Dollar Rises on Fed Hawks as Pound Slumps; European Stocks Gain

4 Oct 2016   Economy, USA

Commodities drop as oil retreats from three-month high India’s rupee advances after the RBI cuts interest rates The dollar strengthened as hawkish comments from a Federal Reserve official spurred wagers that U.S. interest rates will rise before the end of the year. The pound slumped to its weakest level since 1985, while stocks in Europe rallied. The greenback extended its winning run versus the yen to a sixth day as a Bank of Japan survey showed companies trimmed their inflation forecasts. Sterling tumbled on mounting investor concern that the U.K. is heading for a so-called hard Brexit. European stocks headed for their longest run without losses in a year, fueled by a recovery in banks. Italy’s longer-dated bonds underperformed before the country sells 50-year securities for the first time. The Bloomberg Commodity Index fell as crude oil retreated from a three-month high. The dollar got a boost as futures […]

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