Thursday, October 13, 2016

Overnight

The U.S. dollar rose on Thursday apparently on a growing belief among investors that the Fed will raise interest rates before the end of the year. The stronger dollar helped send gold lower in Asia overnight as spot gold traded down 0.1% at $1,256.50 an ounce. The dollar index edged 0.1% higher to 97.613.

After opening weaker the Nikkei turned it around, moving into positive territory gaining 0.44% at 16847.35. Other up markets included the Hand Seng 0.58%, the Kospi slightly higher, 0.51%, at 2025.76 and the ASX 200 essentially flat. the Shanghai composite was off -0.53%. Friday in the U.S. brings the latest on retail sales and Fed Chair Janet Yellen is scheduled to a conference the Boston Federal Reserve Bank. n hter currencies the yen traded at 103.66 versus the dollar, closing near its last close of 103.68. The UK pound traded sightly higher, off an earlier low at $1.2250

Oil prices were mixed as U.S. futures moved up 0.34% at $50.61 a barrel while Brent remained flat at $52.-4. Reuters reported: Oil prices advanced during U.S. hours on Thursday, following data stateside that showed draw downs in diesel and gasoline, while crude inventories showed a build up. The U.S. Energy Information Administration data showed crude stocks increased 4.9 million barrels in the week ended on October 7, well above analysts' forecast of a 700,000-barrel rise, according to a Reuters report.






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