Science

Dollar moves narrowly in Tokyo ahead of Yellen speech

Dollar moves narrowly in Tokyo ahead of Yellen speech

Dr Yellen's strongly-worded message barely budged markets, which had reset earlier this week to price in a March rate hike after several of her colleagues in recent days also put a rise at the next rate-setting meeting firmly in view.

Stock markets in Asia were also pulled lower, with MSCI's broadest index of Asia-Pacific shares outside Japan off nearly 0.3 per cent in early trade.

"But the dollar's downside was limited as Yellen and Fischer are expected to reiterate that an interest rate increase is imminent", an official at a major Japanese bank said.

"U.S. equity markets have been detached from reality.the valuations on stocks are just completely out of kilter with anything we've seen before", Tony Cross, market analyst for TopTradr, said in emailed comments.

"The markets are trading higher on the softer approach by the President", Peter Cardillo, chief market economist at First Standard Financial wrote in a note.

The S&P 500 was down 0.18%, the Dow Jones Industrial Average slipped 0.13%, and the Nasdaq fell 0.2%.

Having priced in only around a 30 per cent chance that the Fed would move this month before the Fed comments, investors moved to price in around a 68 per cent probability of a March hike, according to Reuters data. The Fed's preferred inflation gauge showed that prices rose 1.9 percent over the 12 months that ended in January.

At least 5 people injured in Charlotte Maxeke roof collapse
Workers however told the media that they were not surprised by the incident because the roof had been leaking. It was formerly known as the Johannesburg General Hospital, nicknamed Joburg Gen.

The Fed policymakers' words sent the greenback higher on Wednesday.

In late NY trading, the euro fell to 1.0497 dollars from 1.0553 dollars in the previous session, and the British pound dropped to 1.2251 dollars from 1.2301 USA dollars in the previous session.

While US President Trump didn't impress markets with any new economic news during his Presidential address on Tuesday night, his surprisingly Presidential tone and his reassertion that he would introduce a $1trillion infrastructure programme helped to calm trader frustrations.

The rise in expectations lifted the US Dollar Index to over 102.20 Thursday, a two-month high, but it was down around 0.30% on the day to 101.85 at 1500 GMT Friday. One could imagine a situation in which the deficit shots up in the face of Mr Trump's fiscal plans, requiring a surge in Treasury issuance, at a time when the Fed was trying to unload bonds into the market.

Earlier, Richmond Fed president Jeffrey Lacker plugged the need for pre-emptive rate hikes, without explicitly mentioning March.

Rising U.S. interest rates increase the opportunity cost of holding non-yielding gold, while boosting the dollar. GBP Predicted to Slide if Construction and Services PMIs Both Drop This WeekThe Pound may be in for further losses against the US Dollar this week, given that two more PMIs are scheduled to be released before the weekend.

Nervousness about what details, if any, will be forthcoming have weighed on United States markets, with Wall Street posting losses on Tuesday.


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