Draghi’s upbeat comments push euro higher

  • 27/06/2017 09:33 AM
  • Ahmed Mamdouh
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At the ECB Forum held in Sintra, Portugal on Tuesday, President of the European Central Bank Mario Draghi gave an upbeat assessment about the economy, helping the euro to advance.Draghi pointed that recent data has suggested that recovery in the euro area economy is strengthening, while positive factors have replaced deflationary pressures.    “All the signs now point to a strengthening and...

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What happened to the Pound after one year of Brexit vote?

  • 23/06/2017 12:41 PM
  • Ahmed Mamdouh
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The pound resumed its rise for a third straight session on Friday in the anniversary of the historical Brexit vote. The pound soared to a high of 1.2746 versus the U.S. dollar, yet set for a weekly loss after sharp falls earlier this week.Against the euro, the pound strengthened to take the EURGBP lower to 0.8777 after a report showing euro area private sector growth eased to a five-month lo...

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Euro area private sector activities retreat to 5-month low

  • 23/06/2017 09:33 AM
  • Ahmed Mamdouh
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Euro area private sector economic activities retreated to a five-month low in June, according to the flash Purchasing Managers’ Index data released on Friday.The PMI Composite of manufacturing and services recorded 55.7 from 56.8 in May, yet over the second quarter, the composite reported the strongest figure in more than six years.Manufacturing PMI accelerated to 57.3 from a previous of 57....

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Oversupply pulls oil prices to seven month lows

  • 20/06/2017 11:47 AM
  • Ahmed Mamdouh
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Oversupply in the oil market pulled prices to a seven-month low on Tuesday, where a rise on Libya and Nigeria’s production added to concerns that OPEC efforts to cut output would go in vein.Crude oil futures fell to a low of $43.39 a barrel, extending losses for a third straight session and resuming the bearish direction that began since hitting a peak of $52 late May.Brent crude slumped to...

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Pound skids after Carney’s dovish comments

  • 20/06/2017 08:38 AM
  • Ahmed Mamdouh
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The British pound fell to the lowest level in a week after Bank of England Mark Carney said interest rates should not rise yet.The GBPUSD pair slipped to a low of 1.2670, extending its drop for a second straight session, as of 08:19 GMT.Carney stressed that Britain is not prepared for a rise in interest rates, where there the outcome of the Brexit talks must be known first.“Mixed signals on...

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Yen retreats as BOJ holds monetary policy

  • 16/06/2017 09:34 AM
  • Ahmed Mamdouh
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The Japanese yen traded slightly lower against the U.S. dollar on Friday after the Bank of Japan left is monetary policy steady, falling behind the Federal Reserve. As of 09:13 GMT, the USDJPY traded at 111.30 after opening the session at 111.20, where the dollar gained 1.46 percent against the yen the previous session.The BOJ decided to hold interest rates and amount of asset purchases at th...

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BOE: Three policymakers vote to hike rates

  • 15/06/2017 11:55 AM
  • Ahmed Mamdouh
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The Bank of England decided to hold interest rates and amount of asset purchases, yet three policymakers voted raising interest rates.The majority of the MPC members opted to hold interest rates at 0.25 percent, but Forbes, Saunders and McCafferty asked for a rate hike. While the majority believes that raising interest rates would negatively affect economic growth, the three members foresee...

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Gold extends loss as dollar strengthens after Fed decision

  • 15/06/2017 10:02 AM
  • Ahmed Mamdouh
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Gold extended its losses for a second straight session on Thursday, as the dollar strengthened after a less dovish comments from the Federal Reserve. The precious metal traded lower at $1257.98 an ounce after opening today at $1264.65, as of 09:30 GMT. Gold pared its earlier advance on Wednesday after the Fed’s rate decision and comments from Chair Janet Yellen about the economy, falling from...

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Dollar perks up after Fed raises interest rates

  • 14/06/2017 21:07 PM
  • Ahmed Mamdouh
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(Financial Times) Federal Reserve President Janet Yellen has the lowest inflation average for the United States in 30 years, making it a key problem amid progress in labor market.The dollar rebounded against the euro while Treasury yields pared early losses after the Federal Reserve brushed aside recent weak inflation data and raised interest rates for the second time this year.The US central...

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Will a Fed rate hike boost the dollar?

  • 14/06/2017 12:56 PM
  • Ahmed Mamdouh
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The probability the Federal Reserve will raise interest rates on June 14 has reached nearly 100 percent, raising questions about the impact of such decision on the U.S. dollar. As the U.S. economy operates near full employment and inflation remains close to the Fed’s 2 percent target, the Fed is likely to push rates by a quarter point to continue shoring monetary policy back to normal. Meanwh...

