Dollar is near 3-year low while stocks are having best week of gains in 6 years!
By Content-mgr - on February 16, 2018Friday hot topics:
The USD. The dollar rebounded after data showed that U.S. homebuilding increased to more than a one-year high in January and that building permits soared to their highest level since 2007.
The USD came under broad selling pressure earlier amid fresh concerns over the U.S. deficit, which is projected to rise close to $1 trillion in 2019 following the announcement of infrastructure spending and large corporate tax cuts. The U.S. dollar index, (USD strength against a trade-weighted basket of six major currencies), was up 0.38% at 88.82 by 08:40 a.m. ET (12:40 GMT), off a three-year trough of 88.16 hit earlier in the day. The dollar is just nears 3-year lows and the US 10-year bond yield has eased back under 2.9% as investors remain more sanguine about the outlook for US rates.
Word stocks feel much better though.
US equities are on course for a sixth consecutive session of gains. And not only theirs! World stocks record best week of gains in six years on Friday after two consecutive weeks spent in the red. Formidable, we shall say.
After Wall Street closed with its best 5-day run of gains since 2011, U.S. futures pointed to a continuation of the rally on Friday as investors looked ahead to the aforementioned string of economic data and also prepared to watch company earnings.
Best performers / superstars:
Coca-Cola (NYSE:KO), Kraft Heinz (NASDAQ:KHC), Campbell Soup (NYSE:CPB) and Deere & Company (NYSE:DE) were all set to report earnings ahead of the opening bell on Friday. Dow futures gained 0.14%, S&P 500 futures rose 0.18%, the Nasdaq 100 futures traded up 0.29%.
Sources:
https://www.ft.com/content/0c07e7ec-12b7-11e8-8cb6-b9ccc4c4dbbb
https://www.investing.com/news/forex-news
https://www.investing.com/news/economy-news/top-5-things-to-know-in-the-market-on-friday-1258770
https://finance.yahoo.com/quote/EURUSD=X?p=EURUSD=X
https://www.investing.com/analysis/rallies-continue-but-still-considered-relief-bounces-200291204
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