Wednesday, 17 January, 2018

NZ dollar heads for 1.2% weekly gain as greenback hit

Global Markets Stocks resume ascent on earnings hopes euro gets lift from ECB NZ dollar heads for 1.2% weekly gain as greenback hit
Laurie Berry | 13 January, 2018, 05:28

The European Central Bank could change the tone of its monetary policy communication early this year to reflect the improvement in growth prospects, minutes of the latest policy session showed on Thursday. Trade has ranged from $1,322.85-1,329.15 so far today. Economists had expected prices to rise by 0.2 percent.

Hit by the strong euro, the dollar index - which measures the USA currency against a basket of six major rivals - slipped 0.6 percent to its weakest in four months, at 91.329.DXY.

A double-shot of negative news drove the U.S. Dollar lower against a basket of currencies on Thursday.

The dollar index is suffering from the massive receding producer prices in the USA; according to reports, the producer prices have not seen this kind of drop for nearly one and a half year in December and this is also in the midst of lower costs for services.

The EUR/USD rallied because investors interpreted the minutes as hawkish since they could be signaling that the European Central Bank will wind down its 2.55 trillion Euro ($3.07 trillion) bond purchase scheme this year if Europe's economy continues to grow. Wall Street was poised to open higher, with Dow futures and the broader S&P 500 futures up 0.2 percent.

The current exchange rate (at time of writing) is slightly higher at €1.12372 to the pound. Yet it still suggested consumer spending had made a sizeable contribution to economic growth for the fourth quarter as a whole, after a disappointing third quarter. The Australian dollar rose to $0.7891, from $0.7842, but shied away from stiff chart resistance at $0.7900.

Treasury yields fell on Thursday after China disputed a report that its government officials had recommended the country slow or halt its purchases of USA bonds.

Wall Street surged to record highs on Thursday as rising oil prices lifted energy stocks and investors bet on a strong USA corporate earnings season.

Porn-Laden Gaming Apps Infiltrate Google Play
Check Point says the "malicious code's own ad library... contains ads of an offensive nature, including pornographic ads". Google removed the affected apps from the Google Play app store soon after Check Point reported the issue.

The Stoxx Europe 600 Index advanced 0.3 percent to cap a gain in the the five days.

The S&P 500 rose 0.7 percent to 2,786.12 at 4 p.m.in NY.

The euro surged to three-year highs against the dollar Friday amid hopes for a new coalition government in Germany and signs that the European Central Bank is preparing to rein in its stimulus sooner than many had been predicting.

For the second consecutive week, the Labor Department released a report on Thursday showing an unexpected increase in first-time claims for US unemployment benefits.

The 10-year yield eased back to 2.56% after a healthy auction of Treasurys on Wednesday.

"Our target for USA 10-year treasuries is 2.8 - and we might afford up to 3 percent - but going beyond that it's becoming an alert signal", said Amundi's Defend. The U.S. currency is still down more than 1 percent against the yen this week after markets bet the Bank of Japan (BoJ) could start to tighten monetary policy faster than expected.

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. Oil pushed higher for a fifth day, leaving it at a three-year high.

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