Euro US Dollar Exchange Rate Bounces Back After US Steel Tariff Threat

GBP  USD chart

Gold prices have fallen about one per cent and hit two-month lows during the session, pressured as the dollar shot to a six-week high and investors braced for expected United States interest rate hikes after Federal Reserve Chairman Jerome Powell testified before Congress this week. In February, Bank of England Deputy Governor Ben Broadbent said interest rates could be raised sooner than previously expected and at a quicker pace.

"So the market is keying off this idea of thinking maybe it won't be three rate hikes, but maybe four", Ware said, referring to the Fed's forecast for 2018.

Powell was making his public debut as Fed chairman after succeeding Janet Yellen on February 5, with appearances before the House on Tuesday and the Senate on Thursday to deliver the central bank's semi-annual monetary policy report.

Gold prices rose slightly on Friday as the American dollar eased on fears of an imminent trade war, this, following President Donald Trump's decision to impose steep tariffs on imported steel and aluminium.

At 10:46 a.m. ET, the Dow Jones Industrial Average.DJI was up 83.87 points, or 0.34 percent, at 25,113.07, the S&P 500.SPX was up 9.47 points, or 0.35 percent, at 2,723.3 and theNasdaq Composite.IXIC was up 15.39 points, or 0.21 percent, at 7,288.40.

Powell sounded the same upbeat themes about the economy's growth prospects in both appearances.

Traders will watch closely to see whether the new chief will continue on the gradual monetary rate path pursued by his precedessor Janet Yellen, or whether he will take a more hawkish approach. "There is no evidence that the economy is now overheating".

Nearly every S&P sector posted gains, with telecommunications (+1.6pc) and technology (+1.5pc) being the best performers so far.

Blow for PSG as Neymar opts for surgery on metatarsal
Even if Neymar gets back in time, he appears sure to miss two warm-up friendlies against Russian Federation and Germany in March. Brazil's national team coordinator Edu Gaspar said Paris Saint-Germain would have the final say over how to treat the injury.

"I will be honest". We should now get an update on how bullish underlying support is by seeing how far prices dip and how long it is before they rebound.

He added, "So, I think each of us is going to be taking the developments since the December meeting into account and writing down our new rate paths as we go into the March meeting".

Powell said he hoped to see faster wage growth soon.

Palladium fell 0.5% to $984.30 US after recording its biggest one-day percentage fall of 5.1%since January 25, 2017, in the previous session.

Powell told the panel that while the unemployment rate had fallen to a 17-year low, by other measures there are still plenty of people to hire.

Even so, this is unlikely to be enough to alter the current policy outlook of the European Central Bank (ECB), which looks set to maintain a generally dovish tone for some time to come. Powell said in that his expectations for domestic economic growth have increased since the beginning of the year, citing the passage of the $1.5 trillion tax cut and stronger global growth.

"If you're talking about the concept of overheating, Powell is suggesting the Fed will err on the side of caution", said Chris Scicluna, head of economic research at Daiwa Capital Markets.

Related News:

Most liked

John Kelly renews defense in wake of Rob Porter abuse scandal
The White House official denied the accusation that Kelly prevented Scaramucci from receiving an invitation to the Davos event. He described what he first became aware of as "just the accusation of a messy divorce and maybe. emotional abuse".

Why Is It Always Rockmelon Causing Dangerous Outbreaks?
All states and territories are continuing to work together to investigate this national outbreak. Two of the six who became ill in NSW subsequently died, a NSW Health spokeswoman confirmed.

Tuesday early voting results are third-highest
Beverly Boswell will be challenged by Currituck County Board of Commissioners Chairman Bobby Hanig on the Republican side. The victor faces Democrat Joanne Neel Hesley, a retired teacher who was recently denied a chance to substitute with SCS.

Severe weather threat over as storms move east
South winds will be between 30 and 45 miles per hour , becoming southwest winds between 20 and 30 miles per hour in the afternoon. Areas to the north of Charlotte are not quite as a concern because the instability will not make it that far north.

Pakistani Army coward and unprofessional, says Indian Army
The firing killed a civilian and injured his wife and son, it said , adding that Indian troops were using "heavy mortars". A civilian was injured in the shelling in Kalsia, where a house was also damaged, Choudhary said.

Dante Fowler sentenced to probation for 2017 battery incident
Petersburg, Fla. from last July , and according to multiple reports , he'll have to serve a year of probation. The misdemeanor charges were dropped in December 2016 after he completed a pretrial intervention program.

Minister drops Leveson inquiry to protect quality journalism
Labour Party culture spokesman Tom Watson called the decision "a bitter blow to the victims of press intrusion". But successive Conservative-led governments delayed acting on the promise.

Ranking the Steelers' positions before the NFL Combine
Chubb is the best in this class and value meets need , so the Colts rush the card to commissioner Roger Goodell's podium. And if the Jets don't sign Cousins? Mayock said in the team interviews, Barkley will "blow away" coaches and executives.

The New 2018/2019 Canadian Federal Budget
Any money collected from the federal price on carbon pollution will go back to the province or territory where it was collected. Oddly and incongruously, one policy area of crucial importance to women was nearly entirely absent from the budget: child care.

FBI Counterintelligence Officials Probing Ivanka Trump Business Deal
The Vancouver tower cost $360million to development and includes 147 guest rooms and 217 luxury residences. The 616-foot Vancouver complex opened in February 2017, just after President Trump took office.

Golden State Warriors take kids to African American museum
It's part of the reason why Steve Kerr let his players coach the team in a game against the Suns just prior to the All-Star break. The choice was made to visit the museum, and the team invited students from Durant's hometown of Seat Pleasant.

Should non-smokers get more vacation days?
Besides, the study revealed that the corporations lose productivity in a value of $156 billion due to diseases related to smoking. Methodology: HaloCigs surveyed 1,005 Americans from Amazon's Mechanical Turk about the fairness of smoke breaks in the workplace.

Karti Chidambaram in 5-day CBI custody
Even Kumbhakaran slept for six months. "The look out circular issued against Karti Chidambaram was premature and issued in haste. Referring to the purported statement of Indrani Mukherjea, Singhvi accused Mehta of making selective leaks to the media.

Heron Therapeutics (HRTX) Given a $31.00 Price Target at Cantor Fitzgerald
Bowling Portfolio Mngmt Limited Liability Corporation holds 1% of its portfolio in The Boeing Company (NYSE:BA) for 26,143 shares. Marshall Wace Llp increased Carlisle Cos Inc (NYSE:CSL) stake by 5,819 shares to 18,051 valued at $1.81 million in 2017Q3.

'Avengers: Infinity War' Release Date Moved Up One Week
Infinity War marks the beginning of a two-part movie event that will conclude with Avengers 4 in 2019 . We obviously don't know how he loses it, but it looks like he might be getting a bionic upgrade.