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Dollar touches a fresh 7-month high, Copper at a 6-1\2 year low.

News Date: 23/11/2015 01:08:16
 

The prospect of a nearing rate hike by the Fed pushed the dollar index to a fresh 7-month high at 100.04 before steadying to 99.92 with a 0.27% gain. Dollar advanced for the second day against sterling to 1.5174, with a 0.1% profit. It rose 0.3% against yen to 123.19.

 

Euro was hammered to a seven-month low against the dollar at 1.0616. Euro is under increasing pressure as signs mount of more easing by the ECB in its December meeting, Euro fell to its lowest since April as well against yen to 130.57 before recovering to 130.79. It lost 0.2% against sterling to 0.6997.

 

Worries about global growth, especially China's, combined with a strengthening dollar pushed copper futures to their lowest in a six-and-a-half year at $2.013 a pound, with a heavy 2.23% loss. Oil prices didn't fare better, with U.S. crude futures down about 82 cents, or 2% to $41.08 a barrel. Brent futures for January skidded 25 cents, or 0.57% to $44.17 a barrel.

 

Asian markets were up but calm on Friday as Japan is shut for a holiday. China's CSI 300 index was up 0.2%, while Australia's S&P\ASX 200 index rose to its highest in three weeks with a 0.4% gain. Korea's KOSPI climbed to a two-week high with a 0.62% profit. India's Nifty was almost flat at 7,860.

 

Wall Street ended Friday with good profits, with Dow Jones up 0.51% to 17,823, with a 3.36% weekly profit. NASDAQ advanced 0.62% to 5,104, with a weekly gain of 3.59%. S&P 500 added 0.38% to 2,089, with a 3.26 weekly profit.

 

Gold futures lost 6 dollars, or 0.58% to $1,070 an ounce, while Silver futures fell to a six-year low, giving up 13 cents, or 1% to $13.95 an ounce.  

 

A host of economic indicators is awaited from Europe today. From France; Flash Manufacturing PMI for November is expected to come at 50.7, slightly higher than October's 50.6. French Flash Services PMI is forecast at 52.1, a dip from October's 52.7. From Germany; Flash Manufacturing PMI is forecast at 52.2 for November, while Services Flash PMI is expected at 54.3. Flash Manufacturing PMI for the whole of the Eurozone is expected at 52.3, while Services PMI is forecast at 54.2. For all these surveys, a reading above 50 means expansion, while below 50 means contraction. Higher than expected results for these indicators could help the Euro recover some of its recent heavy losses.

 

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