Dollar under pressure, euro bolstered by hawkish European Central Bank minutes

Dollar under pressure, euro bolstered by hawkish European Central Bank minutes

Dollar under pressure, euro bolstered by hawkish European Central Bank minutes

The spot gold price in the USA increased by 0.4 percent to record $1,322.36 an ounce in its latest session, after it reached $1,326.56 on Wednesday, its highest level since September 15.

GBP/USD is supported in the range of 1.3455 levels and now trading at 1.3529 levels. The dollar weakened more broadly after USA data showed a rise in jobless claims and a decrease in producer prices. The index rose 1.6 percent in the week and is now higher by 4.2 percent in January. The energy sector led the gains as oil prices rose to three-year highs while interest rate sensitive sectors, such as utilities and real estate companies, underperformed. It hit session high at 0.7894 and made session lows at 0.7869 levels.

The dollar index, which measures the greenback against six rival currencies, was down 0.5 per cent at 91.869, after falling to a almost one-week low of 91.787.

Germany's 10-year bond yield hit a fresh five-month high of 0.539 per cent after Chancellor Angela Merkel's conservatives and the Social Democrats agreed a blueprint for formal coalition negotiations, news that also buoyed the euro.

"The market is very cautious about the Bank of Japan's policy changes, but it is not expected that they will change their policies any time soon, since CPI is still lower than 1 percent", said Harumi Taguchi, principal economist at IHS Markit in Tokyo.

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European shares dipped on Thursday as a bond market sell-off and a stronger euro took the steam out of the breakneck New Year rally in equities.

Bonds recovered somewhat this morning after Chinese officials backtracked on suggestions that the state planned to slow its purchases of U.S. Treasurys.

Two-year U.S. Treasury yields jumped to over 2 percent to their highest since September 2008.

The pan-European FTSEurofirst 300 index lost 0.26 percent and MSCI's gauge of stocks across the globe gained 0.38 percent.

The Dow Jones Industrial Average rose 106.63 points, or 0.42 percent, to 25,475.76, the S&P 500 gained 9.1 points, or 0.33 percent, to 2,757.33 and the Nasdaq Composite added 26.87 points, or 0.38 percent, to 7,180.44.

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The euro surged above $1.21 for the first time in three years on Friday, on growing expectations that the European Central Bank hinted is getting ready to wind down its massive monetary stimulus program. Elsewhere, an exchange-traded fund tracking Brazilian equities dropped in after-hours US trading after S&P Global Ratings cut Brazil's sovereign credit rating deeper into junk territory.

Among other precious metals, spot silver was up 0.2pc at $16.97 an ounce from a two week low of $16.86 on Wednesday.

USA gold futures for February delivery settled up $3.20, or 0.2 percent, at $1,322.50 per ounce.

Brent crude futures were little changed for day at $69.28 a barrel after hitting $70.05 a barrel during the previous session, its highest level since November 2014.

Amundi's Defend said the gradual removal of liquidity from central banks would drive volatility higher across asset classes this year.

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In 2018, the European Central Bank predicted a 2.3-percent growth, compared to 1.8 percent estimated in September, with an inflation of 1.4 percent, compared to 1.2 percent.

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