Martedì, 17 Luglio, 2018

Draghi sends pound to eight-year euro low

Sveva Terracina | 28 Agosto, 2017, 15:33

Globalisation has left pockets of people behind, fostering distrust and ultimately threatening the sustainability of openness, a vital component of growth, Draghi said at the US Federal Reserve's annual policy conference in Jackson Hole, Wyoming.

The Jackson Hole speeches finally arrived at the end of last week, and while some may have been disappointed that neither the Federal Reserve Chair Janet Yellen nor the European Central Bank President Mario Draghi elected to comment specifically on monetary policy, there was nonetheless a sizeable market reaction to the speeches they did give.

Yellen reviewed the wreckage caused by the 2008 financial crisis, including the loss of almost 9 million jobs, and warned of the consequences of forgetting the damage done to the US and global economies.

"Traders dumped the U.S. dollar after Yellen failed to discuss monetary policy", said market analyst David Madden at CMC Markets UK.

US short-term interest rate futures rose slightly, reflecting reduced expectations that the Fed will raise interest rates further this year, after Yellen skipped mention of it when speaking in Jackson Hole, Wyoming.

There are two basic reasons for the startling omissions from the remarks of the world's two major central bankers-one that relates to financial conditions, the other to politics.

Draghi's comments came as the Trump administration advocates a more protectionist approach, threatening to renegotiate or pull out of trade deals including the North American Free Trade Agreement with Canada and Mexico. The market had obviously got itself a little long United States dollars ahead of the speech and the USD-majors index fell by about 0.5% in the following hours. There wasn't a lot of change in the crosses, apart from the 0.6% fall in NZD/EUR to 0.6070, reflecting the strength of EUR.

Harvey has knocked out a quarter of oil production from the Gulf of Mexico, prompting fears it could overturn years of USA excess oil capacity and low prices. Precious metals are poised to gain in value at least until the Trump administration implements the first elements of its fiscal policies, whilst the dollar's weakening is unlikely to snap until December, which is when the markets expect the Fed to hike interest rates.


MSCI's index of stocks across the globe rose 0.26 percent and its index of emerging market stocks rose 0.27 percent.

For the week, the blue-chip Dow added 0.6 percent and the broader S&P 500 gained 0.7 percent, while the tech-heavy Nasdaq increased 0.8 percent. USA 10-year Treasury yields closed the week near its lows.

USA gold futures settled up 0.5 percent at $1,297.90.

Ahold has a strong presence on the US east coast.

On the economic front, new orders for manufactured durable goods in July decreased 6.8 percent to 229.2 billion U.S. dollars, the U.S. Commerce Department announced Friday, missing market consensus.

The 10-year U.S. Treasury yield was at 2.1728 percent on Monday, from Thursday's 2.194, further undermining the dollar's yield appeal.

Spot gold rose 0.5 percent to $1,297.60 an ounce by 0651 GMT, after reaching its highest since August 18 at $1,298.58 earlier.

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