You are here: Home » Reuters » News
Business Standard

Global Markets: Dollar at three-year low vs euro; stocks extend record run

Reuters  |  NEW YORK 

By Caroline Valetkevitch

NEW YORK (Reuters) - The slumped to a more than three-year low against the euro on Friday, extending recent losses on expectations European Central policymakers are preparing to reduce their stimulus, while a key stock index was on track for an eighth week of gains.

U. S. stocks rose with shares, which climbed following quarterly results from and .

The euro's rise weighed on the dollar index <. DXY>, which measures the greenback against six rival currencies. The index was down 0.94 percent, after slipping to a four-month low of 90.954.

The dollar index was down 1.23 percent for the year, its worst performance over the first nine trading days since 2010, according to data.

"The latest ECB comments were a bit on the hawkish side, so that's giving more life to the euro," said Minh Trang, senior at Silicon Valley in Santa Clara,

Sterling rocketed to its highest level against the dollar since the vote to leave the after a report that the and were open to a deal for Britain to remain as close as possible to the trading bloc. Sterling was last trading at $1.373, up 1.43 percent.

U. S. stock indexes hit all-time highs, along with the index. Strong U.

S December also helped stocks.

The index <. SPSY> was up 0.6 percent. While tax-related costs are expected to weigh on banks' earnings, they are expected to benefit in the long run from a lower tax burden.

"The fact all the big money centre banks beat on the bottom line is a good omen for the rest of the earnings season," said William Lynch, at Hinsdale Associates, in Hinsdale,

The <. DJI> rose 185.41 points, or 0.72 percent, to 25,760.14, the <. SPX> gained 15.39 points, or 0.56 percent, to 2,782.95 and the Nasdaq added 40.17 points, or 0.56 percent, to 7,251.95.

The pan-European index <. FTEU3> rose 0.23 percent and MSCI's gauge of stocks across the globe <. MIWD00000PUS> gained 0.72 percent.

A robust U. S. inflation report boosted Treasury yields.

The two-year yield , sensitive to traders' views on interest rates, rose to more than 2 percent for the first time since the financial crisis.

In commodities, prices rose for a sixth day after Russia's minister said that crude supplies were "not balanced yet," alleviating market concerns about a wind-down of the OPEC-led deal to reduce production.

U. S rose 50 cents to settle at $64.30 a barrel, while Brent rose 61 cents to settle at $69.87.

For the Live blog on European and UK stock markets, open a window on Eikon by pressing F9 and type in 'Live Markets' in the

(Additional reporting by in Helen Reid in London and Kate Duguid, Sinead Carew and Saqib Aqbal Ahmed in New York; Editing by and Nick Zieminski)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, January 13 2018. 02:20 IST
RECOMMENDED FOR YOU