The Swiss Stock Market Jumped On Yellen Comments

13 July, 2017, 01:16 | Author: Warren Cooper
  • Yellen Goes On Record: The Fed's Pulling The Plug This Year

The major United States index futures are pointing to a slightly lower opening on Tuesday following the modest strength seen in the previous session.

Ms Yellen also warned Congress to be aware of the size of the federal debt when making budget decisions.

The dollar weakened in the Asian session, after emails released by Donald Trump Jr showed that he had a meeting with Russian-linked lawyer to help obtain information to incriminate Clinton during the presidential election.

But by the closing bell, Wall Street shares had clawed back their losses. Conversely the US Dollar to Euro (USD EUR) exchange rate is trading at 0.8727.

The dollar plummeted against the yen following the release of the monetary policy report. Dollar/yen was last trading at 113.46 ahead of European trading. Even though this decision was widely expected, the Canadian dollar gained significantly against the USA counterpart.

Traders will be watching today for June spending on electronic cards for a reading on the pace of consumer spending.

IPhone 8 limbo: Apple reportedly in 'panic' mode with handset's software problems
But even though the hardware modules needed for the feature to work are good to go, the software reportedly isn't up to par yet. Until then, users would have to rely on Touch ID for unlocking their device and authorizing payments.

Unemployment in the United Kingdom fell to a 42-year low in the three months to May, figures out today showed.

The New Zealand dollar was little changed, having traded in a 0.50 USA cent range for the past week, as traders await testimony from Federal Reserve chair Janet Yellen and U.S. inflation data to provide fresh impetus to the ... The bank has already raised rates twice this year, and is expected to hike the rate target range (1 to 1.25 percent) once more before the year ends. Banks are flush with cash after clearing the Federal Reserve stress tests, raising the prospect that financial giants could turn to acquisitions as a way to grow.

Looking at Europe, in a relatively quiet day the euro gained in late United States session last night on the political clutter from Washington.

The greenback opened at NT$30.570 and moved between NT$30.540 and NT$30.594 before the close. The yield on the benchmark U.S. treasury note contracted to 2.3632% in early trade‚ from 2.3830%. Should Yellen express a hawkish tone regarding monetary policy, or even hint at some form of timeframe for changes, then the US Dollar will likely strengthen against the Euro, conversely, if she expresses a cautious attitude then fed rate hike speculation will dampen, reducing demand for the "Greenback".

Energy stocks also rose as the price of crude oil headed higher. The American Petroleum Institute reported a fall of 8.13 million barrels, well below the forecasted reduction of 2.9 million and adding to a draw of 5.76 million barrels the prior week.

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