Markets

Dollar remains weak as beating eases for global stocks

Dollar remains weak as beating eases for global stocks

The dollar has suffered its worst weekly slump in a year amid fears for Donald Trump's presidency and in the face of a resurgent euro. The Washington Post on Friday reported that a legal investigation into possible coordination between the Trump campaign and Russian Federation includes a person of interest that is a current White House official.

The White House earlier this week pushed back against a new wave of media allegations that President Donald Trump might have tried to obstruct justice by asking then FBI Director James Comey to end a probe into former national security adviser Michael Flynn.

The three major indexes fell for the week.

Oil prices rose on Friday, closing out a second week of gains on growing expectations that OPEC and other producing countries will agree next week to extend output cuts.

Emerging markets have been grappling with an unfolding corruption scandal in Brazil that threatens to engulf its president, Michel Temer.

Brazilian markets cratered on Thursday, with stocks down almost 9 percent and the real 8 percent - the currency's biggest fall since the 1999 devaluation and crisis, although it looked steadier ahead of the start of local trading.

The US dollar fell 0.3 per cent against the yen to 111.14 and had its first weekly drop in five against the Japanese currency.




Traders work at the stock exchange in Frankfurt, Germany, May 18, 2017. The S&P energy index was up 1.1 percent along with a jump in oil prices.The U.S. dollar slipped 0.7 percent on Friday and was down about 2 percent for the week, its worst week since April 2016.

"The dollar overall, across the board, has been getting beat up this week and a lot of that has to do with the political risk here in DC", said John Doyle, director of markets at Tempus Inc in Washington.

Like the dollar, the US yield curve has slumped back to levels not seen since Trump's election, and the probability given by markets of the Fed raising rates next month has tumbled to below 60 percent from over 90 percent last week. Spot gold added 0.25 percent to $1,249.84 an ounce, set to post a weekly gain of 1.7 percent. The Canadian dollar strengthened against its USA counterpart on Friday as oil extended its rally after investors expected output cut extension next week and dollar continued its downward march against a basket of major currencies. Yesterday, it fell 0.75 per cent, hitting its lowest since Nov 9, the day after the United States election.

Brent posted its largest weekly advance of the year, while US crude gained over 5 percent. Brazil's benchmark Bovespa stock index was last up 2.8 percent. The yields had fallen to 2.18 percent on Thursday, their lowest since April 19. But it fell back on technical selling and a stronger dollar to close 0.2 percent lower.

Chinese shares added 0.1 percent, up 0.4 percent for the week.

Approaching close in London, the S&P 500 had risen 0.7% to 2,383 while a similar move left the technology-laden Nasdaq on 5,666.


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