Dollar Weakens for Third Day Versus Yen as Aussie, Kiwi Advance

The dollar weakened for a third day against the yen as a gauge of whether U.S. economic data is beating or falling short of forecasts slid to the lowest level since August.

The yen strengthened against all except three of its 16 major counterparts as trading patterns signaled its declines this month were excessive. Australia’s dollar rallied after a government report showed private capital expenditure unexpectedly increased. U.S. financial markets are shut for the Thanksgiving holiday.

The dollar fell 0.4 percent to 117.30 yen at 1:51 p.m. in Tokyo after climbing to 118.98 on Nov. 20, the strongest level since August 2007. The U.S. currency was little changed at $ 1.2509 per euro. The yen rose 0.4 percent to 146.33 per euro.

The Bloomberg Dollar Spot Index, which tracks the currency versus 10 major peers, dropped 0.1 percent to 1,095.87 after declining 0.2 percent yesterday.

Citigroup Inc.’s Economic Surprise Index for the U.S., which measures whether data have been above or below analysts’ forecasts, fell to 6.2 yesterday, the lowest since Aug. 25, from 16.4 the previous day.

Source : Bloomberg

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European Stocks Are Little Changed Before ECB Draghi’s Speech

European stocks were little changed at a two-month high, before a speech by European Central Bank President Mario Draghi that may give further indication on stimulus measures.

The Stoxx Europe 600 Index climbed 0.1 percent to 346.76 at 8:17 a.m. in London. The benchmark gauge has jumped to its highest level since Sept. 22 as Draghi said the ECB may broaden its asset-buying program to include the purchase of government bonds, while China cut benchmark interest rates for the first time since 2012. The MSCI Asia Pacific Index slipped 0.2 percent. U.S. markets are closed for the Thanksgiving holiday.

Indexes including France’s CAC 40 Index, Portugal’s PSI 20 Index and the Netherlands’ AEX Index are not trading. Euronext said on its website there will be no dissemination of all its indexes for the opening until further notice because of a technical incident.

pharmacy online hongkong Germany’s DAX Index climbed 0.2 percent for an 11th daily gain, the longest streak since May 2013.

Draghi may seek to reiterate the urgency of providing stimulus measures as he speaks in Helsinki at 1:30 p.m. local time, before a monetary-policy decision on Dec. 4. Data tomorrow will probably show inflation is sliding closer to zero, according to economists’ forecasts. ECB Vice President Vitor Constancio, said yesterday that officials would consider buying sovereign debt starting in the first quarter if needed.

Bundesbank President Jens Weidmann, who has said sovereign-bond purchases by the ECB may face legal hurdles, is due to speak at 1:15 p.m. Frankfurt time.

The number of people out of work in Germany probably fell a seasonally adjusted 1,000 in November, after declining 22,000 the previous month, economists predicted before data at 9:55 a.m. local time. The unemployment rate probably held at 6.7 percent, they forecast.

Remy Cointreau SA rose 6.6 percent after the French cognac maker reported first-half operating profit that exceeded analysts’ estimates. Infineon Technologies AG dropped 1.7 percent after saying first-quarter sales may fall as much as 9 percent from the previous three months.

Source : Bloomberg

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Gold Extends Slide to Lowest in Week as Silver, Platinum Decline

Gold fell to the lowest level in a week as assets in the largest exchange-traded product backed by the metal shrank to the smallest in more than six years. Silver, platinum and palladium decreased.

Bullion for immediate delivery lost as much as 1 percent to $ 1,185.82 an ounce, and traded at $ 1,190.35 by 1:29 p.m. in Singapore, extending yesterday’s 0.3 percent drop, according to Bloomberg generic pricing. Holdings in the SPDR Gold Trust fell yesterday for the first time in a week to 718.82 metric tons, the least since September 2008.

Gold rose to $ 1,207.93 on Nov. 21, the highest since Oct. 30, after China joined Japan and Europe in taking steps to spur growth by unexpectedly cutting interest rates. The metal is on course to snap two months of losses as central banks around the world ease monetary policy at a time when the Federal Reserve moves closer to an increase in borrowing costs.

Source: Bloomberg

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