Economy

Dollar recovers ¥113 for first time in six months

Dollar recovers ¥113 for first time in six months

"Dollar purchases continued" following Powell's congressional testimony, an official of a Japanese securities firm said.

The Dow Jones Industrial Average .DJI rose 55.53 points, or 0.22 percent, to end at 25,119.89, the S&P 500 .SPX gained 11.12 points, or 0.40 percent, to 2,809.55 and the Nasdaq Composite .IXIC added 49.40 points, or 0.63 percent, to 7,855.12. He said the Fed forecasts the job market to remain strong and inflation to stay near 2 percent over the next several years.

The pan-European FTSEurofirst 300 index rose 0.60 percent, hitting a one-month high.

Fairfax Media jumped 3.3 percent.

In the equity markets, the Nikkei bucked the trend following Monday's holiday, rising by 0.78% ahead of the close, supported by the weaker Yen, while the Hang Seng, CSI300 and ASX200 saw red, with a slide in mining & resources and tech stocks weighing through the session. Still, overall gains were capped by declines in energy, with CNOOC down 1.59 percent in the morning.

Fed's Powell said; 'U.S. business contacts expressing rising chorus of concern on US trade policies; a more protectionist economy is less competitive and less productive; risk of tariffs is that businesses postpone investment; USA fiscal policy is on an unsustainable path; real wages have been somewhat slow in moving up; investment gains may take time to lift productivity'.

But Mr Powell acknowledged uncertainty over the "outcome of current discussions over trade policy", with US President Donald Trump hitting out at China and other economic partners as he adopts an aggressive "America First" policy.

Novichok victim Charlie Rowley leaves hospital
The UK government has blamed Russian Federation for the incident, but the country's authorities deny any involvement. Police say the source of the Novichok which killed Sturgess was a small bottle they found in Rowley's house.

Powell said that the Fed should continue to hike rate gradually, prompting the late dollar buying in an illiquid market.

Earnings optimism was boosted by a report from the Federal Reserve showing an increase in USA industrial production led by a rebound in manufacturing.

The dollar index, which measures the greenback's value against basket of six major currencies, was up at 94.39.

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Of note, shares of Amazon touched an all-time high on a report that reflected robust Prime Day sales.

Stocks on major world markets climbed to a one-month high on Wednesday after a raft of strong corporate earnings, while the USA dollar hit a three-week high against major currencies.

The dollar rallied to as high as 113.14 against the yen, its strongest since Jan 9.

Fresh selling of the American unit by exporters and banks and fall in global crude oil prices boosted the domestic currency. INDUSTRIAL PRODUCTION: The Fed said US industrial production, including output at factories, mines and utilities, climbed 0.6 percent in June.


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