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techkenyot.com October 21, 2017


North Korean "saber-rattling" sees gold hit two-month high

13 August 2017, 05:45 | Hattie Nash

CURRENCIES: Dollar Slides Vs. Swiss Franc As US-North Korea Discord Prompts Run To Safety

The hardwood floor of the Oval Office is resurfaced as the West Wing of the White House in Washington undergoes renovations while President Donald Trump is spending time at his golf resort in New Jersey Friday Aug. 11 2017. (AP

Secretary of State Rex Tillerson later insisted the US isn't signalling it's about to mete out a military response despite threats from North Korea suggesting it could attack Guam, a USA island territory in the Pacific.

After North Korea claimed Trump is "driving" the Korean peninsula to the "brink of a nuclear war", the president responded with a tweet suggesting the United States is prepared to take military action against the communist nation.

"Most investors will be completely out of their depth in making any assessment on the (North Korea) situation", said Koon Chow, emerging market FX strategist at fund manager UBP.

"With European, U.S. and Asian markets all suffering heavily in anticipation of a potential conflict in Asia, it is worthwhile noting that we have heard similar posturing between Trump and Kim Jong Un before", said Mahony.

A statement from the North Korean military called President Donald Trump's warning that the communist nation would face "fire and fury" if it continued its provocations a "load of nonsense".

Cloud Peak Energy Inc. (NYSE:CLD) Stock Rating Lowered by ValuEngine
Bridgeway Capital Management Inc decreased Cloud Peak Energy Inc (CLD) stake by 31.35% reported in 2016Q4 SEC filing. (NYSE:CLD). The value of the investment in (CLD) decreased from $3,696,000 to $3,365,000 decreasing 9.0% since the last quarter.

The index's losses mirrored global markets, which fell after incendiary words between the United States and North Korea.

The dollar index, which tracks the greenback against a basket of six major rivals, edged down 0.1 percent to 93.545 (.DXY), edging closer to last week's 15-month low of 92.548.

Currency traders consolidated positions in the Japanese yen and Swiss franc, and pushed up the dollar index by unwinding some of the recent bets on the euro.

But "the yen may be expected to lose its safe-haven status if US-North Korean tensions continue to escalate", leaving the Swiss Franc, and possibly the US dollar, as the remaining beneficiaries of risk aversion, Emmanuel Ng, currency strategist at OCBC Bank in Singapore, wrote in a note.

Gold, another classic safe haven asset, was trading at around $1,285 per ounce, up more than two percent this week and near a nine-week high. Brent crude was up 30 cents at $53.00 a barrel.

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Disappointing US inflation and jobs data have not helped the dollar. The Standard & Poor's 500 index was almost flat at 2,474.02. It soared over 2 percent in the previous two sessions, and is set for a weekly gain of 2.25 percent.

The thirty-year bond auction drew a high yield of 2.818 percent and a bid-to-cover ratio of 2.32, while the ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.29. Macy's sank 10.3 percent and Kohl's lost 5.8 percent.

Markets are now awaiting U.S. consumer price data for July, due later in the session.

U.S. producer prices unexpectedly recorded their biggest drop in almost a year, and the number of Americans filing for unemployment benefits unexpectedly rose last week.

Amid the hot rhetoric, USA stocks sold off sharply on Thursday, with the S&P 500 falling more than 1 percent.

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Shares of Snap (SNAP) are also seeing pre-market weakness after the parent of Snapchat reported a wider than expected second quarter loss on revenues that came in below expectations.



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