Friday, 10 February 2017

The Australian Dollar Rode, The Euro, Under Pressure

The dollar index, which tracks the greenback against a basket of six major currencies, added 0.1 percent on the day to 100.72, on track to gain 0.8 percent for the week.
The Australian dollar rode the trade data from China, Australia's major export market. The Aussie rose 0.2 percent to $0.7641, also supported by an optimistic view from the country's central bank, which suggested that further interest rate cuts were off the table.

The euro, under pressure from political concerns as the campaign for France's presidential election heated up, was steady on the day at $1.0655. It was still down 1.2 percent for the week.

Against its Japanese counterpart, the dollar gained 0.4 percent to 113.75 yen, up more than 1 percent for the week ahead of a meeting later on Friday between Trump and Japan's Prime Minister Shinzo Abe.

Abe will propose a new cabinet level framework for U.S.-Japan talks on trade, security and macroeconomic issues, including currencies, a Japanese government official involved in planning the summit said.

Crude oil prices extended gains, with U.S. prices bolstered by evidence that gasoline demand could strengthen in the world's biggest oil market.

U.S. crude added 0.3 percent to $53.13 a barrel. Brent crude rose 0.2 percent to at $55.76.

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