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techkenyot.com April 22, 2018


Euro hits 3-year high vs dollar on German coalition hopes

13 January 2018, 05:03 | Casey Mitchell

Euro hits 3-year high vs dollar on German coalition hopes

Euro hits 3-year high vs dollar on German coalition hopes

Palladium rose by 0.23 percent to $1,085.50 an ounce after hitting a nine-day low of $1,075.50.

The euro surged more than half of a percent against the dollar on the comments, with investors taking the relatively hawkish statement as a further signal that the European Central Bank will wind down its 2.55 trillion euro bond purchase scheme this year if growth continues to roar ahead.

The US dollar index traded marginally lower on Friday, extending the notable losses it posted on Thursday on the back of weaker-than-expected US producer price data and a stronger euro.

With both the US Federal Reserve and the Bank of England now on policy tightening cycles, the ECB is, along with the Bank of Japan, among the few major central banks still to retain an overwhelmingly dovish policy stance with policy language such as "evolve gradually" and "lower for longer" still prevalent in its statements.

Vivendi SA shares (VIV.FR) fell 1.1%, with the French media group saying it foresees 2017 growth of 20% to 25% (http://www.marketwatch.com/story/vivendi-confirms-it-expects-20-25-earnings-growth-2018-01-12) in earnings before interest, taxes and amortization.

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Feeley cited personal reasons for his departure, State Department spokesperson Pooja Jhunjhunwala said, with no comment regarding his letter.

The trade-weighted index advanced to 75.17 from 74.78 on Thursday, rising to its highest level since mid-October.

The dollar index was down by 0.05% to 91.81 as of 11.57am Shanghai time.

Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., January 8, 2018.

Bonds recovered somewhat this morning after Chinese officials backtracked on suggestions that the state planned to slow its purchases of U.S. Treasurys.

Germany's 10-year bond yield hit a fresh five-month high of 0.539 per cent after Chancellor Angela Merkel's conservatives and the Social Democrats agreed a blueprint for formal coalition negotiations, news that also buoyed the euro.

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It dropped again as the session wore on but was still close to five-month highs at 0.52 percent.

On Thursday, the euro gained ground against the dollar as the latest European Central Bank minutes suggested that rate-setters in Frankfurt might harden their guidance for their policy settings.

In the other precious metals, the spot silver price rose $0.12 to $17.095-17.115 per oz. Sterling GBP= was last trading at $1.3731, up 0.03 percent.

Brent crude futures were little changed for day at $69.28 a barrel after hitting $70.05 a barrel during the previous session, its highest level since November 2014.

The burst of business in options and the prospect of heightened volatility is likely to be welcome news for currency investors, whose returns suffered past year as volatility tumbled amid well-telegraphed central-bank policy.

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