Forex – Dollar Remains on Track for November Gain as G20 Summit Kicks Off

© Reuters. © Reuters.

Investing.com – The U.S. dollar rose against its rivals Friday, on stronger U.S. manufacturing data and a weakness in the euro, ahead of a crucial meeting between the U.S. and China at the G20 summit.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.50% to 97.18. The greenback remained on track to modest gain for November.

The , a closely-watched indicator by the Institute for Supply Management (ISM), rose to a reading of 66.4 in November from 58.4 the prior month, topping economists’ estimates for a reading of 58.6.

The upbeat data on regional manufacturing comes as investor focus shifted to the G20 Summit in Argentina, where President Donald Trump and President Xi Jinping will meet to discuss trade at a dinner on Saturday.

Ahead of the summit Trump touted optimism, saying there were “good signs” for the talks with China.

Trump said recently that he plans to increase the current 10% tariffs on Chinese imports by January next year, risking a further escalating in tensions between the world’s largest two economies .

The dollar was also supported by slump in the euro after eurozone undershot economists’ forecasts, denting investor expectations that the European Central Bank may adopt a more aggressive outlook on monetary policy sooner rather than later.

fell 0.73% to $ 1.1310.

fell 0.30% to $ 1.2748 as Brexit angst remained front and center, offsetting better-than-expected .

rose 0.13% as falling oil prices and weaker-than-expected Canada data weighed on the .

rose 0.15% to Y113.65.

— Reuters contributed to this report.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Falcons LB Jones returning from long absence

© Reuters. Atlanta Falcons' Deion Jones celebrates after New England Patriots' quarterback Tom Brady was sacked during the first quarter of Super Bowl LI in Houston © Reuters. Atlanta Falcons’ Deion Jones celebrates after New England Patriots’ quarterback Tom Brady was sacked during the first quarter of Super Bowl LI in Houston

Atlanta Falcons middle linebacker Deion Jones will be back on the field Sunday for the first time since breaking his right foot in the season opener, coach Dan Quinn said Friday.

Jones said he is looking forward to the contest against the Baltimore Ravens after nearly three months of inactivity.

"It’s going to be fun," Jones told reporters. "Get to get out there with my boys again. Set the tone and have some fun together."

Jones suffered the injury against the Philadelphia Eagles and underwent surgery. He was activated from injured reserve earlier this month and was inactive for the past two games.

"Deion is in, he’s ready to roll," Quinn told reporters. "He had an excellent week and really looked like himself. I was optimistic the whole week to see where he would land, and he really nailed it all week long. He’s dying to get going, and we’re dying to have him back out there."

The Pro Bowl player has been missed as the Falcons (4-7) rank 29th in scoring defense (27.9 points per game) and 28th in total defense (396.7 yards per game).

Quinn said Jones wouldn’t be limited in any fashion and will be able to play as many snaps as needed against the Ravens.

"It would have probably been harder had he not had any work, and it was, ‘OK, here’s one day of practice’ and then go." Quinn said. "We’ll keep a close eye on him, but he really is fit. And that’s the part that I can tell how hard he worked from a conditioning standpoint leading up to it. No specialized count as we’re heading into the game."

Jones said his appreciation for football grew during his 10-game absence.

"How much of a fighter I am, how much I love this game and how much I miss being out there with my boys," Jones said. "Just not taking a play off, not taking my plays for granted. You can be in one play and not know if you’re going out the next game. So while your out there take advantage of each play."

–Field Level Media

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Forex – Dollar Rises After Strong Chicago PMI Data

© Reuters.  © Reuters.

Investing.com – The dollar was higher on Friday after manufacturing activity in the Chicago area rose to a four-and-a-half-year high.

The , which measures the greenback’s strength against a basket of six major currencies, rose 0.36% to 97.04 as of 10:16 AM ET (15:16 GMT).

The rose to 66.4 in November, compared to expectations for a rise to 58.6, the Institute for Supply Management reported.

On the index, a number above 50.0 indicates an expansion, while below indicates contraction.

Investors are also looking ahead to news from the G20 summit in Argentina, where U.S. President Donald Trump is expected to meet with Chinese President Xi Jinping and Russian President Vladimir Putin on the sidelines.

On Thursday, Trump said he was close to doing “something” on trade with China, although he added that he wasn’t sure he wanted to.

The dollar was higher against the safe-heaven Japanese yen, with rising 0.07% to 113.55. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The euro was also lower on disappointing German retail sales, with slumping 0.46% to 1.1340. Retail sales in Germany fell to a three-month low of negative 0.3%, compared with estimates for a 0.4% increase.

The pound remained lower, with falling 0.34% to 1.2741 amid continued Brexit worries.

