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POPULAR NEWS
Gold prices settle higher to cut their loss for the week

Gold prices settled higher Friday, cutting their loss for the week down to roughly 0.1%, with the market wary of a potential U.S. government shutdown this weekend. The weekly decline for the yellow metal, however, followed five weeks of gains in a row. February gold rose $5.90, or 0.4%, to settle at $1,333.10 an ounce. U.S. economic data released Friday was downbeat, with consumer sentiment for January falling to a six-month low. Gold saw a temporary boost in the data™s wake, briefly...

Dollar marks fifth weekly loss in a row

The U.S. dollar pared earlier losses on Friday, but notched a fifth weekly loss, as investor concerns over a potential government shutdown. The ICE U.S. Dollar Index which measures the buck against a basket of six rivals, was last at 90.593, up 0.1%, having erased its losses after trading around the lowest level in three years earlier in the session. On the week, the ICE index slipped 0.4%, making it its fifth week of losses in a row. The broader WSJ Dollar Index was little changed at 84.42,...

Dollar Slides Back to 3-Year Low on Fears of Government Shutdown

The dollar fell anew on Friday, as concerns over a potential government shutdown outweighed a rally in U.S. Treasury yields, which usually is supportive for the greenback. The ICE U.S. Dollar Index, which measures the buck against a basket of six rivals, fell 0.3% to 90.243, trading around the lowest level in three years. The broader WSJ Dollar Index fell 0.3% to 84.18. The euro rose to $1.2271 from $1.2239 late Thursday in New York. The shared currency is on track for a 0.6% weekly jump...

Asian Stocks Set for Sixth Weekly Gain as Japanese Stocks Climb

Asian stocks rebounded, led by industrial and technology stocks, setting the stage for the benchmark index™s sixth week of gains amid global growth optimism. The MSCI Asia Pacific Index advanced 0.8 percent to 183.71 as of 4:50 p.m. in Hong Kong. Taiwan Semiconductor Manufacturing Co.™s shares closed 2.8 percent higher to another record after reporting better-than-expected quarterly results. Japan™s Topix index rose 0.7 percent with electronics and machinery makers...

Apple to Build 2nd Campus, Hire 20,000 in $350B Pledge

Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. economy. The pledge announced Wednesday is an offshoot from the sweeping overhaul of the U.S. tax code championed by President Donald Trump and approved by Congress last month. Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas. Apple plans to take advantage of that...

SNB Bides Time on Rates as Weaker Franc Helps Inflation Outlook
Thursday, 14 December 2017 15:59 WIB | FISCAL & MONETARY |SwissBank Sentral Swiss,

The Swiss National Bank kept interest rates at a record low, remaining in wait-and-see mode as it monitors the impact of a weaker franc on inflation.

While the franc's 8 percent drop against the euro this year is boosting economic momentum and once-anemic price growth, SNB President Thomas Jordan is wary of any steps that might entice investors to pile back into the currency and fuel a rally.

Keeping its deposit rate at a rock-bottom minus 0.75 percent and reiterating a pledge to wage currency market interventions if needed, the SNB said Thursday that the franc remained œhighly valued. Jordan and his colleagues Fritz Zurbruegg and Andrea Maechler are set to elaborate on that at 10 a.m. in Bern.

œThe depreciation of the Swiss franc reflects the fact that safe havens are currently less sought after, the SNB said. œHowever, this development is still fragile.

The announcement comes amid a bevy of central bank decisions -- kicked off by the Federal Reserve™s interest rate hike on Wednesday and which continue with the Bank of England and the European Central Bank later on Thursday. Rate setters are faced with a quickening of global growth that may finally increase price pressures and allow them to move off the ultra-loose policies in place for the past years.

The SNB has already responded to the franc™s decline, tweaking its language in September to say the move had helped curb its œsignificant overvaluation, a sentiment reiterated on Thursday.

The currency is currently about 1.16 per euro, down from 1.07 a year ago.

Still, the central bank, which used a 1.20 minimum exchange rate between 2011 and 2015 to fend off haven inflows amid the euro-area debt crisis, effectively has its hands tied on policy until the ECB raises rates. It scrapped the upper limit on the franc in early 2015.

Mario Draghi™s institution is expected to only begin lifting euro-area borrowing costs in 2019, according to a Bloomberg survey of economists published this week. The SNB isn™t forecast to make any changes before then.

The Swiss central bank also updated its economic forecasts on Thursday and now sees inflation at 0.7 percent in 2018 and 1.1 percent in 2019, versus its September prediction of 0.4 percent and 1.1 percent respectively. It expects price pressures to accelerate to 2.1 percent in the third quarter of 2020.

The SNB also issued a first take on growth next year, predicting an expansion of around 2 percent after 1 percent in 2017.

Source: Bloomberg

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POPULAR NEWS
Gold prices settle higher to cut their loss for the week

Gold prices settled higher Friday, cutting their loss for the week down to roughly 0.1%, with the market wary of a potential U.S. government shutdown this weekend. The weekly decline for the yellow metal, however, followed five weeks of gains in a row. February gold rose $5.90, or 0.4%, to settle at $1,333.10 an ounce. U.S. economic data released Friday was downbeat, with consumer sentiment for January falling to a six-month low. Gold saw a temporary boost in the data™s wake, briefly...

Dollar marks fifth weekly loss in a row

The U.S. dollar pared earlier losses on Friday, but notched a fifth weekly loss, as investor concerns over a potential government shutdown. The ICE U.S. Dollar Index which measures the buck against a basket of six rivals, was last at 90.593, up 0.1%, having erased its losses after trading around the lowest level in three years earlier in the session. On the week, the ICE index slipped 0.4%, making it its fifth week of losses in a row. The broader WSJ Dollar Index was little changed at 84.42,...

Dollar Slides Back to 3-Year Low on Fears of Government Shutdown

The dollar fell anew on Friday, as concerns over a potential government shutdown outweighed a rally in U.S. Treasury yields, which usually is supportive for the greenback. The ICE U.S. Dollar Index, which measures the buck against a basket of six rivals, fell 0.3% to 90.243, trading around the lowest level in three years. The broader WSJ Dollar Index fell 0.3% to 84.18. The euro rose to $1.2271 from $1.2239 late Thursday in New York. The shared currency is on track for a 0.6% weekly jump...

Asian Stocks Set for Sixth Weekly Gain as Japanese Stocks Climb

Asian stocks rebounded, led by industrial and technology stocks, setting the stage for the benchmark index™s sixth week of gains amid global growth optimism. The MSCI Asia Pacific Index advanced 0.8 percent to 183.71 as of 4:50 p.m. in Hong Kong. Taiwan Semiconductor Manufacturing Co.™s shares closed 2.8 percent higher to another record after reporting better-than-expected quarterly results. Japan™s Topix index rose 0.7 percent with electronics and machinery makers...

Apple to Build 2nd Campus, Hire 20,000 in $350B Pledge

Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. economy. The pledge announced Wednesday is an offshoot from the sweeping overhaul of the U.S. tax code championed by President Donald Trump and approved by Congress last month. Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas. Apple plans to take advantage of that...

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