United States dollar continues to decline against euro

13 January, 2018, 05:06 | Author: Sammy Rose
  • DailyFX US AM Digest US Dollar at Three Year Low versus the Euro

The pan-European FTSEurofirst 300 index lost 0.26 percent and MSCI's gauge of stocks across the globe gained 0.38 percent. The dollar index, which measures the greenback against six rival currencies, was down 0.5 percent at 91.78, after falling to a almost one-week low 91.808.The greenback extended losses after data showed US producer prices fell for the first time in almost 1-1/2 years in December amid declining costs for services.

The dollar index was down by 0.05% to 91.81 as of 11.57am Shanghai time. Spain's IBEX 35 edged up 0.1% to 10,435.20.

The news of progress towards a German coalition pushed the euro to a three-year high.

European bond yields were also driven higher by minutes on Thursday of the ECB's December meeting that showed it thinks it should revisit its communication stance in early 2018. The council's next meeting is January 25.

Meanwhile, a number of retail stocks were punished after trading updates, including Danish jeweler Pandora A/S and Britain's Marks & Spencer PLC.

"We all know that the European Central Bank tapering is coming but now it's about the timing, and yesterday's minutes suggested there's a growing dissent among European Central Bank members about waiting too long", said ING currency strategist Petr Krpata in London.

DailyFX US AM Digest US Dollar at Three Year Low versus the Euro

The news that Europe's biggest economy could end political uncertainty after a September 2017 election delivered a hung parliament boosted the euro and pushed investors away from safe haven German bonds. As for the eurozone, the minutes stated that the economy was displaying "continued robust and increasingly self-sustaining economic expansion". It also said its Ebitda margin is expected to be 37.3%, versus its full-year guidance of 38%. Later on Friday, the United States is expected to release its December inflation data, which the market will use to form its rate hike forecasts.

Tesco PLC (TSCO.LN) (TSCO.LN) fell 4.3%.

GKN (GKN.LN) shares rallied 26% as the engineering group said it's rejected an offer approach from Melrose Industries PLC (http://www.marketwatch.com/story/gkn-rejects-offer-approach-from-melrose-industries-2018-01-12-34853836)(MRO.LN). France's CAC 40 rose 0.3 percent to 5,502. "Our checks have been mixed for 4Q and we see some risk of a bump in the road for S/4 HANA [platform] migration", wrote analyst Adam Wood in a research note.

USD/CAD is supported at 1.2478 levels and is trading at 1.2526 levels.

The shared currency has risen roughly 0.8% against the greenback this week. Output was up 3.2% on the year, Eurostat said. Relative to policies that would have been pursued under the alternative "Jamaica" coalition between Merkel, the FDP and the Greens, which foundered when the FDP walked out of such talks in November, Germany will apparently add a bit more to social spending over time and close down its coal power stations at a slower pace. Economists polled by The Wall Street Journal projected slightly higher growth of 2.3%. Yet it still suggested consumer spending had made a sizeable contribution to economic growth for the fourth quarter as a whole, after a disappointing third quarter.

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