Gold rises, palladium hits record high as Fed shift hopes hurt dollar

Gold rises, palladium hits record high as Fed shift hopes hurt dollar

Gold rises, palladium hits record high as Fed shift hopes hurt dollar

Subsequently, some key officials, including Fed Chairman Jerome Powell said the bank would be flexible with regard to future policy stance. Japan's Nikkei reversed Friday's plunge to gain 2.4 percent. The Australian dollar extended gains of almost 0.4 percent against the greenback.

The upbeat mood gave a lift to high-yielding currencies, with South Korea's won and the Indonesian rupiah soaring against the dollar, while there were also healthy gains for Australia's dollar.

Asian markets rallied Monday after a blockbuster performance on Wall Street as United States jobs data beat forecasts and the head of the Federal Reserve hinted at a slower pace of interest rate hikes.

"And particularly with muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves", he noted.

The dollar outperformed other currencies in 2018 due to the Fed being the only major central bank to hike rates. The boost to stock markets saw them recapture all the year's losses and push into positive territory for 2019 so far, with Wall St's main indices closing up more than 3 percent by the close on Friday. This, along with a 100 basis point cut in China's bank reserve requirement ratios and comments from Fed Chair Jerome Powell that the USA central bank would be flexible in its approach in 2019, has been the main driver for the recovery.

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The U.S. dollar index, which measures the greenback's strength against a basket of six major currencies, was down 0.43% to 95.33, the weakest level since October 22.

After a slew of weaker-than-expected manufacturing data, Chinese authorities on Friday cut reserve requirements for all banks by 100 basis points.

Global foreign exchange market embraced the first day of the week with bumpy trading as fewer interest rate hikes later would lead to more hot money flowing in the market. The move frees up $116 billion for new lending as it tries to reduce the risk of a pronounced fall in the pace of economic growth.

In late NY trading, the euro was up to 1.1478 dollars from 1.1398 dollars in the previous session, and the British pound was up to 1.2769 dollars from 1.2740 USA dollars in the previous session.

A further step by China's central bank late Friday to secure liquidity to the slowing economy may also help assuage concerns.

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Analysts expect further monetary stimulus from Beijing in 2019. Apple Inc. last week cut its revenue outlook for the first time in nearly two decades, citing weakness in China's economy as one of the reasons.

The gain was mostly led by the Australian dollar, which posted a surge of 1.78 percent against U.S. dollar.

The two sides have until March 1 to make a deal, after which Trump has pledged to ramp up tariffs to 25 percent, from 10 percent, on $200 billion worth of Chinese imports.

Spot gold was little changed at $1,287.70 by 0148 GMT.

The offshore yuan also strengthened on Monday, advancing 0.26 per cent to 6.8483 per dollar, its highest intraday level since Dec 5.

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