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Tech slump drives European shares to seven-week low

  • 12/06/2017 12:45 PM
  • Ahmed Mamdouh
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(Reuters) European stocks were hit on Monday by big falls in Apple suppliers and other tech shares, overshadowing well-received election results in France and Italy.Shares in chipmakers STMicro, Dialog and AMS all fell more than 4 percent following heavy losses at U.S. and Asian peers.Apple's worst drop in 14 months on Wall Street on Friday sparked a bout of profit-taking across richly value...

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Britain's pound dives after UK election shock, lifting main FTSE shares

  • 09/06/2017 12:46 PM
  • Ahmed Mamdouh
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(Reuters) Britain's pound tumbled as much as 2.5 percent on Friday, lifting the country's main FTSE share index, following an election that denied any party a majority in parliament and fomented political chaos just days before Brexit talks begin.With no clear winner emerging from Thursday's election, Prime Minister Theresa May signaled she would fight on and try to form a government, despite...

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Investors flee to gold, German bonds as political worries rise

  • 06/06/2017 12:32 PM
  • Ahmed Mamdouh
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(Reuters) World stocks fell while safe-haven gold and German government bonds were in demand on Tuesday as tension in the Middle East, an election in Britain and upcoming testimony from the former head of the FBI pushed investors away from risky assets.European stocks fell early on Tuesday after leading Arab powers cut ties with Qatar the previous day, accusing it of supporting Islamist milit...

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Fed's Williams Sees Gradual Policy Tightening of Three Hikes

  • 29/05/2017 09:42 AM
  • Ahmed Mamdouh
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(Bloomberg) Federal Reserve Bank of San Francisco President John Williams said three interest-rate increases this year makes sense as the central bank takes gradual steps to tighten monetary policy and shrink its balance sheet to prevent the economy from overheating.“The U.S. economy is about as close to the Fed’s dual mandate goals as we’ve ever been,” Williams said in Singapore on Monday....

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Oil Producers Drag European Stocks Lower as OPEC Cut Underwhelms

  • 26/05/2017 10:52 AM
  • Ahmed Mamdouh
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(Bloomberg) European stocks declined, erasing a weekly advance, as energy shares tracked oil lower after an OPEC output deal failed go beyond a plan flagged days earlier.The Stoxx Europe 600 Index dropped 0.3 percent at 8:30 a.m. in London and headed for its largest loss of the week. The benchmark has struggled in recent sessions to rebound from last week’s biggest selloff since November. Oil...

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Oil retreats despite OPEC’s extension of output cuts

  • 25/05/2017 11:33 AM
  • Ahmed Mamdouh
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Oil prices retreated on Thursday despite an agreement by members of the Organization of the Petroleum Exporting Countries (OPEC) to extend production cut by another none months.OPEC members agreed on Thursday to extend output cuts by another nine months until March 2018, amid efforts from the energy cartel to ward off global crude glut.Other non-OPEC members, most notably Russia, would share...

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UK growth unexpectedly revised down to 0.2%

  • 25/05/2017 09:25 AM
  • Ahmed Mamdouh
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U.K. first-quarter growth got a downside revision to 0.2 percent from both preliminary and predicted readings of 0.3 percent expansion, according to the second estimate GDP data released on Thursday. That’s the weakest growth pace since the first quarter of 2016.“UK GDP growth slowed to 0.2% in Quarter 1 2017 as consumer facing industries such as retail and accommodation fell and household s...

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European Shares Stabilize After Last Week's Losses

  • 22/05/2017 10:56 AM
  • Ahmed Mamdouh
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(RTTNews.com)-European stocks held steady on Monday, with higher oil prices, a weaker euro and dovish comments from a Federal Reserve official helping underpin investor sentiment.The pound also weakened against the dollar after Brexit Secretary David Davis warned that the U.K. will walk out of Brexit talks unless the EU drops demands to charge it €100bn to leave the European Union.Investor...

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Euro, pound prepare for strong weekly gains

  • 19/05/2017 11:39 AM
  • Ahmed Mamdouh
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The euro and pound are preparing for strong weekly gains after strong economic data and taking advantage of political turmoil in the United States. The euro climbed to a peak of 1.1172 versus the U.S. dollar, set for a 2.2 percent weekly gain after positive events and news from the euro area.The Greek Parliament approved austerity measures demanded by creditors to release the next aid tranche...

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US political turmoil boosts demand on safe havens

  • 18/05/2017 10:48 AM
  • Ahmed Mamdouh
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Investors dampened demand on stocks and other risky assets and resorted to safe havens amid expectations President Donald Trump may have an early exit from office after the latest political turmoil.The Swiss franc resumed its advance against the U.S. dollar for a sixth straight session, hitting a seven-week high of 0.9773. By the same manner, the Japanese yen traded near its highest level in...

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