Dollar softer on U.S

Galtero Lara
Марта 14, 2019

It tumbled as much as 1.1% versus the dollar as Attorney General Geoffrey Cox said the risks surrounding the Irish backstop - a major sticking point for those who support Brexit - were unchanged.

World equity markets advanced broadly on Wednesday after USA data again showed risk-friendly low inflation, which weakened the dollar, while Boeing shares gained even as the United States said it would ground the company's 737 MAX aircraft.

The US data signalled a positive start to the year for the world's biggest economy and little pressure on the Federal Reserve to raise interest rates.

Sterling was down 0.4 per cent at US$1.3285 (RM5.428) after going as high as US$1.3380 the previous day, its strongest since June 2018.

Oil prices rose more than 1 percent, supported by an unexpected drop in USA crude inventory along with a forecast of slower-than-expected supply from the world's top crude producer.

The U.K. House of Commons votes Tuesday on May's revised Brexit deal, just weeks before Britain is scheduled to leave the EU.

US crude stocks fell last week as refineries hiked output, the US Energy Information Administration said. Immediate resistance can be seen at 1.3300 (Psychological Level), an upside break can trigger rise towards 1.3365 (61.8% retracement level).On the downside, immediate support is seen at 1.3273 (21 DMA), a break below could take the pair towards 1.3264 (50 DMA).

Gold hit almost a two-week high as tepid U.S. economic data reinforced views the Fed would be patient on monetary policy. The U.S. central bank's rate-setting committee will issue its next policy statement following its March 19-20 meeting. The U.S. dollar index, which measures the greenback against a basket of six rival currencies, was 0.43 percent lower at 96.515.

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Japan's Nikkei rose 0.5 percent while Australian and New Zealand shares each added 0.2 percent.

MSCI's gauge of stocks across the globe gained 0.51 percent while the FTSEurofirst 300 index of leading European shares closed up 0.69 percent.

The pound rose on expectations lawmakers would reject a no-deal Brexit and gained further after the motion in Parliament paved the way for a new vote to delay departure from the EU.

On Wall Street, the Dow Jones Industrial Average rose 155.29 points, or 0.61 percent, to 25,709.95.

U.S. Treasury yields rose on Wednesday after falling the previous session, as risk appetite improved and equity markets stabilized, with a poor 30-year bond auction further lifting rates.

Benchmark 10-year U.S. Treasury notes fell 3/32 in price to yield 2.6141 percent. It remained slightly off the session high of $1.328 hit immediately after the vote as uncertainty remains around the process and the path forward.

Oil futures rallied about 2 percent on Wednesday as US crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world's top producer was revised lower.

West Texas Intermediate crude increased 2.7 percent to $58.41 a barrel, the highest in four months. USA crude oil futures settled at $58.26 a barrel, rising $1.39 cents, or 2.44 percent.

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