Yellen sends dollar low against majors; euro recovers; aussie firms

Yellen sends dollar low against majors; euro recovers; aussie firms

Yellen sends dollar low against majors; euro recovers; aussie firms

Although Yellen did not diverge from her statement at the most recent FOMC meeting by remaining committed to raising rates and reducing the Fed's balance sheet as the USA economy continues to grow, she was apparently anxious about the inflation outlook.

CHINA TRADE: Chinese trade growth accelerated for a second month in June in a positive sign for global demand and the world's No. 2 economy. The UK's FTSE index was trading higher by 0.12 percent, while French CAC 40 Index rose 0.58 percent. The Fed Chair anticipates interest rates hikes to be gradual and that the Fed may not be able to raise rates by "all that much". The U.S. dollar strengthened against the yen on Thursday as the greenback turned higher after upbeat USA economic data, even as investors wagered that policy tightening in the United States would be glacial at best. Goldman Sachs Group rose $3.01, or 1.3 percent, to $230.40. On Thursday, she offered a slightly different take, saying that sluggish inflation was a concern but that the Fed also remained concerned that strong job growth might lead to more inflation. The dollar index was little changed on the day at 95.74, while the Japanese yen weakened 0.09 percent versus the greenback at 113.24 per dollar. The dollar index fell 0.23% during the Asian session today, confirming weakness in the U.S. currency. Given the continuous inflation underperformance in the recent period, the market interpret Yellen's statements as far more dovish than they actually were.

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USA 10-year interest rates are 4 times - or nearly 2 full percentage points - higher than those in Germany.

Against a basket of currencies that measures its broader strength, the USA dollar fell back to its lowest since last October in Asian trading, undoing all of a recovery last week driven by generally higher global bond yields.

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Shortly after her testimony, the Fed released a report on the economy showing most U.S. regions saw "slight to moderate" growth in June, and few signs of price pressures, even while some firms report having to offer higher wages to attract qualified workers.

Discount "cheap chic" retailer Target was in the headlines too after it told investors it was now expecting a "modest increase" in fiscal second quarter same-store sales, versus analysts' forecasts calling for a decline. Natural gas fell 2 cents to $2.96 per 1,000 cubic feet.

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Its shares were up 4.8% by the close. South Korea's Kospi gained 0.7 percent to 2,409.49. Brent crude oil prices increased 1.6 percent to to $48.29 per barrel in morning trading Wednesday.

ASIA'S DAY: Japan's Nikkei 225 stock index was flat at 20,099.81 and Hong Kong's Hang Seng index jumped 1.2 percent to 26,345.27.

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