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

EUR  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.

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.

"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.

Trump Administration Approves Sale of 210 Anti-Tank Missiles to Ukraine
Government and/or contractor representatives to travel to Ukraine temporarily in order to conduct training. While Ukraine has said the weapons would be used defensively, Moscow said they would encourage force.

France vows to keep fighting extremist violence — BURKINA FASO ATTACK
Witnesses said five armed men got out of a vehicle and opened fire on passersby before heading towards the French embassy. About 50 were reportedly injured at the army headquarters, where witnesses described an explosion just after 10am.

The iPhone may get even bigger next year, according to new rumors
This contradicts previous rumors that the iPhone X Plus would have a sharper display than the one on the current iPhone X. Instead, it will possibly have the same design as the original iPhone SE that became available in March 2016.

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.

Alexa may be able to translate languages in real
In 2017, Google boasted that the Pixel Buds ($159 ) were able to perform accurate real-time translation on the go, but the feature was not well received.

Las Palmas 1 Barcelona 1 - Valverde`s Views
Real Betis missed a chance to get near the Europa League qualification spots after being held by Real Sociedad to 0-0 at home. Atlético Madrid are now 4-0 and strolling against Leganes thanks to four Griezmann goals .

Busy day at the track as F1 tests resume following snowfall
Force India's Sergio Perez has yet to test the team's VJM11, so it's likely the Qilverstone-based outfit will entrust the Mexican with its day's programme.

Jobless claims in U.S. drop to lowest level in almost five decades
The latest data from the USA regarding jobs and income exceeded expectations, boosting the markets after a weak start this week. With another extraordinarily low reading this week, the four-week moving average dropped by almost 5K down to 220.5K.

Page has record 38, Penn St women roll in Big Ten opener
Northwestern is smart with the ball, ranking in the top half of the conference in turnovers with only 11.8 turnovers per game. Despite losing 12 games in the Big Ten, Northwestern was able to upset MI at home earlier this season.

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.

Your nose appears 30% bigger in a selfie, study reveals
Apparently, some people are so upset with how huge their beaks look that they actually seek out plastic surgeons for a nose job. Billions of selfies are taken every day without people realizing the distorting effects of the camera's close proximity.

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.