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gamesindustryblog.com June 25, 2017


A Look at Gold as the Fed's Rate Hike Looms

18 March 2017, 01:28 | Ignacio Smith

A Look at Gold as the Fed's Rate Hike Looms

A Look at Gold as the Fed's Rate Hike Looms

The dollar was hovering at five-week lows against other major currencies on Friday, as the dovish tone of the Federal Reserve's latest policy statement continued to weigh and as investors eyed the release of USA data due later in the day.

US stocks pushed higher on Wednesday, while Treasury yields fell and the dollar weakened, after the Federal Reserve raised interest rates for the second time in three months but did not flag any plan to accelerate the pace of monetary tightening.

But further rate increases would only be "gradual", the Fed said in its policy statement, with officials sticking to their outlook for two more rate hikes this year and three more in 2018.

On December 14, 2016, the Fed finally raised interest rates by 25 basis points.

"How much further support the euro can garner would depend on how the Dutch vote could now impact the French presidential elections, for example by eroding support for (Marine) Le Pen". That seemed incongruous after a month where the hard numbers have finally begun to point to a weakening of economic growth, as consumers face the effect of a 20 percent fall in the pound, a weaker housing market and uncertainty over jobs and investment as the government gets ready to launch Brexit talks. Further bolstering gold, the dollar index slipped 0.1 percent to 101.620. Canadian manufacturing sales rose for the third straight month in January as nondurable goods sales increased, led by the petroleum and coal industry, data from Statistics Canada showed.

Commodities The oil market is striving to break a six day losing streak that saw Brent crude prices slump 9.1 per cent amid concerns that Saudi Arabia was not adhering to an Opec production cut deal and that increasing output by United States drillers was adding to a glut.

MSCI's all-country world stock index gained 0.7 per cent, and hit an all-time high.

Paul Pogba injured in Manchester United's Europa League victory
United held firm to keep Rostov off the board to win, 1-0, and advance to the next stage of the Europa League, 2-1 on aggregate. Paul Pogba was forced to leave the pitch after the Manchester United midfielder picked up an injury against Rostov .

The euro rose to $1.0740 while the dollar fell to 0.9980 franc against the Swiss currency.

U.S. Treasury yields edged lower on Friday after data showing low inflation in March suggested that the Federal Reserve could aim for a slower pace of interest rate hikes this year than it had forecast on Wednesday.

Financial spreadbetters predicted a muted start to European stocks after Thursday's strong gains, with Britain's FTSE and Germany's DAX expected to open 0.1 per cent lower and France's CAC 40 seen starting the day flat.

Prices on benchmark 10-year Treasuries fell 8/32 to yield 2.531 percent, up from 2.504 percent late on Wednesday.

US crude rose 1.9 percent to $48.64 a barrel, after touching a three-month low a day earlier, while benchmark Brent gained 1.5 percent to $51.67 a barrel.

It slid more than 1 percent the previous day to touch 100.490, its lowest since February 17.



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