Dollar rebounds, Treasury yields off lows, after Trump comments

Miranda GreerApr 14, 2017

The Dow Jones Industrial Average.DJI fell 67.02 points, or 0.33 percent, to 20,524.84, the S&P 500.SPX lost 6.78 points, or 0.29 percent, to 2,338.15 and the Nasdaq Composite.IXIC dropped 7.46 points, or 0.13 percent, to 5,828.70.Bank stocks had helped drive the overall market higher after U.S. President Donald Trump's November 8 election victory, but the rally has stalled as U.S. bond yields have declined and investors question Trump's ability to enact his agenda including tax cuts and economic stimulus.The S&P 500 financial index.SPSY slipped 0.7 percent, setting it up for a fifth straight day of losses.

Trading volumes could be lower than usual on Thursday ahead of the Good Friday holiday.

Japan's Nikkei fell 125.77 point to 18, 426.84 and Shanghai's Composite index was up 2.13 points at 3,275.96.

The US dollar tumbled on Wednesday after Trump told The Wall Street Journal that the greenback was "getting too strong" and would eventually hurt the US economy.

The Dow Jones industrial average fell 138.61 points, or 0.67 percent, to 20,453.25, the S&P 500 lost 15.98 points, or 0.68 percent, to 2,328.95 and the Nasdaq Composite dropped 31.01 points, or 0.53 percent, to 5,805.15.

Trump didn't rule out the possibility of re-nominating Fed Chair Janet Yellen once her current four-year term is up next year.

Trump told reporters he's pushing Xi to pressure North Korea to abandon development of nuclear weapons and missiles capable of striking the USA, a program that has also alarmed American allies in Japan and South Korea.

"President Xi wants to do the right thing", Trump said at a White House press conference Wednesday with Nato Secretary General Jens Stoltenberg.

"However it also continues to raise doubts about the administration's ability to deliver on campaign promises, which include the all-important pledge for tax reform". While China says the yuan's rate is market-determined, it restricts daily moves to 2 percent on either side of a daily reference rate.

Having hit a five-month low of 108.73 yen in early Asian trading, the dollar steadied at 109.10 yen.

The dollar index .DXY , which tracks the greenback against a basket of six trade-weighted peers, dropped 0.6 percent to 100.11. The Turkish Lira and South African Rand are obviously not correlated in any way, but with both currencies being plagued by political issues, this is impacting investor confidence and weakening economics that includes impending inflation risks.

"There is no change in our stance that the likelihood of us getting that label is low, but we won't be lowering our guards", Bank of Korea governor Lee Ju-yeol said on Thursday, after his board held monetary policy steady.

To the benefit of manufacturers and US exporters, American goods would become cheaper and thus, more attractive for foreign buyers.

On the data from, China reported its overall trade surplus rose in March after logging its first deficit in three years in February.

In commodities, oil prices fell as concerns about rising US output continued to weigh on markets. U.S. crude ended up 0.13 per cent at US$53.18 a barrel, while global benchmark Brent settled up 0.05 per cent at US$55.89.

The dollar's loss was gold's gain XAU= .

Earlier in the day Treasury yields had hit session highs, after a University of MI survey showed USA consumer sentiment unexpectedly improved in early April.

Related Articles:

« Previous article
Next article »

Popular Pages

Boy killed in Venezuela riots, four dead overall
Dozens have been arrested, and leading opposition figure Henrique Capriles has been barred from holding office for 15 years. Opposition deputies calling for Maduro's ouster seized the opportunity to ridicule the socialist leader on social media.

Instagram Direct combines disappearing videos and standard text threads
This just goes to show you: Instagram Stories will likely be Facebook's most popular alternative to using Snapchat . To send disappearing messages, simply swipe over to direct from feed and tap the blue camera icon.

Jude Law Joins Cast Of Fantastic Beasts Sequel As Dumbledore
Countdown to the release of Fantastic Beasts and Where to Find Them 2 with the The Movie Hype App. The sequel will begin filming this summer, and is set for release on 16 November 2018.

Richard Sherman Asked Seahawks To Trade Him
He's also due $11 million per year over the next two seasons and has bragged about what his "value" would be around the league. Sherman has slowly softened to the idea of being traded, at least publicly, pointing to the realities of the business.

Jeep Grand Cherokee Trackhawk is world's quickest SUV
All in all, this vehicle is listed as the most powerful SUV, among Porsche Cayenne, Bentley Bentayga, and Mercedes-Benz's G-class. The foglights are gone, replaced by air intakes, and there are a few "supercharged" and "Trackhawk" badges on the outside.

British lender Wonga warns customers of personal data hack
In a statement, the firm said: "We are working closely with authorities and we are in the process of informing affected customers. Be cautious of anyone who calls you and asks you to disclose any personal information regardless of where they say they are from.

Budget Session a "winner" for govt: Modi
A senior Shiv Sena functionary confirmed that Uddhav and Yuva Sena chief Aaditya Thackeray were also going for the meeting. While Modi and Uddhav have met each other at government functions, they haven't shared any political space since 2014.

Wikileaks Is A 'Hostile Intelligence Service — Trump's CIA Director
He died in Havana in 2008. "They cling to this fiction, even though their disclosures often inflict irreparable harm". Pompeo spoke at the Center for Strategic and International Studies. "They ask really hard questions", he said.

Bangladesh PM meets Indian opposition leader Sonia Gandhi
Banerjee's position is that the treaty would render north Bengal dry and affect farmers of her state. However, he said they are open to discussion on sharing the waters of joint rivers.

Sensex, Nifty rise after 3 days of falls; financial, IT stocks boost
The gauge had dropped by 398.50 points of 1.33 percent in previous three days. Market breadth was positive with 1,622 advances against 1,102 declines.