USD/CAD - Jackson Hole Meeting Looms

27 August, 2017, 01:29 | Author: Gladys Mathis
  • USD/CAD - Jackson Hole Meeting Looms

"By contrast, the stronger regulatory regime that we have now has enabled economies to endure a long period of low interest rates without any significant side-effects on financial stability, which has been crucial for stabilizing demand and inflation worldwide", Draghi said.

The euro jumped more than 1 percent and yields on benchmark USA government debt remained at unattractive rates on Friday after the world's two leading central bankers declined to discuss monetary policy in keynote speeches.

"The balance of research suggests that the core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth", she said.

The dollar fell sharply against the euro after Yellen, appearing at an annual summit of central bankers in Jackson Hole, Wyoming, avoided monetary policy in remarks that defended tougher regulations on banks.

The euro rose to its highest in more than two years after Draghi's comments while the U.S. dollar index weakened 0.75 percent.

"Comments by Yellen and Draghi may provide volatility for the dollar, and thus dollar-denominated commodities", said Hans van Cleef, senior energy economist at ABN AMRO in Amsterdam.

The Commerce Department said durable goods orders plunged by 6.8 percent in July after surging up by 6.4 percent in June.

The US 10-year rate has drifted up just over a basis point since the NZ close to sit at 2.19%, still around the lower end of its trading range of recent months, as the market keenly anticipates some guidance from Yellen and Draghi tonight.

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In late NY trading, the euro rose to 1.1876 US dollars from 1.1809 USA dollars, and the British pound climbed to 1.2875 US dollars from 1.2804 US dollars.

Trump on Wednesday threatened to shut down the government if funds were not secured to build a Mexico border wall, comments that came as a late-September deadline looms for USA officials to raise the debt ceiling or risk a default.

On the mainland, the Shanghai Composite tacked on 0.77% and the Shenzhen Composite was higher by 0.51%.

The technology index was off 0.03 percent, making it the only one among the 11 major S&P sectors in the red.

For the week, the Dow rose 0.65 percent, the S&P 500 gained 0.72 percent and the NASDAQ climbed 0.79 percent.

Hurricane Harvey is forecast to turn into a Category 3 storm when it makes landfall late Friday in an area of Texas thick with oil refineries and natural gas plants.

While it wasn't able to hold that level, ANZ Bank said "we believe it is only a matter of time before NZD/USD tests lower levels again, with perhaps the 200-day moving average around 0.7125 a near-term target".

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