Dollar Weaker on Trump Jr. Emails; Focus on Yellen: Markets Wrap

yellen speechGold Silver Reports — The U.S. dollar weakened against its G-10 peers and stocks in Asia were mixed as attention turned to central bank policy after markets were rattled by reports of Donald Trump Jr.’s contact with a Russian lawyer.

The yen rose a second day and shares in Tokyo and Sydney declined. U.S. equity futures were little changed after the S&P 500 Index recovered from a 0.6 percent loss to end Tuesday flat. A gauge of the dollar weakened for the third day this week. The MSCI Asia Pacific Index extended its advance to three days. Oil bounced on reports of a decline in stockpiles, and gold edged higher. Treasuries and Australian bonds rose.  

Investors are awaiting testimony from Federal Reserve Chair Janet Yellen and the start of corporate earnings season after markets were jolted Tuesday. The catalyst was the release of emails by the president’s son that said the Russian government backed his father’s presidential campaign and was trying to damage Hillary Clinton. Elsewhere, Fed Governor Lael Brainard said the bank should move cautiously on further rate hikes, while a delay to the start of the Senate’s August recess boosted hopes of progress on legislation.

The Bank of Canada is expected to hike interest rates Wednesday, a chance to mark a concrete step in a tightening cycle that many of the developed world’s central bankers have been preparing investors for.

Here’s what investors are watching:  

Yellen gives testimony Wednesday and Thursday, with investors looking for guidance on when the Fed could start reducing its balance sheet.  

Malaysia, India report industrial output, Singapore posts retail sales. 

JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. report results this week. 

The U.K. is due to publish its Repeal Bill on EU membership this week. 

Here are the main moves in markets: 

The yen rose 0.3 percent to 113.66 per dollar as of 11:10 a.m. in Tokyo. The Bloomberg Dollar Spot Index was down 0.1 percent.  

Futures on the S&P 500 were little changed.  

Japan’s Topix Index lost 0.3 percent. Australia’s S&P/ASX 200 Index declined 0.7 percent, Hong Kong’s Hang Seng Index rose 0.7 percent and the Shanghai Composite Index fluctuated. The MSCI Asia Pacific Index gained 0.4 percent. 

WTI crude climbed 1.5 percent to $45.73 a barrel. Gold was up 0.1 percent at $1,218.62 an ounce.   

The yield on Australian 10-year bonds fell one basis point to 2.74 percent, halting five days of gains. The 10-year U.S. Treasury yield dropped one basis point for a third day to 2.36 percent. — Neal Bhai Reports

Dollar Weaker on Trump Jr. Emails; Focus on Yellen: Markets Wrap | Neal Bhai Reports | Gold Silver Reports

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

1 thought on “Dollar Weaker on Trump Jr. Emails; Focus on Yellen: Markets Wrap”

  1. गोल्ड ईटीएफ के आंकड़े तो यही तस्वीर दिखा रहे हैं। जून तिमाही में घरेलू गोल्ड ईटीएफ की होल्डिंग करीब 22 फीसदी गिर गई है। इस दौरान निवेशकों ने गोल्ड ईटीएफ से करीब 218 करोड़ रुपये निकाले हैं। लगातार चार सालों से गोल्ड ईटीएफ से पैसों की निकासी जारी है।

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