By IFCMarkets
Dollar strengthens as Philadelphia Fed index recovers
US stock market rebounded on Thursday led by technology. The S&P 500 rose 1.1% to 2854.88 led by 3.7% Apple surge on analysts’ upgrade. The Dow Jones industrial average advanced 0.8% to 25709.94. Nasdaq composite index rallied 1.4% to 7630.91. The dollar weakening stalled as the Philadelphia Fed’s business activity index rebounded in March indicating improving conditions. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.4% to 96.31 but is lower currently. Futures on US stock indexes point to mixed openings today.
FTSE 100 rise as EU agrees to Brexit delay
European stocks ended marginally lower on Thursday. EUR/USD joined GBP/USD’s slide as the Bank of England held interest rates steady, as widely expected. Both pairs are higher currently. The Stoxx Europe 600 index slipped 0.04%. Germany’s DAX 30 lost 0.5% to 11549.96. France’s CAC 40 slid 0.1% while UK’s FTSE 100 advanced 0.9% to 7185.43 as European Union agreed to postpone Britain’s March 29 departure to May 22 if the UK parliament approves Prime Minister Theresa May’s amended deal with the EU next week. In case of another rejection Britain will have until April 12 to “indicate a way forward.”
Asian indices inch higher
Asian stock indices are mostly higher today. Nikkei ended 0.1% higher at 21627.34 with yen little changed against the dollar. China’s stocks rose as Beijing confirmed Thursday that US Trade Representative Lighthizer and Treasury Secretary Mnuchin will visit China on March 28-29, while Chinese Vice Premier Liu He will travel to Washington early next month to continue the negotiations. The Shanghai Composite Index rose 0.1% and Hong Kong’s Hang Seng Index is 0.1% higher. Australia’s All Ordinaries Index extended gains 0.5% with Australian dollar flat against the greenback.
Brent retraces up
Brent futures prices are gaining today. Prices declined yesterday: Brent for May settlement closed 0.9% lower at $67.86 a barrel on Thursday.
Market Analysis provided by IFCMarkets
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