Gold Inching Down Toward $1200 Ahead Of Yellen

12 July, 2017, 00:36 | Author: Delbert Rhodes
  • US stocks mixed as tech shares gain, retailers tumble

Japanese shares rose to finish near two-week highs as the dollar hit a four-month high versus the yen, helping bolster exporters' shares.

Wall Street stocks treaded water early Tuesday ahead of the always closely-watched congressional testimony from Federal Reserve Chair Janet Yellen.

For now, the unease of an era ending that consisted of ultra-inexpensive money has given way to new optimism about the growth outlook globally with payrolls in the USA for June being stronger than had been expected.

Largely ignored in the Fed report is the debate over fiscal policy, and in particular whether the Trump administration will be able to convince Congress to lower taxes and increase infrastructure investment, and if so, the impact of such stimulus on the economy. It ended 0.54 percent higher on Monday, taking the year-to-date gains to 12.7 percent. The Australian dollar inched up 0.2 percent to $0.7619 as the greenback's broader advance slowed.

U.S. stock futures also firmed, suggesting Wall Street shares could extend gains made after the U.S. jobs data.

"Unlike in recent years, where there was very patchy growth across the world, we are seeing a synchronized upswing in the global economy", said Alex Dryden, global market strategist at JP Morgan Asset Management.

The market was looking ahead to Wednesday and Thursday as Yellen will deliver two days of testimony on the US central bank's semi-annual report on monetary policy and the economy.

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Last month, the Fed has raised interest rates by 25 basis points to 1.25 percent.

"Wednesday remains the most notable session of the week, with Fed Chair Janet Yellen testifying. and the Bank of Canada potentially raising interest rates for the first time in nearly seven years", said Craig Erlam, senior analyst at Oanda.

The dollar increased by almost 0.4% against the yen which was a high of two months.

He added that the Bank of Japan in contrast is not anywhere close to exiting its policy and has taken steps to weaken its yen.

The euro edged down 0.1 percent to $1.1400 but gained against its Japanese counterpart.

USDJPY remains well supported in the aftermath of Friday's better than expected jobs report and any hawkish testimony by Yellen tomorrow will likely push the pair through the key 115 barrier which it has not seen since March of this year. The Russell 2000 index of smaller-company stocks rose 2 points, or 0.2 percent, to 1,411.

Gold has come under renewed pressure in recent days, as investors recalibrated their outlook on US monetary policy in the light of recent economic data.

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