1.13 - highest since September on the Draghi drive

28 June, 2017, 02:49 | Author: Darnell Patrick
  • 1 euro coin on one US dollar banknotes.—Reuters file

Mario Draghi, president of the European Central Bank, is scheduled to speak at the ECB forum in Sintra, Portugal, later in the day.

"People are losing confidence in the ability of the administration to get anything done", said Jason Leinwand, founder and chief executive of FirstLine FX in Randolph, New Jersey.

The dollar weakened further and stocks fell after a planned U.S. Senate vote on a healthcare revamp bill was postponed, while Federal Reserve Chair Janet Yellen said asset valuations are somewhat rich. Buying for U.S. Treasurys have been supported by low interest rates across the world as it offers relatively higher yields to Japan and other developed countries.

As reported at 11:12 am (BST) in London, the EUR/USD was trading at $1.1254, a gain of 0.63%; the pair earlier hit a peak of $1.12656 before edging back while the session trough was set at $1.11782.

The dollar index, which measures the greenback against six major peers, was down 0.99 percent at 96.462 in late trading. "But I don't think the message is significantly different to what we have heard before".

Germany's benchmark 10-year government bond yield held near its lowest level in nearly two weeks on Tuesday, as a slew of central bank policy makers lined up to give their latest thoughts on the economy and monetary policy outlook.

The Australian dollar endured a Topsy-Turvy session on Tuesday, rising in Asia before reversing hard in European and United States trade, especially against the euro and UK pound.

The pan-European FTSEurofirst 300 index lost 0.69 percent and MSCI's gauge of stocks across the globe shed 0.48 percent. The risk-off tone to markets has seen NZD down to 0.7280 after a short lived spike up to 0.7344 last night. Financial stocks jumped with government bond yields, while technology stocks - one of the leaders in the stock market this year - were among the worst-performing sectors in the broad index. "The European government bond market didn't take it very well". The 2-year note's yield TMUBMUSD02Y, +2.04% gained 2.4 basis points to 1.377%, while the 30-year bond yield TMUBMUSD30Y, +1.94% rose 3.3 basis points to 2.731%.

Though he admitted "there are still factors that are weighing on the path of inflation", he stressed these were mainly temporary factors and that persistent monetary accommodation was required for inflation to become durable and self-sustaining.

Shares of Alphabet, the parent of Google, slid after the European Union antitrust regulator slapped Google with a record US$2.7 billion fine for manipulating search results to favour some of its own services over those of rivals.

Saint-Gobain declined 1.06 percent on news it is increasing flat glass capacity in Mexico. Google says it is considering an appeal.

Spot gold added 0.2 percent to $1,246.35 an ounce. An increase of 0.5 percent itself lift the capital requirement by GBP 5.7 billion. The dollar touched a more than seven-month trough against the Swiss franc of 0.9593 franc.


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