Euro zone bond yields fall as ECB's Weidmann knocks rate-hike talk
Euro zone bond yields fall as ECB's Weidmann knocks rate-hike talk
US CPI and retail sales coming up next
13 January, 2018, 06:35
Sterling was last trading at $1.3731, up 0.03 percent. In the meantime, the Platinum Group Metals continued to move in opposite directions.
"The minutes suggested a subtle shift in the guidance could come earlier and that was quite surprising for the market, which was expecting any European Central Bank signalling would come in the summer". Platinum jumped 1.2% to $982 an ounce while palladium slid back down to $1,073/oz. The next meeting of the European Central Bank will be at the end of the month in Frankfurt, Germany.
Bond yields rose sharply on Thursday after the accounts of the latest European Central Bank meeting showed policymakers were preparing for a change in their message to reflect an improved economic outlook for the euro zone.
Likewise, foreign exchange markets showed little support for supplanting the dollar's hegemony with the euro, despite a move into euro-denominated bonds and a strengthening of the value of the euro over the 2000s.
"The euro has been the big outperformer this morning, hitting a new three-year high at the prospect of a German coalition deal to keep Angela Merkel in power", said IG analyst Joshua Mahony.
The Australian Dollar is likely to be influenced by movement in the Euro as well as risk-sentiment until next Thursday, when key Australian data including Westpac's January consumer confidence survey and December's job market report will be published. The measure tends to exhibit greater volatility during the holidays, leading to a muted reaction from the markets.
The Dow Jones Industrial Average rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 gained 18.68 points, or 0.67 percent, to 2,786.24, and the Nasdaq Composite added 49.29 points, or 0.68 percent, to 7,261.06.
The dollar index was down by 0.5% at 91.81 as of 11:57am Shanghai time. The USD did manage to hold steady against most of its other major peer currencies. In Hong Kong, the Hang Seng was marginally in positive territory, while in Europe, futures tracking the Euro Stoxx 50 traded 0.2% higher.
MARKET CALM: Global equity markets settled after some turmoil earlier in the week sparked by a news report that China might slow or halt purchases of U.S. Treasurys, which Beijing later challenged.
Italian bond yields were set for their biggest one-day fall since early November.
In commodities, oil prices rose for a sixth day after Russia's oil minister said that global crude supplies were "not balanced yet", alleviating market concerns about a wind-down of the OPEC-led deal to reduce production.
U.S. West Texas Intermediate (WTI) crude futures settled at $63.80 a barrel, up 23 cents, the highest since December 2014.
On the economic front, data from the US showed that producer prices fell for the first time since August 2016.
The opinions and forecasts herein are provided exclusively for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.
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