LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Euro rally keeps dollar down; storms stoke worry in U.S

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Sat, Sep 09, 2017
12:41 am
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

The dollar slumped to near its lowest in more than 2-1/2 years on Friday as the euro continued to shine after European Central Bank President Mario Draghi`s suggestion that the ECB may begin tapering its massive stimulus programme this fall.

U.S. crude oil prices tanked more than 3 percent as powerful Hurricane Irma roared toward Florida. Gold retreated after touching a one-year high on lowered expectations of a December interest rate hike in the United States.

Stubbornly weak inflation continues to surprise Federal Reserve policymakers. In a speech on Thursday, New York Fed President William Dudley did not repeat an assertion from three weeks ago that he expects to raise rates once more this year.

Also dampening the dollar and lowering the chances of another rate hike was an agreement in Congress to push U.S. debt ceiling talks three months down the road to December, coinciding with the Fed`s policy meeting.

Against a basket of other major currencies, the dollar <.dxy> was down 0.34 percent after touching a low of 91.011, its weakest since January 2015. [nL2N1LP0YZ]

The safe-haven Japanese yen also strengthened 0.60 percent versus the greenback at 107.80 per dollar , and the euro rose 0.06 percent to $1.2028.

Draghi referred several times Thursday to the euro`s strength and said it was the main reason for a cut in the bank`s 2018-19 inflation forecasts. He also indicated any winding down of its massive stimulus programme was likely to be slow.

Those comments did little to deter euro bulls, however, and a Reuters report that central bank officials were in broad agreement that their next step would be to reduce their bond purchases also supported the currency.

The ECB "left the mystery out there" with regard to tapering, said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York. "It creates a feeding frenzy, and the momentum that was there (in the euro) gets accelerated."

Oil prices fell sharply on worries that commerce and energy demand in Florida and the U.S. Southeast would be hit by Irma, one of the most powerful storms to near the United States in a century.

Irma is the second major storm to threaten the United States in two weeks after Hurricane Harvey shut a quarter of U.S. refining capacity and 8 percent of U.S. oil production.

U.S. crude fell 3.26 percent to $47.49 per barrel and Brent was last at $53.80, down 1.27 percent.

Economists have said Harvey could weight on U.S. economic growth in the third quarter.

Spot gold dropped 0.2 percent to $1,346.80 an ounce, off the one-year high it hit earlier.

U.S. shares were mixed in choppy trading. Investors were increasingly shifting focus to the hurricanes and worries that Pyongyang could launch another missile test on Saturday, North Korea`s founding day, keeping risk appetite in check going into the weekend.

The Dow Jones Industrial Average <.dji> rose 42.44 points, or 0.19 percent, to 21,827.22, the S&P 500 <.spx> lost 0.21 point, or 0.01 percent, to 2,464.89 and the Nasdaq Composite <.ixic> dropped 28.93 points, or 0.45 percent, to 6,368.94.

Stocks elsewhere were slightly higher.

The pan-European FTSEurofirst 300 index <.fteu3> rose 0.17 percent and MSCI`s gauge of stocks across the globe <.miwd00000pus> gained 0.09 percent.

The U.S. 10-year Treasury yield fell to a 10-month low of 2.016 percent but then rose, with the benchmark notes last down 1/32 in price to yield 2.0628 percent.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Papua New Guinea hit by 5.7 magnitude earthquake

Anand Mahindra to gift THAR-SUV to Natarajan, Mohammed Siraj, Thakur, Washington Sundar, Shubman Gill and Navdeep Saini

Employees Provident Fund (EPF) wage ceiling: PF deduction on Rs 21,000 instead of Rs 15,000 likely soon

Telcos want govt to clarify onus of security breach post NSD rollout, ensure price competitiveness

Pre-buying before OEMs price hikes, lifted Dec vehicle demand: Ind-Ra

Tata Power Solar wins Rs 1,200 crore order to set up 320 MW project from NTPC

Chinese telecom giant Huawei ropes in former Brazilian President Michel Temer to advise on 5G

Microsoft roll back Xbox Live Gold price hike after backlash from gaming community

Stock Market Outlook with Anil Singhvi: On Nifty, Bank Nifty, Market Guru reveals what will be critical for investors to watch out for

LG can boost its corporate value by restructuring mobile biz

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved