Thursday, 14 December, 2017

Euro gets boost from Draghi, delayed US Senate vote dents dollar

Greek Economy Minister Optimistic After Macron Election Greek Economy Minister Optimistic After Macron Election
Laurie Berry | 28 June, 2017, 18:29

The euro surged as Draghi spoke, rising as much as half a percent on the day to $1.1277, its highest level since Jun. 14, up almost 1 percent on the day.

Analysts are now weighing whether these moves will turn into a full-scale "taper tantrum" or whether investors' continued hunger for fixed-income assets will temper any wider selloff. Rates in Europe have been at ultra-low levels for many years, like the United Kingdom, and the central bank has been pushing through aggressive stimulus measures through a form of quantitative easing to help support the economy in the wake of the financial crisis, which began nearly 10 years ago. "Clearly not everybody was expecting that".

That helped drive the yield on the United States 10-year up 6.6 basis points to 2.2% - the highest since before the Fed's interest rate rise on June 14. Yields rise as prices fall.

The UK government would invest £1bn in Northern Ireland in return for the DUP's backing in certain vital Commons votes, such as the Queen's Speech vote set to take place this week.

Economic docket: Investors on Wednesday received upbeat data from France, where consumer confidence hit its highest since June 2007, said statistics agency Insee. The yield on the 10-year note was at 2.250% recently, compared with 2.135% at Monday's close. The common currency has gained 1.4 percent this week.

Every couple of months, the President of the European Central Bank (ECB), Mario Draghi, gives a little speech updating everyone on what they've been doing, and how they think the economy is doing, and how they think what they are doing is affecting what the economy is doing.

More UK buildings fail fire tests as politicians trade blame
It is now going to be extended to the rest of the country and will cover all buildings over 18 metres in height. Dorset and Wiltshire Fire Service say they're inspecting nearly 250 high rise blocks, after the Grenfell fire.

European Central Bank president Mario Draghi is the talking point of markets this morning.

But many investors took his comments as a sign the European Central Bank is laying the groundwork to announce a tapering of the EUR60 billion monthly buying of government and corporate debt at its September meeting and to start scaling back those purchases next year.

The ECB is entering a delicate period with its 2.3 trillion-euro ($2.6 trillion) bond-buying program now scheduled to end in December. European bonds have also been sold in recent years as investors anticipated an end to the stimulus.

Still, others are less sure yields will continue to spike.

May's future as prime minister has come in to question after her election gamble cost her a parliamentary majority, while a split has emerged at the Bank of England over whether to raise record low United Kingdom interest rates. He said his trading desk had seen flows from Japanese and French insurance companies scooping up long-dated French government bonds on Wednesday.

The latest failure of Republicans to pass healthcare legislation in the United States was also playing in to the dollar's weakness, further undermining faith in President Donald Trump's promises of other measures to support growth. While three-month implied volatility, which captures the ECB's September meeting, rose for the first time in four days, it failed to pass above Friday's high and stayed more than 2 percentage points below its year-to-date average.

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