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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
Anil Ambani-led RCom moves Supreme Court against DoT
Posted on 13th December 2018
Reliance Communications and its subsidiary Reliance Telecom on Thursday moved the Supreme Court, asking it to initiate appropriate contempt proceedings against the department of telecommunications (DoT) for “wilfully and deliberately disobeying” its November 30 order that directed DoT to grant no objection certificate (NoC) to the firms by December 7 to trade its spectrum with Reliance Jio Infocomm.

SEBI board meet outcome: 3 big reforms from mutual fund risk management to start up listing
Posted on 13th December 2018
In a series of reforms, market regulator SEBI has allowed mutual funds “to allow mutual funds to create segregated portfolios with respect to debt and money market instruments subject to various safeguards”. The creation of segregated portfolios is a mechanism which is followed to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. SEBI has also cleared easing of norms to start startup listings.

Rajasthan High Court stays arrest of Twitter CEO Jack Dorsey
Posted on 13th December 2018
The Rajasthan High Court has put stay on the arrest of Twitter CEO Jack Dorsey, but has refused to cancel the FIR lodged against him.

An FIR was filed at the Basni police station by Rajkumar Sharma against Dorsey for hurting the sentiments of Brahmin community after his photo holding the slogan after his photo holding the slogan “Smash Brahminical Patriarchy” went viral.


Your debit, credit cards may get blocked from December 31, here's why
Posted on 13th December 2018
You might have recieved a message from your respective bank lately to upgrade your debit and credit cards. But if you ignored the message, then you are in some rude shock after December 31.

If you are thinking what do you need to do avoid the same then let us tell you that the Reserve Bank of India in order to protect the customers from fradulent transactions had issued guidelines to to change Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018.


Solar installations see 4% drop in Q3 due to lack of clarity around GST
Posted on 13th December 2018
The Indian solar market installed 1,589 MW (mega watt) in the third quarter of 2018. Installations declined by four per cent compared to 1,659 MW in the second quarter of 2018, while a year ago (Q3 2017) it was 2,278 MW.

Large-scale installations during the third quarter of 2018 totalled 1,154 MW compared to 1,244 MW in second quarter 2018 and 2,013 MW in Q3 2017, according to Mercom India Research report.


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