dollar climbs on yellen speech asia traders eye trump
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

As a hint that US rates will rise further this year

Dollar climbs on Yellen speech, Asia traders eye Trump

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleDollar climbs on Yellen speech, Asia traders eye Trump

The American dollar
Washington - AFP

The dollar rallied against high-yielding currencies and cemented gains versus its major peers Thursday as dealers took a speech by Federal Reserve boss Janet Yellen as a hint that US rates will rise further this year.

A weaker yen helped Japanese stocks lead a broad advance across Asian markets as optimism was buoyed by Yellen's remarks on the economy but traders moved cautiously ahead of Donald Trump's inauguration on Friday.

In the two months after Trump's November election win the dollar soared against all other currencies on expectations his big-spending, tax-cutting plans will fan growth, ramp up inflation and force the Fed to lift borrowing costs.

But growing uncertainty in the past two weeks, made worse by a lack of policy detail from the president-elect, has sent investors scurrying back out of the US unit until they see signs of firm plans.

However, Yellen breathed life back into the greenback Wednesday with a speech in which she said the US economy was meeting the central bank's inflation and employment goals, and was confident it would push on.

"Yellen’s comments reinforced the message that we have been getting from other Fed speakers that the economy is already strong even before the addition of any stimulus from Trumponomics," said Greg McKenna, chief market strategist at FX and CFD provider AxiTrader.

The dollar was virtually flat against the yen, euro and pound a day after surging around one percent against each.

However, it jumped almost one percent against the South Korean won, 0.4 percent against the Australian dollar and 1.3 percent on Canada's dollar. The Malaysian ringgit was down 0.1 percent, as was Indonesia's rupiah.

- Takata, Toshiba plunge -

On equity markets Tokyo's Nikkei finished 0.9 percent higher as exporters were lifted by the weakening yen.

The gains came despite a 17 percent plunge in Takata following a report that two rival suitors are set to propose bankruptcy restructuring plans for the airbag maker at the centre of the biggest-ever auto safety recall.

And Toshiba slumped 16 percent after the Nikkei business daily said the conglomerate could book losses of more than 500 billion yen in its nuclear reactor business.

Sydney edged up 0.2 percent while Seoul put on 0.1 percent, while Singapore, Jakarta, Manila and Mumbai also posted gains.

But Hong Kong lost 0.2 percent in the afternoon and Shanghai closed 0.4 percent lower.

Investors are waiting for Trump's post-inauguration speech hoping he will provide some colour to his campaign promises although there are concerns among many Asian markets about his protectionist rhetoric.

"While the inauguration is dominating headlines, simmering on the back burner is the overriding theme of US protectionism, expressly directed at China," Stephen Innes, senior trader at OANDA, said in a note.

"With so many prominent trade hawks joining the Trump administration, it all points to a massive shift in US trade policy. That does not paint a rosy picture for regional... exporters, nor countries like Australia, which play such a vital role in the global supply chain."

In early European trade London was flat, Frankfurt added 0.2 percent and Paris gained 0.1 percent.

- Key figures around 0800 GMT -

Tokyo - Nikkei 225: UP 0.9 percent at 19,072.25 (close)

Shanghai - Composite: DOWN 0.4 percent at 3,101.30 (close)

Hong Kong - Hang Seng: DOWN 0.2 percent at 23,049.96 (close)

London - FTSE 100: FLAT at 7,247.39

Pound/dollar: UP at $1.2270 from $1.2258

Euro/dollar: UP at $1.0645 from $1.0629

Dollar/yen: UP at 114.73 yen from 114.65 yen

Oil - West Texas Intermediate: UP 51 cents at $51.59 per barrel

Oil - Brent North Sea: UP 58 cents $54.50

New York - Dow: DOWN 0.1 percent at 19,804.72 (close)

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dollar climbs on yellen speech asia traders eye trump dollar climbs on yellen speech asia traders eye trump

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 06:29 2018 Sunday ,21 January

500 new trainees join US-backed Syria border force

GMT 10:31 2017 Sunday ,20 August

the history of solar eclipses

GMT 16:36 2017 Tuesday ,05 December

Gulf Air launches Bahrain Tourist Visa Service

GMT 03:19 2012 Saturday ,15 September

FREEDOM

GMT 06:56 2014 Friday ,12 September

No winners in Gaza

GMT 22:30 2012 Monday ,16 July

Sudan ruling party says protests \'ridiculous\'

GMT 07:09 2012 Wednesday ,20 June

Sudan and South Sudan border tensions

GMT 12:02 2012 Tuesday ,17 April

What the Living Do

GMT 17:33 2017 Saturday ,25 March

Caceres recalled to Paraguay squad for Brazil clash

GMT 17:18 2017 Tuesday ,19 December

Bahrain weather forecast

GMT 09:35 2017 Sunday ,29 October

Actress Annabella Sciorra accuses Weinstein of rape

GMT 13:43 2017 Thursday ,16 November

People Magazine names Blake Shelton 'sexiest man alive'

GMT 18:10 2017 Monday ,17 April

GCC Secretary-General Condemns Syria Blast
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle