April 22, 2018

Yellen Induces Dollar's Tumble, Traders Await Draghi for Further Moves

27 August 2017, 01:42 | Lionel James

Yellen Induces Dollar's Tumble, Traders Await Draghi for Further Moves

Yellen Induces Dollar's Tumble, Traders Await Draghi for Further Moves

The European Central Bank's ultra-easy monetary policy is working and the euro zone's economic recovery has taken hold even if more time is needed to lift inflation to the bank's 2 percent target, ECB President Mario Draghi said on Friday.

South Korea's KOSPI climbed nearly 0.1 percent and Australia's S&P/ASX 200 index was little changed.

These experts reminded their clients that at last year's gathering the Fed chair stuck in an opening section on the "Current Economic Situation and Outlook" that "could just as well have been omitted" from her speech on "The Federal Reserve's Monetary Policy Toolkit".

But his presence loomed large at a Federal Reserve symposium, and even without citing the man in the White House, the presentations - from Fed Chair Janet Yellen, European Central Bank President Mario Draghi and a host of researchers - amounted to a broad rebuttal of numerous ideas that carried Mr Trump to office.

Consumer staples, down 1.3 percent, were the worst performing of the 11 major S&P sectors, led lower by a 9.5 drop in J.M. Smucker after its posted disappointing results and lowered its earnings forecast.

"We believe that barring short-term corrections, likely driven by profit-taking given elevated tactical positioning, the palladium market is fundamentally constructive over the next couple of years", Standard Chartered said in a note, adding that both NYMEX and industry stocks were falling.

- The MSCI World index of developed countries advanced 0.4 percent.

That might keep the Fed from raising rates any more this year given the recent softness in inflation. "But to do so, we also need to identify how best to respond to protectionism".

Yellen Induces Dollar's Tumble, Traders Await Draghi for Further Moves
Yellen Induces Dollar's Tumble, Traders Await Draghi for Further Moves

The dollar was slightly stronger on Friday at 109.64 yen, extending Thursday's 0.5 percent gain, and heading for a weekly rise of 0.4 percent.

Fed watchers expect the central bank to announce a decision to start to shrink its massive balance sheet at its next meeting in mid-September and put off considering another interest-rate hike until December. The dollar index, which measures the USA currency against a basket of peers, fell 0.5 per cent to 92.80 after the address.

Oil prices rose as some petroleum producers shut down platforms due to Hurricane Harvey and gasoline prices gained in anticipation of refinery outages.

United States durable goods orders were the main economic data release during late European session.

The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEARCA: SPY), iShares Core S&P 500 ETF (NYSEARCA: IVV) and Vanguard 500 Index (NYSEARCA: VOO), were 0.3% higher Friday.

The Nasdaq Composite was down 4.28 points, or 0.07 percent, at 6,267.05.

- Gold futures rose 0.5 percent to settle at $1,297.90 an ounce.

Taylor Swift's New Song Is Basically An ARG, And I Hate It
If not, just trust me: it's really, really amusing and probably later today it'll hit you and you'll just fall right out. So the Tigers take her advice and get it together-except for the big woman, who I swear to God eats a quesadilla.

Other News

Trending Now

Why Whole Foods prices will go down Monday
But it was obvious that Amazon buying Whole Foods was going to be a huge deal, so expect even more changes as time goes on. Amazon assumes no obligation to update the information in this communication, except as otherwise required by law.

Twelve killed as storm sweeps south China
Across the globe, aircraft departures at Hong Kong International Airport are returning to normal as Typhoon Hato moves inland. Ferry terminals operate on the Macau peninsula, closest to MGM Macau, Sands Macao, Wynn Macau and its sister Encore property.

Iraqi forces 'break through' ISIL lines in Tal Afar
In advance of the operation, the Iraqi army had amassed some 400,000 troops and personnel in preparation for retaking Tal Afar . The district has produced some of the armed group's most senior commanders.

Chaos Erupts At 1st Charlottesville City Council Meeting Since Car Attack
The judge did not set bond, but told Cantwell his attorney could request a bond hearing later. Hunting down fabric swaths large enough to drape over the monuments of Robert E.

Huckabee Sanders Desperately Flails as Reporter Presses Her on Trump Nazi Praise
The White House renovations took place while President Donald Trump was on his "working vacation" this month. SANDERS: Jon, we're super-tight on time , so I'm gonna try to cover as many people as possible.

Four human West Nile infections in Kentucky, including one in Jefferson County
Wear proper clothing and repellent if going outdoors when mosquitoes are active, especially in the early morning and evening. The Kentucky Department of Public Health advises avoiding mosquitos , which are more prevalent between dusk and dawn.

Saudi coalition airstrikes in Yemen kill at least 54
According to AL Jazeera , now more than seven million people are on the verge of starvation and an unprecedented cholera strike. It was unclear whether they were members of the Houthi rebel forces fighting against the Saudi-backed government, or civilians.

With Nilekani's return, Infy goes back to its roots
Two independent directors - Jeffery S Lehman and John Etchemendy - also resigned from the Infosys board with immediate effect.

Trump goes after the Senate, Jeff Flake and media on Twitter
The Arizona Republican also blew off Trump's potential support for Flake's primary opponent Kelli Ward. "It's going well. Jeff Flake, who he called "weak on borders" for opposing Trump's plan to build a wall along the US-Mexican border.

Trump begged senator not to pass Russian Federation sanctions bill
Trump's backers are what Salvanto calls "conditional supporters". "I will never stop - one vote ", Mr Trump said . Susan Collins of ME told MSNBC that it is " too hard to say" whether Trump will be the nominee.