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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.

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