Thursday, 21 March, 2019


USA markets fluctuate as dollar surges, bonds gain

Tech stocks lead rebound as Boeing tumbles anew Asia stocks to rise as US gains
Conrad Doyle | 16 March, 2019, 02:54

The live dollar index data show the ICE US Dollar index, a measure of the dollar's strength against a basket of six rival currencies, slipped 0.03% to 96.97 but is higher now. The pound fell as the Brexit saga rumbled on.

U.S. producer prices edged barely higher in February, in the smallest annual increase since June 2017, the latest sign of tame inflation that supports the Federal Reserve's "patient" approach to future interest rate hikes. The U.S. dollar was down to 1.0032 Swiss francs from 1.0069 Swiss francs, and it decreased to 1.3303 Canadian dollars from 1.3362 Canadian dollars. This would be a "nuclear option" which would effectively expose the destruction of British democracy, yet it remains a possibility, and I believe it is this possibility which explains why the British Pound is trading over 1% up on the day against the U.S. Dollar at $1.3216 at the time of writing. Nikkei slumped 1% to 21290.24 with yen little changed against the dollar as data showed domestic machinery orders fall in January accelerated. Tepid inflation and disappointing producer price data this week support the Fed's stance of keeping interest rates on hold, denting the dollar.

The dollar index hovered near a seven-day trough hit after the inflation data against a basket of major currencies Against the Japanese yen, the greenback gained slightly to 111.44.

World equity markets advanced broadly on Wednesday after U.S. data again showed risk-friendly low inflation, which weakened the dollar, while Boeing shares gained even as the United States said it would ground the company's 737 MAX aircraft.

The pound rose on expectations lawmakers would reject a no-deal Brexit and gained further after the motion in Parliament paved the way for a new vote to delay departure from the EU.

Dow Jones closed up by 0.58 percent, S&P 500 ended up 0.69 percent, Nasdaq finished the day up by 0.69 percent. Shares fell 3.0 percent.

Gold hit almost a two-week high on Wednesday as lackluster USA data reinforced views the Federal Reserve would be patient on monetary policy, with bullion's appeal also bolstered by uncertainty over a Brexit deal ahead of a key vote.

In late NY trading, the euro was up to 1.1329 US dollars from 1.1296 dollars in the previous session, and the British pound rose to 1.3217 dollars from 1.3084 dollars in the previous session.

Wednesday's vote boosted investor optimism in European equities too, with the pan-European STOXX 600 index climbing 0.6 percent while London's FTSE 100 added 0.1 percent as sterling extended gains.

Benchmark 10-year US Treasury notes fell 2/32 in price to push yields up to 2.6141 percent.

U.S. crude rose $1.39 to settle at $58.26 per barrel and Brent settled up 88 cents at $67.55. The pound has gained nearly 4 percent this year to become the top-performing G-10 currency amid hopes Britain would not violently crash out of the bloc. USA gold futures settled 0.9 percent higher at $1,309.3 per ounce.

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