Market News

The Pound Sterling fell against the US Dollar, dipping to a 7-week trough as investors await the release of the British budget.

Asian stocks moved higher on Wednesday morning following positive Chinese trade data that showed signs of a strengthening global economy.

The Australian Dollar fell after rising earlier against a basket of currencies upon the Reserve Bank of Australia’s release of its monthly Rate Statement.

Oil prices remained fairly stable during Tuesday’s Asian session, with both Brent crude and U.S. WTI crude down 0.1 percent each.

The Euro dipped in Monday trading after Alain Juppe, the former Prime Minister of France, confirmed that he was not ready to run in the French presidential elections.

Asian shares and U.S. stock futures were lower on Monday as traders weighed geopolitical tensions following North Korea’s firing of four ballistic missiles.

There will be a heavier news schedule this week, compared to last week which was quite light.

The dollar strengthened once again on Friday as the possibility of a Fed rate hike on March 15 loomed nearer, encouraging traders to purchase dollars.

Investor sentiment continues to push the US Dollar higher versus the Japanese Yen as expectations grow that the Federal Reserve could be on the verge of pushing through an interest rate hike later this month.

The Dow Jones Industrial Average gained nearly 300 points on Wednesday to close about 21,000 for the first time ever.

The US Dollar Index touched its highest price in 7-weeks earlier today on growing speculation that the Federal Reserve Bank might raise its benchmark lending rate this month.

In a statement on CNN on Tuesday, New York Fed President William Dudley noted that the case for monetary tightening has become “more compelling” since Trump and his Republican-dominated Congress came into power.

The Pound Sterling was trading just off the 2-week trough versus the US Dollar today, with the Pound under renewed pressure over concerns of a hard Brexit.

The Dow closed at record levels on Monday, marking 12 consecutive winning days, the longest streak since 1987.

The US Dollar was able to gain some traction against the Japanese Yen and pulled away from the recently struck 2 ½ week trough but remains under pressure generally ahead of President Trump’s policy address before the US Congress tomorrow.