, currency, week, aversion, struggles, lows, yen, slips, ebbs, uschina, peak, securities, 212mth, trade, dollar, near, rise, risk


Dollar struggles near 2-1/2-mth lows, yen slips as risk aversion ebbs

The dollar struggled near 2-1/2 month lows, while the yen also sagged on Friday on reduced safe haven demand amid a switch in investors’ view that the Sino-U.S. trade conflict would not lead to an immediate global shock.

The dollar index against a basket of six major currencies stood little changed at 93.908 after touching 93.829 overnight, its lowest since July 9.

The index has fallen more than 1 percent this week, with investor flows being diverted from the greenback to other currencies including emerging market ones amid an ebb in U.S.-China trade war concerns.

“It appears that positions which were skewed towards risk aversion are being reversed across the board,” said Makoto Noji, senior strategist at SMBC Nikko Securities in Tokyo.

“The trigger was Chinese Premier Li’s comments on the yuan, which has led to hopes of a more moderate outcome to the U.S.-China trade row,” he said.

Premier Li Keqiang pledged on Wednesday that Beijing will not engage in competitive currency devaluation, a day after his country and Washington plunged deeper into a trade war with more tit-for-tat tariffs.

The dollar had attracted strong demand thanks to trade-related tensions in recent months, as investors bet the greenback would gain at the expense of riskier currencies.

The better risk sentiment contrasted with a Reuters poll showing forecasters were unanimous in viewing the trade row between the world’s two top economies as bad for growth.

The euro was a beneficiary of the shift in currency flows. The single currency was 0.05 percent higher at $1.1783 after climbing 0.9 percent the previous day, when it had scaled a three-month peak of $1.1785.

“The ‘risk on’ mood in light of optimism towards U.S.-China trade issues has cleared the path for the euro’s rise,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.

Amid a bounce in currencies such as the Turkish lira and South African rand, ravaged earlier in the month by trade friction and domestic factors, MSCI’s emerging market currency index rose to a three-week peak on Thursday.

The Australian dollar, a proxy of China-related trades as well as gauge of risk sentiment, climbed to a three-week high of $0.7297.

The Aussie has jumped nearly 2 percent this week, having pulled back from a 2-1/2-year low of $0.7085 plumbed on Sept. 11 and headed for its biggest weekly advance in 14 months.

S&P Global Ratings revised its outlook on triple-A rated Australia to stable from negative on Friday, providing the Aussie with a further lift.

The dollar was up 0.25 percent at 112.745 yen, its strongest in two months.

“Higher U.S. yields, particularly the two-year yield’s rise, has added further momentum to the dollar’s gains versus the yen ahead of next week’s Fed meeting,” Yamamoto at Mizuho Securities said.

The two-year Treasury yield has climbed to a decade high this week on the back of receding risk aversion and expectations for a hawkish Federal Reserve meeting next week.

The Australian dollar, pound and euro also advanced significantly against the yen this week.

China’s yuan was a shade higher at 6.8420 per dollar in onshore trade. It has gained about 0.35 percent on the week.

Expectations of a rise in bank lending rates and tightness in cash supplies caused a sudden spike in the Hong Kong dollar, pulling it off the lower end of its narrow trading band, where it had been stuck for six months.

The Hong Kong dollar rose to 7.8244 to the dollar, hitting its highest levels since late February. Since March, it had stayed near 7.85, the lower end of the Hong Kong Monetary Authority’s managed trading band.

The pound hovered near a two-month peak of $1.3295 scaled overnight, when robust UK retail sales data added to confidence towards the currency already bullish on growing optimism that Britain and the European Union are making progress towards a Brexit deal.


Company: cnbc, Activity: cnbc, Date: 2018-09-21
Keywords: news, cnbc, companies, currency, week, aversion, struggles, lows, yen, slips, ebbs, uschina, peak, securities, 212mth, trade, dollar, near, rise, risk


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Dollar near seven-week low as safe haven bids ebb, pound slips on EU summit

The British pound stepped back from two-month highs on caution over whether the European Union and U.K. can reach a Brexit deal at their current summit while the New Zealand dollar jumped to three-week highs after strong domestic GDP data. The dollar index dipped 0.1 percent to 94.467, near its seven-week low of 94.308 touched on Tuesday, as its more risk-sensitive rivals held firmer. The euro traded at $1.1683, up 0.1 percent and not far from peaks in August and September around $1.1730. The Au


The British pound stepped back from two-month highs on caution over whether the European Union and U.K. can reach a Brexit deal at their current summit while the New Zealand dollar jumped to three-week highs after strong domestic GDP data. The dollar index dipped 0.1 percent to 94.467, near its seven-week low of 94.308 touched on Tuesday, as its more risk-sensitive rivals held firmer. The euro traded at $1.1683, up 0.1 percent and not far from peaks in August and September around $1.1730. The Au
Dollar near seven-week low as safe haven bids ebb, pound slips on EU summit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-20  Authors: timothy a clary, afp, getty images, aly song, matt mcclain, the washington post, bebeto matthews
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Dollar near seven-week low as safe haven bids ebb, pound slips on EU summit

The dollar hovered near a seven-week low against a basket of major currencies on Thursday, as safe-haven demand for the U.S. currency ebbed on relief that the Sino-U.S. trade war may not be as damaging as once feared.

