European Shares To Open Higher Despite Slumping Dollar

European Shares To Open Higher Despite Slumping Dollar

As for the eurozone, the minutes stated that the economy was displaying "continued robust and increasingly self-sustaining economic expansion".

The coalition news sent the euro surging above $1.21 against the dollar for the first time since January 2015.

The ECB has pledged to continue its bond purchase program at least until September, and investors expect any rate hike to take place only next year.

Germany's DAX 30 index declined 0.6% to end at 13,202.90, and France's CAC 40 turned lower, finishing down by 0.3% at 5,488.55. Also on deck Friday will be USA inflation data, which would drive the euro-dollar pair further.

The minutes from the ECB's December meeting said the central bank should revisit its communication stance in early 2018 and gradually adjust its language to reflect improved growth prospects.

The euro surged above $1.21 to a three-year high today on bets the European Central Bank is getting ready to wind down its huge monetary stimulus.

The trade-weighted index advanced to 75.17 from 74.78 on Thursday, rising to its highest level since mid-October. On Thursday, the benchmark fell 0.3% (http://www.marketwatch.com/story/european-stocks-head-for-2nd-day-of-losses-with-retail-shares-in-the-red-2018-01-11), a second straight loss.

The kiwi gained to 4.7080 Chinese yuan from 4.6838 yuan on Thursday after the Chinese government quashed speculation it was considering cutting its purchases of US Treasuries.

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Italy's 10-year government bond yield was down 8 basis points at 1.98 percent and the spread over the German equivalent was at its tightest since mid-December at 146 basis points at one stage.

Now, the minutes tell us that they may change this guidance soon.

The dollar slipped to a more than three-year low against the euro on Friday, as the common currency extended its gains on hopes that European Central Bank policymakers are preparing to reduce their vast monetary stimulus programme. Japan's Nikkei dipped 0.1%.

While the message has been vague and QE tapering by no means assured, traders have nonetheless bought up the Euro on this news, leading to a rally for the EUR/USD exchange rate among others.

Gold contracts for February in the U.S. increased by 0.2 percent to stand at $1,322.50 an ounce.

Brent crude futures were little changed for day at $69.28 a barrel after hitting $70.05 a barrel during the previous session, its highest level since November 2014. The shared currency bought $1.2034 late Thursday in NY.

The surveys found that banks tightened their lending criteria again in the final three months of 2017, meaning the supply of unsecured credit available to households fell in each quarter a year ago.

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