Tuesday, 18 December, 2018

Dollar drawn lower against euro, pound as central banks strike hawkish tones

Dollar drawn lower against euro, pound as central banks strike hawkish tones Dollar drawn lower against euro, pound as central banks strike hawkish tones
Frank Williams | 29 June, 2017, 22:02

Well, earlier today, the euro dropped back as the European Central Bank said the market had misjudged Draghi's speech on stimulus.

With the European Central Bank now forecasting the euro-area to expand an annualized 1.9% in 2017, a growing number of Governing Council officials may display a greater willingness to gradually move away from the easing-cycle, but market participants appear to be unconvinced the Federal Open Market Committee (FOMC) will deliver three rate-hikes in 2017 as Fed Fund Futures still highlight a 50/50 chance for a move in December. The US dollar index (or DXY), priced against a basket of six major world currencies, fell approximately 1.1% on Tuesday.

Consumer prices, harmonised to compare with other European countries (HICP), rose by 1.5 percent on the year after an inflation rate of 1.4 percent in the previous month, the Federal Statistics Office said.

EUR/USD is trading at 1.1406 and EUR/JPY at 128.77.

The weaker dollar helped bolster spot gold, which was up 0.4 percent at 1,251.59 per ounce.

As recently as last week, Carney said that he was not ready to vote for a rate hike. The number of traders net-long is 7.2% lower than yesterday and 42.1% lower from last week, while the number of traders net-short is 8.5% lower than yesterday and 13.7% higher from last week.

USA stocks accelerated their losses after Senate Republican leader Mitch McConnell made a decision to put off a planned vote on a bill to dismantle the Affordable Care Act until after the Senate's July 4 recess, to get more time to garner sufficient votes for its passage.

McGregor: the main sponsor will pay$10 Million
WME-IMG, owners of the UFC, sent out a proposal to companies asking for $10 million to sponsor fight elements, ESPN.com reported . Mayweather is the overwhelming favorite to win, but we're constantly hearing: "Anything can happen in the fight game".

Editor's Remarks: Currency markets are hanging on the words of central bankers this week.

"We may be seeing a change in the positioning of the USA, United Kingdom and Europe as to who will be tightening and when".

The pound GBPUSD, +0.4177% hit an intraday high of $1.13008, its best level since late May. US economic data released on Wednesday showed contracts to buy previously owned homes unexpectedly fell in May, the third straight monthly decline, while mortgage applications fell the most in six months last week.

Iron ore prices continued their rise after rallying more than 3 percent on Wednesday. But the single currency did weaken against the commodity currencies and the pound.

The yield on U.S. Benchmark 10-year Treasury notes stood at 2.213 percent in Asian trade, above its U.S. close of 2.198 percent on Tuesday. USA gold futures settled up 0.2 percent at $1,249.10.

In commodities, front-month USA oil futures were stronger at $43.60 a barrel, while gold was slightly softer at $1255 an ounce.

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