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Dollar hits three-year low vs euro; Wall Street hits new highs
Posted on 13th January 2018
The US dollar fell to a more than three-year low against the euro on Friday, extending recent losses on expectations European Central Bank policymakers are preparing to reduce stimulus, while US stocks continued to rally and marked record closing highs. Optimism about fourth-quarter earnings boosted stocks. Bank shares climbed following quarterly results from JPMorgan Chase & Co and Wells Fargo. A global stock index registered an eighth straight week of gains

The euro’s rise weighed on the dollar index, which measures the greenback against six rival currencies. The index was down 1 percent, after slipping to a four-month low of 90.954.

For the year, the dollar index was down 1.28 percent, its worst performance over a year’s first nine trading days since 2010, according to Reuters data. “The latest ECB comments were a bit on the hawkish side, so that’s giving more life to the euro,” said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California.

Sterling rocketed to its highest level against the dollar since the Brexit vote to leave the European Union after a report that the Netherlands and Spain were open to a deal for Britain to remain as close as possible to the trading bloc. Sterling was last trading at $1.3731, up 0.03 percent.

The S&P 500 and Nasdaq both registered an eighth record closing high out of the first nine trading days of 2018, while the Dow boasted its sixth closing high of the year.

Data showing robust US retail sales drove investor optimism about economic growth, also boosting sentiment in the stock market.

“It seems like the economy is going OK, inflation is kind of nonexistent right now, wage growth is not an issue for most income statements, so what’s not to like here?” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

The Dow Jones Industrial Average rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 gained 18.68 points, or 0.67 percent, to 2,786.24, and the Nasdaq Composite added 49.29 points, or 0.68 percent, to 7,261.06.

The pan-European FTSEurofirst 300 index rose 0.23 percent, and MSCI’s gauge of stocks across the globe gained 0.66 percent.

A robust US inflation report boosted Treasury yields.

The two-year yield, sensitive to traders’ views on interest rates, rose to more than 2 percent for the first time since the financial crisis.

In commodities, oil prices rose for a sixth day after Russia’s oil minister said global crude supplies were “not balanced yet,” alleviating market concerns about a wind-down of the OPEC-led deal to reduce production.

U.S crude oil rose 50 cents to settle at $64.30 a barrel, while Brent rose 61 cents to settle at $69.87.

Other Latest News
 
New Delhi: The government will set up a $350 million solar development fund for financing solar projects, New and Renewable Energy and Power Minister Raj Kumar Singh said on Thursday.

Over the years, the minister said, renewable energy has become cheaper and is set to replace conventional energy, which is a healthy development.


 
Idea Cellular has announced its new ‘Magic Cashback Offer’ that will get users a cashback of up to Rs 3,300 on the purchase of Rs 398 pack or higher. Idea’s Magic Cashback offer will take on Jio offer, which was refreshed earlier this week, to offer ‘More than 100 percent cashback’ on the same recharge value of Rs 398 or higher. Although, Idea’s new offer has the same benefits as the ones given by Reliance Jio earlier.

 
German luxury carmaker Audi on Thursday launched an all-new version of its premium SUV Q5 priced at Rs 5.3 million (Rs 53.25 lakh) (ex-showroom Delhi).

The model would be available in two variants priced at Rs 5.3 million (Rs 53.25 lakh) and Rs 5.7 million (Rs 57.6 lakh).


 
NEW DELHI: The Indian men's hockey team put on a fighting performance but it wasn't enough for them to prevent a 0-2 against Belgium in the third match of the Four Nations Hockey Tournament in Tauranga on Thursday. Arthur De Sloover and Victor Wegnez scored in the eighth and 34th minute respectively to help Belgium win and overcome the 4-5 loss suffered at the hands of New Zealand on Wednesday.

Axis Bank ups loan rate by 5 basis pts
Posted on 18th January 2018
 
Axis Bank, the country's third largest private sector lender, hiked its lending rates on Wednesday by a marginal 5 basis points (100bps = 1 percentage point). The bank informed the stock exchanges that it has increased its benchmark marginal cost of lending rate (MCLR) by 5 basis points across all tenures with effect from January 18. The one-year MCLR, at which rate its home loans and other important products are priced, will now stand at 8.30%, the bank said.

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