Elsewhere, was flat at 0.6858, while was down 0.31% to 0.72985.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Dollar treads water ahead of Trump-Xi meet at G20 summit

© Reuters. U.S. dollar notes are seen in this picture illustration © Reuters. U.S. dollar notes are seen in this picture illustration

By Vatsal Srivastava

SINGAPORE (Reuters) – The dollar trod water in nervous trade on Friday ahead of a meeting of U.S. and Chinese leaders that might, or might not, lead to a truce in the Sino-U.S. trade war, which would boost emerging market currencies at the expense of safe havens.

The greenback has been under pressure this week on growing expectations that the Federal Reserve would slow down its pace of monetary tightening, a view reinforced by comments on Wednesday from Chairman Jerome Powell.

Despite the dovish comments from Fed officials, there was no large scale dollar sell-off, partly due to the strength of the U.S. economy, weakening growth elsewhere, and dollar’s own status as a safe haven amid the Sino-U.S. trade war.

It held steady Asian trade, with an index () measuring its value versus six peers up marginally at 96.72.

The focus is now on a planned meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires between Nov. 30-Dec. 1.

Trump kept markets nervous by sending mixed signals on Thursday about the prospects for a trade deal with Xi.

"If we see a truce, the and dollar will perform exceptionally well. We see a lot of upside in crosses such as Aussie/yen which would benefit from a risk on move," said Nick Twidale, chief operation officer, Rakuten Securities.

"If tariffs on Chinese imports stay at 10 percent, the dollar is likely to weaken in a risk-on move," he said.

Trump has said he plans to significantly hike the existing 10 percent tariffs on Chinese imports by January next year, which would sharply escalate the trade war between the economic heavyweights.

China’s economy is already under pressure, with a survey earlier on Friday showing its vast manufacturing sector growth stalled for the first time in over two years in November as new orders shrank.

Apart from U.S.-Sino trade talks, the markets would also be focusing on whether OPEC and Russia agree on oil production cuts next week.

A meaningful rebound in crude prices can be beneficial for commodity currencies such as the Canadian dollar and Norwegian krone according to Michael McCarthy, chief markets strategist at CMC Markets.=>=>

Dollar investors were also carefully watching for any changes in U.S. monetary policy.

Overnight, minutes from the Fed’s Nov. 7-8 meeting indicated that another interest rate hike is warranted. But Fed officials also kept the debate open on when the U.S. central bank might pause its monetary tightening and how it would relay those plans to the public.

The Fed is widely expected to raise interest rates by 25 basis points in December, which would be the fourth hike for the year.

For 2019, the market is now pricing only one rate hike, according to the CME Group’s FedWatch Tool, below Fed’s projection of three increases during the year.

On Wednesday, Powell said the Fed’s policy rate is now "just below" estimates of a neutral rate, which investors interpreted as a signal the Fed’s three-year tightening cycle is drawing to a close.

However, some analysts think that the market may be underestimating the number of times the Fed can hike rates next year.

"We believe that Powell has not turned dovish but simply toning down his hawkish tilt. We expect a Fed hike in December and the US economy to keep performing and support another four hikes in 2019," said Philip Wee, currency strategist at DBS in a note.

The dollar weakened 0.07 percent versus the yen , which changed hands at 113.41 at 0350 GMT. Analysts expect the dollar/yen to remain in an uptrend due to the diverging monetary policies of the Fed and the Bank of Japan.=>

The euro () was steady at $ 1.1390, having risen in the last two sessions as the dollar wobbled on Powell’s comments.

Elsewhere, sterling traded at $ 1.2779, losing 0.1 percent versus the greenback. Traders remain bearish on the pound betting that British Prime Minister Theresa May will fail to win approval for her Brexit deal in a fractious parliament.=>

"No news is bad news for sterling. There’s been no meaningful progress in Brexit negotiations and investors are growing impatient," said Kathy Lien, managing director of currency strategy at BK Asset Management in a note.

The Australian dollar lost 0.08 percent to $ 0.7315 on the weak Chinese PMI data. =>

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Forex – Dollar Flat as Fed Minutes Add Weight to Expectations for Fed Pause

© Reuters.  © Reuters.

Investing.com – The U.S. dollar was flat against its rivals Thursday as the Federal Reserve minutes did little to dent investor expectations for a December rate hike, but added to expectations that interest rates were close to neutral.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.04% to 94.72.

“Members continued to expect that further gradual increases in the target range for the federal funds rate would be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective over the medium term,” the Fed’s minutes showed.

But they also added weight to investor expectations that the Federal Reserve’s benchmark rate was inching closer to neutral.

“A couple of participants noted that the federal funds rate might currently be near its neutral level and that further increases in the federal funds rate could unduly slow the expansion of economic activity and put downward pressure on inflation and inflation expectations,” the minutes read.

