Dollar rallies, Treasuries falter on strong hiring

07/08/2017 05:47 AST

The dollar surged by the most in six weeks and Treasuries fell after hiring data from last month came in stronger than forecast, underpinning the case for tighter monetary policy. The Dow Jones Industrial Average rose a ninth straight day to close at a record.

The greenback averted a fourth straight weekly slide after government figures showed employers added workers at a solid clip and wage growth picked up in July. The S&P 500 Index ended one point below an all-time high to cap a weekly gain, while the Dow’s winning streak is the longest since February, as the weak dollar boosts megacaps. The 10-year Treasury yield rose as the notes pared a weekly advance. Oil trimmed a weekly loss, while gold slumped.

Confidence

Broad-based hiring in July along with stronger household incomes and buoyant consumer confidence may give the Federal Reserve reason to raise interest rates later this year as it seeks to normalise monetary policy. The dollar’s bounce propelled it higher from the lowest since 2015 as investors sought faster growth in economies outside the US Markets meanwhile continued to shrug at mounting signs that President Donald Trump’s policy agenda has run aground, with assets from stocks to the dollar largely looking past reports Thursday that Special Counsel Robert Mueller’s probe into Russia’s meddling in the 2016 election has intensified.


Gulfnews

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
DARALARKAN 13.47 74,648,349

Exchange Rate against US Dollar

US Dollar 1.00
Saudi Riyal 3.75
Derham Emirati 3.67
Qatari Riyal 3.65
Kuwaiti Dinar 0.30
Bahraini Dinar 0.38
Omani Riyal 0.39
Euro 0.81
British Pound 0.71
Japanese Yen 104.70

Recent News

Oman can defend its currency peg, central bank governor says

05/04/2018

Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said.

Oman’s g

Gulf News

China’s yuan to post biggest quarterly rise against dollar in a decade

02/04/2018

China’s yuan firmed against the dollar on Friday and is set to post its biggest quarterly gain in a decade, as the country attracts capital inflows and US trade frictions bolstered expectations of a

Gulf News

US dollar share of global currency reserves hits 4-year low — IMF

01/04/2018

The US dollar’s share of currency reserves reported to the International Monetary Fund declined in the final quarter of 2017 to a four-year low, as other currencies’ shares of reserves grew, data rel

Gulf News

US dollar weighed down by trade and interest rate policies

29/03/2018

The US Dollar Index, a measure of the value of the US dollar against a basket of currencies, teetered and dropped to quarterly lows in March, which also happen to be the lowest the index has been sin

The National

Turkish lira weakens beyond 4 against dollar as economy worries weigh

29/03/2018

Turkey’s lira weakened beyond the psychologically important level of 4.0 to the US dollar yesterday, bringing it close to a record low, as concerns about double-digit inflation, and politics, continu

Gulf Times

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap