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

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

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.

Reps enraged as ministers 'boycott' debate on Ajaokuta steel
An ad-hoc committee was constituted to probe the steel company and the allegation that the ministry plans to concession it. He described Fayemi and Bwari as "ministers who are too busy to attend to events that are for the welfare of the people".

"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.

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