Dollar bulls were handed the baton after a Federal Reserve policy maker reinforced the chances for a U.S. interest-rate increase as soon as next month. European stocks climbed as gains in mining companies overshadowed HSBC Holdings Plc’s results.
The U.S. currency advanced against most of its major peers after Philadelphia Fed President Patrick Harker said a March hike isn’t off the table. Mining stocks climbed as surging commodities prices boosted corporate earnings. HSBC fell the most since August 2015 after its profit missed estimates. Gold slumped and oil climbed toward $54 a barrel.
Global equities are trading near a record after U.S. President Donald Trump’s election spurred optimism in economic growth amid signs of an inflation pickup. Yet there remains caution in the markets, with the dollar trading below this year’s highs and investors clamoring for detail on spending plans under Trump’s administration.
EUR/USD – Euro Slips Below 1.06 Despite Stronger German, Euro Mfg. Reports
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Craig Erlam
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