Markets

Euro surges above $1.21 to 3-year high on ECB…

Euro surges above $1.21 to 3-year high on ECB…

Germany's benchmark 10-year Bund yield, which had hit a five-month high at 0.54 percent earlier in the day, was last down 2 basis points at around 0.51 percent.

Expectations are for a rise of 0.3% for both manufacturing and industrial production, both significant improvements on the October numbers, while the latest trade balance data is expected to show a deficit of £1.5bn.

Olivier Korber, a currency anaylst at Societe Generale in Paris, said a lot of bad news was priced into the pound and that its recovery in recent weeks - a 4.5 percent climb against the dollar - was mostly due to weakness in the US currency. The RSI, which has also been moving sideways close to the 50 neutral-perceived level throughout this period, is supporting this view. Wall Street was poised to open higher, with Dow futures and the broader S&P 500 futures up 0.2 percent.

On Wednesday's trading session, the Euro to US Dollar exchange rate saw a minimal rise.

When the euro was created some 15 years ago, there was speculation that the new currency might come to challenge the dominance of the US dollar as the worldwide reserve currency of choice. It reached session high at 1.3555 and dropped to session low at 1.3519 levels.

Harvey also says United Kingdom government bonds are expensive on a valuation basis given current inflation dynamics in the United Kingdom while economic growth also continues to lag behind that of the rest of the world. However, the producer price index (PPI) increased by 2.6% over the course of 2017, according to the Bureau of Labor Statistics.

The Australian and New Zealand Dollars corrected lower in Asia Pacific trade.

The pan-European FTSEurofirst 300 index rose 0.23 percent, and MSCI's gauge of stocks across the globe gained 0.66 percent.

Chelsea vs Leicester City 13 January 2018: EPL Preview and Predictions
Before I watched the Carabao Cup semi-final with Arsenal I would have said Chelsea would win this 3-0, but I'm not so sure now. Chelsea are aiming to make it eight home Premier League wins on the bounce when Leicester City visit on Saturday afternoon.

Crude oil prices are in a corrective mode today, with front-month WTI futures down 0.6% at $63.41, extending the retreat from yesterday's 37-month high at $64.75.

Treasury yields fell on Thursday after China disputed a report that its government officials had recommended the country slow or halt its purchases of USA bonds.

In the USA bond market, benchmark 10-year notes last fell 3/32 in price to yield 2.5605 per cent, from 2.549 per cent late on Wednesday.

The U.S. central bank's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, has undershot its target since May 2012.

In other commodities, the Brent crude oil spot price was up by 0.2% to $69.26 per barrel as of 11:10 am Shanghai time.

Banco Sabadell shares were 2.26% higher at €1.83.

Launched three years ago, the asset purchases depressed borrowing costs, staving off the threat of deflation and putting growth on its best run since before the bloc's debt crisis. Receipts are expected to add 0.5 percent from the prior month, marking a slight slowdown from the prior month but registering near the trend average.


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