Sunday, 25 June, 2017

Post-Fed trades fade as United States stocks, bonds retreat

A Look at Gold as the Fed’s Rate Hike Looms UPDATE: Two-year Treasury yield posts highest close since 2009 ahead of Fed meeting
Mae Harvey | 17 March, 2017, 01:30

The Canadian dollar declined against its US counterpart on Friday from an earlier fresh two-week high against its USA counterpart as a rally triggered by the Federal Reserve's outlook for interest rate hikes faded. The index closed 0.3 percent higher Monday.

"While such patience (counseled by the IEA) may indeed benefit longer-term investors it may not be much help for money managers facing year-to-date losses on long positions, whether longer-term holdings benchmarked to the December 30 Brent closing price of $56.82 or purchased over the long period of range trading over the first ten weeks of the year". The dollar fell 0.5 percent against a basket of key currencies, adding to Wednesday's steep slide after the Fed's decision.

London scored slender gains as official data showed the unemployment rate had struck a 41-year low, but Frankfurt and Paris wiped out their opening gains.

Oil prices rebounded on Wednesday, lifted by a surprise drawdown in US inventories and data from the International Energy Agency suggested OPEC cuts should create a crude deficit in the first half of 2017.

"Lower rates, higher equities and a lower dollar all point to this being interpreted as more dovish than what was expected", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. Oil topped $49 a barrel. The Canadian dollar was last trading at C$1.3315 to the greenback, or 74.92 USA cents, weaker than Wednesday's close of C$1.3307, or 75.15 US cents.

"So even if we saw yesterday a reaction lowering the dollar on the back of unchanged forward guidance, the market still regards the dollar as a buy on dips as the outlook for the U.S.is actually ahead of other economies". European shares rose after the Dutch election eased concerns about the rise of populism.

England are not done yet...we want to make history - Eddie Jones
England manager Eddie Jones has claimed that his side will not lose to Ireland when the two sides meet in Dublin on Saturday. Asked if Ireland's players will channel their energies into ending England's winning run, Furlong replied: "No".

Racing 92 and Stade Francais to merge from next season
Pascal Pape, one of the most senior players in the team announced that the team are to go on strike as a result of the move. Due to play this weekend against Castres, it looks like Stade will not fulfill the fixture as a result of the strike.

Trump's Buddies Belichick, Kraft Making Patriots Great Again This Offseason
Two years earlier in Super Bowl 49, Hightower tackled Seahawks running back Marshawn Lynch at the 1-yard line with 1:06 to play. In five seasons with the team, Hightower has helped them win two Super Bowls and he's an integral part of the team.

Energy shares and defensive sectors such as utilities and real estate led gains. The yield on 10-year Treasury notes tumbled below 2.5 percent while gold and oil climbed.

The US currency was undermined by a lower expected Fed trajectory for raising interest rates as markets had been looking for a more hawkish tone.

Oil prices rebounded, lifted by a surprise drawdown in U.S. inventories and data from the International Energy Agency suggested Opec cuts should create a crude deficit in the first half of 2017. The price is still almost $7 below January's post-deal peak of $58.37.

With a Fed rate increase seen as a done deal, investor focus is shifting to what message the U.S. central bank will deliver after its meeting on Wednesday.

Spot gold gained 0.7 percent at $1,227.43 an ounce by 3:03 p.m. EDT (1903 GMT), after touching $1,233.13, the highest since March 6.

U.S. Gold futures was up 2% at $1225 per ounce, before Federal Reserve's statement was announced on Wednesday.

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