Gold steady near 2-mth highs as N. Korea tensions continue

13 Août, 2017, 15:15 | Author: Marc Bacque
  • Euro banknotes of several values lie on a table in a Swiss bank in Bern

Traders across the globe reacted with dismay to Trump's warning Thursday that his earlier threat to unleash "fire and fury" on the reclusive nuclear-armed state may not have been "tough enough".

US President Donald Trump's brinkmanship in the escalating tensions with North Korea has taken a heavy toll on global markets, wiping $1 trillion off the value of shares worldwide. It earlier hit its highest since June 7 at $1,291.86.

The dollar weakened after news that USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate increase.

The pan-European FTSEurofirst 300 index lost 1.01 per cent and MSCI's gauge of stocks across the globe shed 0.26 per cent for a weekly loss of 1.6 per cent, the largest since the week to November 4.

MSCI's broadest index of Asia-Pacific shares outside Japan skidded 1.55 percent, its biggest one-day loss since mid-December.

The Swiss franc and Japanese yen are often sought out in times of geopolitical tension or global financial stress, partly because both countries have big current account surpluses. "So we're not going to get to a year-over-year number of 2-percent until some of these very low readings drop out of the statistics 6 to 10 months from now". "Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.

Disappointing U.S. inflation and jobs data have not helped the dollar.

The Korean won continued to fall versus the dollar, down 0.13 per cent to 1,143.5 on Friday for a 1.6 per cent decline on the week.

"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY.

The euro was 0.14 percent higher against the dollar.

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The dollar was down 0.77 percent against the yen at 109.21 yen.

In bond markets, the yield in U.S. Treasuries fell, also pressured by the lowered expectations for a Fed move.

The dollar index, which tracks the greenback against six rival currencies, was down 0.17 percent to 93.391.

"There are four more (inflation) prints between now and the December FOMC meeting and we expect the Fed to remain data-dependent, if a touch more cautious", said TD Securities in a research note.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday.

USA crude (CLc1) was unchanged at $48.59 per barrel and Brent (LCOc1) was last at $51.84, down 1.63 percent on the day.

Spot gold was up 0.1% at $1,287 per ounce by 2.17pm GMT, set for its biggest weekly gain since April. This week has seen its biggest rise since June 2016.

Crude oil prices fell on Thursday, on concerns of lingering global oversupply as Russian Federation considered a future output resumption and OPEC boosted its July production numbers.

USA crude rose 0.41 percent to $48.79 per barrel and Brent was last at $52.01, up 0.21 percent.

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