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
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Craig Erlam
Latest posts by Craig Erlam (see all)
- Oil edges higher, gold flat - 17 August 2022
- Mixed ahead of Fed minutes - 17 August 2022
- Oil extends decline, gold edges lower - 16 August 2022