Dollar hits three-week high, gold sinks to year low

22 Julio, 2018, 04:30 | Author: Arnold Perez
  • The kiwi increased to 67.94 US cents as at 8am in Wellington

Higher interest rates tend to boost the dollar and push up bond yields, making greenback-denominated gold more expensive for holders of other currencies and denting its appeal.

MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.17 percent and touched its highest point in a month.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3 percent lower following two sessions of gains.

Powell and other Fed officials have in recent remarks pointedly declined to declare "victory" in their effort to hit the 2 percent inflation target, though most have acknowledged that, with joblessness at 4 percent, their employment goal has been reached.

The index shed 0.25 percent on Monday, nudging away from a two-week high of 95.241 scaled on Friday ahead of Fed Chairman Powell's testimony.

Spreadbetters expected European stocks to open slightly higher, with Britain's FTSE, Germany's DAX and France's CAC each gaining about 0.1 percent. Australia's S&P/ASX 200 climbed 0.7 percent to 6,245.10. Shares of the banking giant rose more than 2.5% in the pre-market.

LONDON, July 18 (Reuters) - The euro fell and the yen slid to a six-month low on Wednesday as the dollar extended its rally following bullish comments from U.S. Federal Reserve Chairman Jerome Powell about the strength of the U.S. economy. Stocks have fallen after Powell's previous major addresses, but not on Tuesday.

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The White House struggled on Wednesday to contain a political outcry and confusion over Trump's summit with Russian President Vladimir Putin, denying Trump ever meant to say that Moscow was no longer targeting the United States.

U.S. Bancorp also posted a stronger-than-forecast profit, sending its stock up by 0.4%. It fell 0.5 percent in May after a fire disrupted production of Ford Motor's F-series pickup trucks, America's bestselling vehicle.

US stocks rose as earnings season rolled on stateside.

ANALYST VIEWPOINT: "Buoyancy in the European session merely carries forward the theme handed down from USA overnight and perpetuated in most of Asia today".

"If China is slowing down, there will be consequences to global commodity consumption and that's going to drag gold down as well", said Richard Xu, a fund manager at China's biggest gold exchange-traded fund, HuaAn Gold.

Japanese exporters advanced in early trading Wednesday with Toyota rising 1.55 per cent to 7,489 yen, Honda climbing 0.96 per cent to 3,355 yen and Panasonic up 1.10 per cent at 1,459 yen. The contract was relatively unchanged at $68.08 in NY on Tuesday.

At 5 p.m., the dollar stood at ¥113.05-06, up from ¥112.34 at the same time Tuesday.



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