The British pound stepped back from two-month highs on caution over whether the European Union and U.K. can reach a Brexit deal at their current summit while the New Zealand dollar jumped to three-week highs after strong domestic GDP data.

The dollar index dipped 0.1 percent to 94.467, near its seven-week low of 94.308 touched on Tuesday, as its more risk-sensitive rivals held firmer.

The euro traded at $1.1683, up 0.1 percent and not far from peaks in August and September around $1.1730.

The Australian dollar, seen as a proxy for China-related trades as well as a barometer of broader risk sentiment, held at three-week highs, having gained 1.5 percent so far this week. It stood at $0.7257 after having risen to $0.7276 on Wednesday.

The Aussie was also helped by comments from Chinese Premier Li Keqiang on Wednesday that Beijing will not stoop to competitive devaluation of its currency.

His comments came after China imposed new retaliatory levies on about $60 billion worth of U.S. goods at scaled-back rates. Washington’s new duties were set at 10 percent for now, before it is set to rise to 25 percent by the end of 2018, rather than an outright 25 percent.

“That the U.S. chose a lower rate seems to suggest it is making some allowances for China. Chinese Premier Li’s comments on the yuan could be also seen as a overture to Washington,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

“All in all, markets are hoping that the two sides will continue to talk and another round of tariffs could be avoided.”

Traders also noted that U.S. macro economic data has remained very strong so far despite trade disputes since early this year.

“Real money investors are now buying back undervalued assets, those that were sold aggressively, including the antipodean currencies, as they can’t find any evidence of economic slowdown from trade wars,” said a senior trader at a U.S. bank.


Company: cnbc, Activity: cnbc, Date: 2018-09-20  Authors: timothy a clary, afp, getty images, aly song, matt mcclain, the washington post, bebeto matthews
Keywords: news, cnbc, companies, haven, senior, slips, dollar, near, ebb, comments, set, sevenweek, far, eu, summit, low, highs, threeweek, pound, trade, safe, strong


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Oil slips from 4-month highs on economic concerns

Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens. Benchmark Brent crude oil was down 53 cents a barrel at $79.21. U.S. light crude fell $1.15 to a low of $69.22 a barrel and was last at $69.47, down 90 cents. The International Energy Agency said on Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 mill


Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens. Benchmark Brent crude oil was down 53 cents a barrel at $79.21. U.S. light crude fell $1.15 to a low of $69.22 a barrel and was last at $69.47, down 90 cents. The International Energy Agency said on Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 mill
Oil slips from 4-month highs on economic concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-13  Authors: nick oxford
Keywords: news, cnbc, companies, oil, economic, slips, trade, million, highs, risk, bpd, barrels, 4month, fell, barrel, concerns, tightening, crude


Oil slips from 4-month highs on economic concerns

Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.

Benchmark Brent crude oil was down 53 cents a barrel at $79.21. U.S. light crude fell $1.15 to a low of $69.22 a barrel and was last at $69.47, down 90 cents.

The International Energy Agency said on Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd), global economic risks were mounting.

“Things are tightening up,” the agency said in its monthly report, but added: “As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the U.S. dollar raising the cost of imported energy.”

“In addition, there is a risk to growth from an escalation of trade disputes,” the Paris-based agency said.

U.S. companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey, prompting U.S. business lobbies to urge U.S. President Donald Trump’s administration to reconsider its approach.

The White House has invited Chinese officials to restart trade talks just as it prepares to escalate a trade war with China with tariffs on $200 billion worth of Chinese goods.

Short-term, the outlook is for tighter supply.

Brent rose above $80 per barrel on Wednesday for the first time since May, spurred by expectations that U.S. sanctions against Iran’s oil exports, which will start in November, will tighten global markets.

U.S. light crude pushed over $70 due to falling U.S. crude inventories and production levels.

The IEA said tightening supply was putting increasing pressure on prices. “The price range for Brent of $70-$80 per barrel in place since April could be tested,” it said.

U.S. crude stocks fell 5.3 million barrels in the week to Sept. 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said on Wednesday.

Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said the inventory data showed “a much deeper drop than analysts’ expectations”.

U.S. crude oil production fell by 100,000 bpd to 10.9 million bpd as the industry faces pipeline capacity constraints.


Company: cnbc, Activity: cnbc, Date: 2018-09-13  Authors: nick oxford
Keywords: news, cnbc, companies, oil, economic, slips, trade, million, highs, risk, bpd, barrels, 4month, fell, barrel, concerns, tightening, crude


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