dollar firms on fed rate hike talk trump promises spending boost
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

While Donald Trump's speech to Congress

Dollar firms on Fed rate hike talk, Trump promises spending boost

Arab Today, arab today

Arab Today, arab today Dollar firms on Fed rate hike talk, Trump promises spending boost

Comments from two Federal Reserve presidents has fuelled talk
Hong Kong - Arab Today

The dollar firmed in Asia Wednesday after two top Federal Reserve officials suggested US interest rates could rise this month, while Donald Trump's speech to Congress received a mixed response.

The greenback's rally provided fresh impetus for Tokyo stocks, but regional equity markets were subdued despite forecast-beating readings on Chinese factory activity and Australian growth.

In Washington President Trump's much-anticipated address to both houses of Congress was short on detail but provided enough to keep traders mainly upbeat.

The tycoon pledged $1.0 trillion in public-private infrastructure spending and "massive" tax cuts for the middle class, but he did not say how any of it would be paid for.

Ryuta Otsuka, a strategist at Toyo Securities in Tokyo, told Bloomberg News: “Investors are feeling relieved. Focus is shifting toward the Fed.”

And while Jeffrey Halley, senior market analyst at forex firm OANDA, said in a commentary that the address was "high on rhetoric and light on detail" and "a highly scripted damp squib", he added that "it has become a case of no news is ever so slightly good news".

But Greg McKenna, chief market strategist at CFD and FX provider AxiTrader, said in a note: “It was a bit of a disappointment in the sense that he did not put any more meat on the bones" of past promises.

World markets have surged since Trump's November election victory on expectations his plans for infrastructure spending and tax cuts would fire up the world's top economy. 

However, his lack of clarity in recent weeks has led to some uncertainty, while there are also concerns the presidency has been enveloped with controversy that has caused division in the country.

The Nikkei in Tokyo ended 1.4 percent up as the dollar strengthened against the yen after the speech, helping exporters. 

Investors were already shifting into the US unit after New York Fed president William Dudley said there was a strong case for borrowing costs to rise, while his San Francisco counterpart John Williams expects such a move to get “serious consideration” when the bank meets this month. Fed boss Janet Yellen is due to speak Friday.

Hong Kong was up 0.2 percent in the afternoon while Shanghai ended 0.2 percent higher and Singapore put on 0.7 percent.

However, Wellington, Taipei, Manila and Jakarta all turned lower.

And Sydney ended down 0.1 percent as traders brushed off news Australian growth hit 1.1 percent in the October-December quarter, averting a technical recession of two-straight quarters of contraction, thanks to a pick-up in exports and household spending.

There was little reaction to Chinese figures showing manufacturing activity grew more than expected last month. 

The improvement in the purchasing managers index follows a series of upbeat readings from Beijing that suggest the world's number two economy may have turned a corner after years of slowing growth.

- Key figures around 0700 GMT - 

Tokyo - Nikkei 225: UP 1.4 percent at 19,393.54 (close)

Hong Kong - Hang Seng: UP 0.2 percent at 23,783.74

Shanghai - Composite: UP 0.2 percent at 3,246.93 (close)

Euro/dollar: DOWN at $1.0555 from $1.0579

Pound/dollar: DOWN at $1.2365 from $1.2381

Dollar/yen: UP at 113.51 yen from 112.75 yen

Oil - West Texas Intermediate: DOWN two cent at $53.99 per barrel

Oil - Brent North Sea: UP three cents at $56.54

New York - Dow: DOWN 0.1 percent at 20,812.24 (close)

London - FTSE 100: UP 0.1 percent at 7,263.44 (close)

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dollar firms on fed rate hike talk trump promises spending boost dollar firms on fed rate hike talk trump promises spending boost

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dollar firms on fed rate hike talk trump promises spending boost dollar firms on fed rate hike talk trump promises spending boost

 



GMT 13:42 2015 Saturday ,04 April

Libyan warplane targets camp in Gharyan town

GMT 15:14 2017 Wednesday ,01 March

UN documents nearly 1,500 child soldiers in Yemen

GMT 07:24 2017 Sunday ,01 October

Mexico unlikely to find more quake survivors

GMT 16:15 2015 Wednesday ,11 November

German intelligence 'spied' on Fabius, FBI, UN bodies

GMT 01:32 2017 Saturday ,15 April

Russia's Putin earns about 157,000 USD in 2016

GMT 16:30 2017 Saturday ,15 July

Minister of planning gives priority

GMT 19:45 2017 Wednesday ,05 April

President of Senegal Meets Attorney General

GMT 05:18 2017 Thursday ,21 September

Over 80 missing after migrant boat sinks off Libya

GMT 19:22 2017 Saturday ,01 April

UN: Number of Syrian Refugees Tops 5 million

GMT 15:16 2016 Thursday ,29 September

FBI to put up database on police use of deadly force

GMT 05:06 2016 Friday ,30 September

Indian markets open flat

GMT 01:57 2017 Tuesday ,10 October

Twin suicide bombs kill 13 near Mogadishu airport

GMT 02:25 2017 Friday ,08 September

UAE celebrates National Day at Expo 2017 Astana

GMT 06:19 2017 Sunday ,08 January

Bleaching poses the gravest threat to coral reefs

GMT 12:35 2017 Monday ,18 September

Elham Shahin happy for “Day for Women”

GMT 09:46 2017 Thursday ,22 June

US existing home sales unexpectedly rise in May

GMT 02:36 2017 Tuesday ,10 January

US embassy condemns Al-Arish suicide attack

GMT 10:34 2017 Sunday ,26 November

czar faces graft probe
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday