Sabato, 23 Settembre, 2017

Euro Surges to Highest Since January 2015 After Draghi Speech

Jackson Hole Meeting Sets Wall Street on Edge Jackson Hole Meeting Risks Fueling Euro, Aussie Rallies
Sveva Terracina | 28 Agosto, 2017, 09:56

Ms Yellen did not in her speech suggest that she has immediate worries about the stability of the financial sector today, despite warning signals sent up by Fed officials about surging asset values.

Yellen noted that, a decade ago, the USA financial system was "a unsafe place" - citing a peak in the price of housing and strains caused by the subprime mortgage market, which led to the deterioration of money markets and the imposition of new regulations on banks.

USA stock index futures were higher on Friday as investors await Fed Chair Janet Yellen's speech at the central bankers' symposium in Jackson Hole, Wyoming, for clues regarding the future path of monetary tightening. Not only this, but Mr Draghi also failed to make any comments about the strength of the euro, which was taken as a green light to push it higher, reaching its highest levels since January 2015 and just below 1.20 by Friday's close.

At the annual Economic Policy Symposium in Jackson Hole on Friday, Yellen said that the financial system is safer now than it was during the 2008 financial crisis, though some adjustments may be needed to regulations.

"There was a risk that Yellen would've said something", Chandler said.

In his speech, Draghi did not address the financial health of the eurozone, which includes the 19 nations that share the euro currency. Germany's DAX was 0.4 percent higher at 12,223. The greenback, as measured by the ICE U.S. Dollar Index DXY, -0.72% traded near its weakest level of 2017.

More than €2 trillion (RM10.1 trillion) of debt purchases later, policy makers are poised to discuss when and how the programme will continue next year, and whether buying can be wound down.


"You are starting to see stocks hang in there only because everybody is searching for yield", Kinahan said. The Fed has hiked interest rates twice this year, but she has been cautious about the central bank's path to normalisation.

Britain's FTSE 100 fell 0.08 per cent to 7,401.46 points as sterling rose towards the end of the session, but the blue chips still posted a 1.1 per cent gain.

December Comex Gold settled the week at $1297.90, up $6.30 or +0.49%. The antipodean currencies gained as well with the kiwi up at $0.7242 and the aussie recording a 0.51% gain to last trade at $0.7938.

USA stock futures were holding steady on Friday.

On Friday, the USA will deliver its latest report on Non-Farm Payrolls.

Oil prices rose as the dollar fell and as the USA petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the US mainland in more than a decade.

ENERGY: Benchmark U.S. crude rose 31 cents to $47.74 a barrel, while Brent crude, the worldwide standard, firmed 45 cents to $52.11 a barrel.

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