Friday, 17 August, 2018

Yellen: Fed to continue raising interest rate, reduce investment holdings

EUR  GBP Daily Chart Yellen: Fed to continue raising interest rate, reduce investment holdings
Laurie Berry | 14 July, 2017, 07:42

"Yellen veered slightly in the dovish direction, which makes sense given the soft inflation readings of late", said Bipan Rai, a senior macro strategist with the Canadian Imperial Bank of Commerce in Toronto.

While Ms Yellen said she meant to serve her first term as chairman, which ends next year, asked if she thought it would be her last appearance before the House financial services committee, she replied: "It may well be". The S&P 500 was up 0.9% and the Dow Jones industrial average held a 0.6% gain.

United States 10-year interest rates are 4 times - or nearly 2 full percentage points - higher than those in Germany.

At the meeting in June, the Fed released a plan to gradually unwind the portfolio by allowing a capped percentage of its holdings to roll off its balance sheet each month.

In her testimony, Yellen expected the US economy will continue to expand at a moderate pace over the next couple of years, as the steady job gains would support income growth and then consumer spending.

Trump said that he spoke with Yellen in the White House and that she was not "toast" when her term ends.

In Europe, the CAC 40 in France was up 0.5 percent at 5,249 while Germany's DAX rose 0.1 percent to 12,632. The euro gained, erasing most of yesterday's losses on the back of falling bond yields. Additionally, strong trade data out of China boosted the Australian dollar against its U.S. counterpart.

Fastenal Company (NASDAQ:FAST) Upgraded to "Outperform" at Robert W. Baird
Integrated Investment Consultants LLC raised its position in shares of Fastenal Company by 6.1% in the first quarter. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases.

The data pushed Asian shares up more than 1 percent and lifted MSCI's 47-country gauge of global equity markets to a fresh record high with a gain of 0.25%.

Among oil stocks, Santos is rising 0.7 percent, while Oil Search and Woodside Petroleum are advancing more than 1 percent each after crude oil prices advanced more than 1 percent overnight. This is unfortunate news for the dollar after having a four-month high.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, rose by 0.12% to 95.66.

The dollar has climbed to around $1.1420 against the Euro Wednesday afternoon, from an early low of $1.1489.

She also expects further gains in USA exports.

The rest of the session offers plentiful economic news, notably initial USA jobless claims, Canadian new home prices and the Bank of England's look at credit conditions.

Gold was flat at US$1,217.32 an ounce.

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