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The row over the dollar casts a shadow over world markets
27/1/2018 12:00 am [rtl]Capitals / agencies The row over the strength or weakness of the US dollar took a prominent place at the top of global markets by the end of the week as the greenback slipped to its lowest level in nearly three years before recovering slightly. Unlike the dollar, the green card has been negatively affected by comments that its weak value bolsters the US economy but has recovered with words from Donald Trump confirming it will become stronger. Encouraging currency weakness, US Treasury Secretary Stephen Munchin said he was confident of the strength of the dollar over the long term, noting that he did not care much about the weakness of the green card in the short term. US President Donald Trump confirmed that the dollar will become stronger over time under his administration, saying he wants to see the dollar strong in the end, adding that Munchin's comments were interpreted out of context. Jacob Frenkel, chairman of JPMorgan, cautioned that currency war would destroy the world economy and demanded that it be stopped at all costs. The US dollar recorded sharp losses on the back of the comments, with the euro climbing above $ 1.25 before recovering after Trump's comments and confirming that Munchin's remarks were misinterpreted. Stock markets The US indexes were able to record highs at the close of Thursday's session, despite the decline of most of the stock exchanges around the world. US stocks rose at the close, with the Dow gaining 140 points to its highest close and S & P climbing to a record high as the business season continued. Important Indicators US home sales rose 8.3% last year to record 608,000 units, despite a sharp fall in sales in December. Jobless claims in the United States rose 17,000 in the week ending January 20 to 233,000 versus 239,000. Commodities and Minerals With the US currency falling, gold managed to gain but oil failed to maintain its gains of $ 66 higher, dragged down by comments supporting the dollar. Gold rose at the end of the session to its highest level since August 2016 in support of the US dollar's decline. A report by a Reuters research firm said the price of gold would rise to $ 1,500 an ounce this year, supporting downside risks in the stock market and political instability. Oil prices turned lower on settlement due to US President's comments on the dollar and it will become stronger, with US Nymex ending higher than $ 65. US Energy Information Administration data showed oil production in the United States hit 9.88 million barrels per day in the week ending January 19, approaching a record high of 10 million bpd. On the natural gas front, US stocks fell 288 billion cubic feet in the week ending January 19, against expectations of 270 billion cubic feet.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=151722[/rtl] |
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