Euro hits six-month peak on European unity and US divisions
18 May, 2017, 01:01 | Author: Elaine Woods
That political turmoil, analysts said, is playing out via the dollar, whose broad index had risen to 14-year highs earlier this year on the view that Mr Trump's plans for tax cuts and infrastructure spending would boost growth and inflation, but which fell to six-month lows today.
Reports claimed that classified US information was revealed by U.S President Donald Trump to a Russian diplomat which shook the markets sending the greenback to a fifth day of decline while the euro recorded its highest since November.
The disclosure adds to concern over the administration's chances of passing legislation, including a tax reform, that has partly been priced in by financial markets. US stocks were poised for a lower opening with Dow futures and the broader S&P 500 futures down 0.4 percent.
U.S. Treasury yields fell on Tuesday after data showing U.S. homebuilding unexpectedly fell in April, adding to recent economic weakness that has raised new doubts about how many times the Federal Reserve will raise interest rates this year.
The dollar index, which tracks the US currency against a basket of six major rivals, was last at 98.118, flat on the day.
The downtrend in the US currency could extend further, according to Boris Schlossberg, managing director of FX strategy at BK Asset Management, given the potential for further political fallout relating to Trump's intelligence disclosure.
The euro recorded its highest in the past six months and its first time to go over 1.10 as traders expected a much more positive European growth rate. The Canadian dollar was last trading at C$1.3593 to the greenback, or 73.53 US cents, up 0.2 percent.
On Wall Street, the S&P 500 and Nasdaq Composite touched record highs but the S&P retreated to trade slightly negative.
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The dollar index, which measures the greenback's value against a basket of six major currencies, eased 0.1 percent to 98.805.
Trump's economic proposals - slashing taxes, cutting regulation and pumping up infrastructure spending - lifted the U.S. dollar after the election because many thought they could give the American economy a shot in the arm. The crude oil's rise was also driven by Russian Federation and Saudi Arabia's willingness to extend production cuts.
UK's benchmark FTSE 100 closed up by 0.9 percent, the pan-European FTSEurofirst 300 ended the day up by 0.08 percent, Germany's Dax ended flat, France's CAC finished the day down by 0.2 percent.
Emerging market stocks rose 0.51 percent.
EUR/USD is trading near a session high of 1.1158, its highest since November 9 when the currency peaked at 1.1300 before the USD began its post-election rally; the shared currency is extending its weekly gain vs the USD to ~2%. Brent crude oil was up 20 cents at $52.02 a barrel by 1010 GMT.
Euro rose against dollar on Tuesday as the dollar slumped after the release of weaker-than-expected data on USA housing starts, adding to the economic reports that have missed predictions.
Commodity currencies took a knock from today's risk-off mood, with the Australian dollar sliding back below the 0.74 level against the greenback, while the loonie weakened to 1.3613 per United States dollar. US light crude CLc1 was 25 cents higher at $49.10 a barrel.
At that club if in six months you don't win you are really out, like Barcelona or Bayern Munich, there you have to win by far. In my situation at a big club - I'm sacked, I'm out. "Here they gave me a second chance.
As for other names in the headlines, the data showed Donald, as in President Donald Trump, fell 45 spots past year to No. 488. The name Zayn also rose in 2016, which could be based on Zayn Malik, the former One Direction star, Forbes reported.
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We want appropriate legal representation for Jadhav, India told the UN's main judicial body which has stayed his death sentence. Pakistan has alleged that Jadhav was an agent of India's external intelligence agency Research and Analysis Wing (RAW).
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If the Tigers thought today wasn't going to be their day then a period of play around the second goal would have confirmed that. Luka Milivojevic and Patrick van Aanholt added further finishes, while the result also secured Swansea's Premier League status.
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As the future queen, Kate would risk upstaging the bride and so may wish to remain in the background for the big day next week. Famous guests, in addition to Kate and William, will reportedly be Prince Harry, Meghan Markle , Ben Fogle and Roger Federer.
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What follows is a tense scene of Keen and Jackman yelling at each other (heads up for NSFW cursing) with an incredible ferocity. What landed Keen the role was not just her raw talent, but also her improvisation. "She was really a remarkable discovery".
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