Markets

Kiwi slips as demand for greenback grows

Kiwi slips as demand for greenback grows

Spot gold rose 0.1 % to $1,243.90 per ounce, as of 0044 GMT, after it hit a fresh near five-week low of $1,242.61 during the session.

Gold edged lower on Monday to touch a near four-week low as the dollar held firm, with the market waiting on comments from a top US Federal Reserve official after last week's soft economic data. It hit session high at 0.7607 and made session lows at 0.7591 levels.

Federal Reserve Bank of New York President William Dudley aligned himself with Chair Janet Yellen in declaring his expectation that a tight labor market will eventually trigger a rebound in inflation data that has been unexpectedly weak in recent months.

The British pound (GBP=D3) fell nearly 0.1 percent to $1.2769 from late Friday levels in NY after a van rammed into worshippers as they were leaving Finsbury Park mosque in North London early on Monday.

"The dollar is a large part of what's going on with gold", said ING commodities strategist Warren Patterson. Sterling declined against dollar on Monday as demand for sterling weakened on uncertainty over domestic politics and over Britain's economic future, as formal Brexit negotiations got under way.

British Prime Minister Theresa May failing to win a parliamentary election earlier this month has, alongside Brexit negotiations starting on Monday in Brussels, fuelled political uncertainty. Higher interest rates tend to boost the dollar, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.




"There's very strong support at the 200-day moving average, just below $1,240", one trader said.

The common currency was steady at $1.11965 (EUR=EBS), retaining Friday's 0.5 percent gain. That marked a gain of about 2.7 percent from the dollar's near 2-month low of 108.81 yen set on June 14.

"There are some concerning signals from the two largest gasoline (palladium) auto markets, the USA and China", ICBC Standard Bank analysts said in a note. "There are a several reasons why, namely credit, a maturing business cycle, and reduced incentives".

US passenger vehicle sales fell 9.8 percent in May from a year earlier.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.87 percent and MSCI's gauge of stock markets across the globe .MIWD00000PUS gained 0.65 percent.


  • Andy Murray into semi-finals after taming Kei Nishikori

    Andy Murray into semi-finals after taming Kei Nishikori

    Nishikori won a dramatic five-setter 1-6, 6-4, 4-6, 6-1, 7-5 to reach the semifinals at Flushing Meadows. The Serbian tennis star is still in action at Roland Garros .
    Oil jumps as Qatar ditched, London attacks hurt sterling

    Oil jumps as Qatar ditched, London attacks hurt sterling

    Sterling GBP=D3 fell as much as 0.3 percent before paring the losses to trade down 0.2 percent at $1.2868 on Monday. Some were already concerned about rising production from Libya and Nigeria, which are exempt from the agreement.

    USA and Moscow in delicate talks on Syria tensions

    The United States would be hard pressed to provide close air support to our SDF allies, leaving them susceptible to air strikes. Areas of Syria west of the Euphrates were recently captured by Syrian government forces from the Islamic State .
  • Tech Titans Gather at White House to Modernize Government

    Mr Trump on Monday cited estimates that the government could save up to US$1 trillion over 10 years through such measures. They hope to build a working relationship with the White House on the bipartisan issue of modernizing government.
    TRS happy with NDA's decision on presidential nominee

    TRS happy with NDA's decision on presidential nominee

    He has also headed groups that work to improve the conditions of Dalits. "The name was announced at the BJP press conference". In his first reaction, the NDA presidential nominee said: "It's a duty, let's take it as such".
    Gingrich on Trump's WH Bid: 'Lot More Fun Than a Yacht'

    Gingrich on Trump's WH Bid: 'Lot More Fun Than a Yacht'

    Newt Gingrich , former Secretary of State and ardent supporter of Trump , said Friday that the President "cannot obstruct justice ". "I know I didn't do anything with the Russians, '" he said.
  • US Supreme Court agrees to hear potentially landmark case on partisan gerrymandering

    Wisconsin Republicans played the electoral map to get similar results - "majorities" with less than 50% of the votes cast. They said the federal court overstepped its bounds and judges should stay out of an inherently political exercise.

    Nation rages as Pak defeats arch-rival India in Champions Trophy

    Mohammad Hafeez dedicated a stunning ICC Champions Trophy success to the public of Pakistan after thrashing India at The Oval. They were more intense and passionate on the day".
    ICC Champions Trophy 2017 Final

    ICC Champions Trophy 2017 Final

    Indian all-rounder, Hardik Pandya, gave a brief flicker of hope to the Blue Shirts, handily knocking 76 runs off 43 balls. Overall Pakistan had been the better side in every respect: batting better, fielding better and bowling better .
  • Trump lawyer defends his use of social media

    Sekulow tried again to say that the president is not under investigation, but Wallace interrupted. Sekulow said Trump "thought it was in the best interest of the American people" to fire Comey.
    Uddhav, Aditya Thackeray meet Amit Shah, Fadnavis

    Uddhav, Aditya Thackeray meet Amit Shah, Fadnavis

    BSP chief Mayawati said she is not satisfied with Ram Nath Kovind's political ideology, but can not reject his Dalit background. Bhagwat, 66, recently said he is not interested in the president's post.
    Floyd Mayweather Opens as Heavy Betting Favorite Over Conor McGregor

    Floyd Mayweather Opens as Heavy Betting Favorite Over Conor McGregor

    A top UFC fighter has never had a big boxing match before, and certainly not against an opponent like Mayweather. In January, McGregor boldly claimed a fight between him and Mayweather would make $ 1 billion .