Domenica, 24 Settembre, 2017

At Jackson Hole, Yellen defends post-crisis regulations

Thomas Niedermueller  Getty Images     
       A Porsche production plant in Stuttgart Germany. The ZEW survey of German economic sentiment is due Tuesday Thomas Niedermueller Getty Images A Porsche production plant in Stuttgart Germany. The ZEW survey of German economic sentiment is due Tuesday
Sveva Terracina | 25 Agosto, 2017, 21:28

Overnight, gold prices were flat amid thin trading volumes as market participants awaited clues on monetary policy from a central banking symposium in Jackson Hall which got underway on Thursday.

The dollar fell to a three-week low against the euro and a one-week trough versus the yen on Friday after Federal Reserve Chair Janet Yellen made no reference to US monetary policy in her speech at the annual central bank research conference in Jackson Hole, Wyoming.

On the face of it, Draghi has every reason to begin talking up a tapering to the asset purchasing program, but there seems to be some continued concern over a sharp acceleration in the Euro, and perhaps justified when considering the lack of support that the Dollar has received through the year.

Aviva Plc's shares edged up 0.5 percent. Other majors also weakened with the kiwi underperforming as it tumbled to more than a two-month lows against the greenback. At the same time, some investors think that Yellen may announce the dates of the next monetary policy tightening during the Jackson Hole summit. "Apparently this is seen as dovish although with zero detail it's hard to really say either way", said Neil Wilson, senior market analyst at ETX Capital in a note.

CURRENCIES: The dollar rose to 109.31 yen from 109.04 yen.


The weakness in services in Europe is more than made up by the rise back in manufacturing, but there is little sign of inflation - and that remains the key focus for most investors, traders and central bankers. Futures also recorded a decline of 0.4 per cent and ended trading on Tuesday at $1,291.

Spot gold was up 0.1 per cent at $1,285.30 an ounce by 0555 GMT, after shedding 0.5 per cent in the previous session. We were told by unnamed sources from the European Central Bank (ECB), that Mr Draghi will not be laying down the groundwork for the tapering of the stimulus package. "With the lack of tier one economic data, investors are bracing for some hints from the annual central bank gathering at Jackson Hole".

"Market expectations for a December Fed rate hike have sunk quite low and there is room for improvement".

Kansas City Fed President Esther George, who hosts the prestigious event, said in an interview with Bloomberg Television broadcast Thursday that if USA economic data hold up, there will probably be an opportunity to raise interest rates again in 2017.

The kiwi took a hit this week after the New Zealand government downgraded the country's growth outlook for this fiscal year and next. This has caused new home sales to tumble to their lowest level in 7 months.

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