Dollar falls on uncertainty but ends week with modest gain

Robyn Valdez
August 19, 2017

US President Donald Trump disbanded on Wednesdaty two White House business councils, amid growing criticism from and resignations from some CEOs from White House advisory boards for his remarks on Charlottesville protest.

A White House official said Cohn "intends to remain in his position as NEC director. nothing's changed".

The euro initially dipped to its lowest level of the month, after the European Central Bank raised concerns about it recently hitting a 2½ year high against the United States dollar.

The turmoil also benefited gold, with spot prices for the metal rising 0.6 percent to the highest since last November and on track for its second week of gains.

Transfer window change to be voted on by clubs
One consideration is whether Premier League clubs will be weaker if the summer window closes in the middle of August. If all goes well, the next summer transfer window might close before Premier League 2017-18 season commences.

Asian markets closed mixed: Tokyo's Nikkei dropped 0.1 per cent, Hong Kong's Hang Seng fell 0.2 per cent, and China's Shanghai Composite gained 0.7 per cent.

Yields have fallen in recent days following the European Central Bank comments and amid the dash for defensive assets, with 10-year Bunds at a one-week low of 0.39 percent while 10-year Treasuries matched one-week lows hit on Thursday. The yen was the major mover among developed world currencies. That is to say nothing of the fights against the Islamic State militant group in Iraq and Syria, and the continued movement of USA troops and military equipment along Eastern Europe in a posturing war with Russian Federation.

The pan-European FTSEurofirst 300 index lost 0.59 percent and MSCI's gauge of stocks across the globe shed 0.48 percent.

Canada's main stock index fell on Friday, led lower by heavyweight bank shares, as investors worldwide fled equities to perceived safe-haven investments amid global geopolitical uncertainties. It rose almost 1 percent against the dollar as nervousness over stock market valuations and the future of an eight-year global rally seeped into other assets.

Premier League betting preview: Man City the title favourite
There are question marks over Chelsea which may only be answered by the end of the transfer window. The south coast club's last home game in the top flight was a 1-0 defeat by City on May 7 1983.

The yen's lurch higher, from almost 111 per dollar on Wednesday to below 109 on Friday, has largely stemmed from technical trading and an increase in volatility, said Tim Alt, fund manager for rates and currencies at Aviva Investors in Chicago.

Spot gold touched its highest since November 9 at $1,300.80 per ounce, and was up 0.03 percent at $1,287.95 an ounce by 3:20 p.m. EDT (1920 GMT).U.S. gold futures for December delivery settled at $1,291.60. The current account surplus fell to 21.2 billion euros in June from 30.5 billion euros in May. Construction output declined 0.5 percent in June, bigger than the 0.2 percent decrease seen in May.

On the economic calendar for Friday, the University of MI was scheduled to release a preliminary reading for its consumer confidence index in August.

The President's anger over the past few days has been apparent. "Bottom line - not good". The local currency traded at 92.31 Australian cents from 92.39 cents yesterday.

300 migrants pushed into Yemen sea; 56 dead
Yemen is now going through a conflict and humanitarian crisis but the migrants go there to try to reach Europe or the Gulf states. The migrants had been hoping to reach countries in the Gulf via war-torn Yemen , IOM reported.

Shares of Deere (DE) may also move to the downside after the farm equipment maker reported fiscal third quarter earnings that beat estimates but on weaker than expected sales.

Other reports by Info About Network

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