Fed Chairman Jerome Powell said Wednesday that interest rates were “just below” neutral, dampening the optimism for a more aggressive rate-hike cycle.

Beyond monetary policy, mixed U.S. economic data showing ongoing strength in consumer spending, but a slowdown inflation kept a lid on gains in the greenback.

The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, in the 12 months through October.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, last month, the Commerce Department said on Monday.

Elsewhere the dollar was supported by weakness in sterling as investors continued to fret about the outcome of the UK parliament’s vote on a Brexit deal slated for Dec. 11.

fell 0.39% to $ 1.2778, rose 0.15% to $ 1.1384.

fell 0.22% to Y113.45, rose 0.02% C$ 1.3279.

— Reuters contributed to this report.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Carphone Warehouse faces Black Friday backlash

Carphone Warehouse-owned website Mobiles.co.uk and other online phone retailers are facing a backlash from customers wrongly refused Black Friday smartphone deals.

A problem with Vodafone’s credit check systems meant that some applications submitted via the contract resellers were incorrectly turned down.

The BBC understands that about 5% of consumers experienced the issue.

Many affected complained on social media and Trustpilot’s review site.

Although Vodafone is offering to recheck applications from anyone who contacts it, this has not always been communicated to the rejected customers.

Carphone Warehouse-owned website Mobiles.co.uk has attracted the brunt of the fallout.

This is in part because one of its iPhone XR deals gained a huge amount of publicity.

But it is also related to the fact the business charges 13p a minute to call its sales helpline.

Some customers have said they were on the line for more than an hour without the matter being resolved.

The Black Friday weekend represented one of the busiest times of the year for smartphone sales.

In some cases, retailers took as many orders in a few days as they would normally take in two months.

Rejected deals

The BBC initially flagged the issue of rejected credit checks to Mobiles.co.uk’s parent company Dixons Carphone on Monday, after noticing a number of complaints on Twitter.

“We have seen no change in our credit check ‘accept rate’ for this deal compared with our usual rate,” the firm responded.

A follow-up query was responded to on Wednesday with a similar reply, a statement by which the firm stands.

However, when the BBC spoke to a store assistant in one of the group’s Carphone Warehouse’s retail outlets, it was told that the shop had repeatedly had to submit some customers’ applications to get them approved, because of problems with Vodafone’s systems.

It appears, however, that members of the public who used the Mobiles.co.uk website only, had their details submitted once and were sent an automated rejection email if they failed.

Customers of other online retailers including Mobile Phones Direct, Affordable Mobiles and Fonehouse have reported experiencing a similar fate.

“Due to the high volume of interest in our Black Friday deals, the system dealing with credit applications from indirect partners experienced some issues,” said a spokeswoman for Vodafone.

“This meant that a small number of applications were declined incorrectly.

“The system is now back up and running properly and we are rechecking applications from anyone who has contacted us to query our decision on their application.

“These customers will still be able to take advantage of our Black Friday offers.”

Vodafone added that the follow-up checks would not affect consumers’ credit scores.

Dixons Carphone has acknowledged that some of its customers have still to be told whether or not they have been accepted, but it has not acknowledged Vodafone’s accuracy problem.

“Due to an incredibly high take-up of our very competitive Black Friday deals with Vodafone, there is a backlog processing credit checks,” said a spokeswoman.

“We’re working with Vodafone to resolve this and the backlog is expected to be cleared by the end of the week.

“Vodafone has told us they will honour the deals for those customers who ultimately pass the credit checks.”

One industry expert expressed surprise that Dixons Carphone had not addressed the failed credit checks.

“If you’re going to offer a promotion that almost looks too good to be true, the likelihood is that you are going to get deluged with people and you have to be able to cope with that as an organisation,” said Ben Wood from CCS Insight.

“If something then goes wrong you have to address that.”

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Bipartisan leaders of Senate Intelligence Committee respond to Cohen's plea deal

Michael Cohen, President Trump’s former lawyer, pleaded guilty Thursday to lying to Congress as part of special counsel Robert Mueller’s investigation of Russian interference in the 2016 presidential election, CBS News has confirmed. Shortly after Cohen’s guilty plea in the Southern District of New York, Senate Intelligence Committee Ranking Member Mark Warner said that Cohen “needs to come back and share more” with the committee.

Cohen pleaded guilty to making false statements to both the House and Senate Intelligence Committees. However, unlike its counterpart in the House, the Senate Intelligence Committee’s investigation into Russian meddling in 2016 is largely bipartisan, with Republican Chairman Richard Burr and Warner working in tandem.

“This is the reason why people shouldn’t lie when they’re in front of a congressional investigation,” Burr told reporters on Thursday. 

According to the plea deal, Cohen sent a letter to the House and Senate Intelligence Committees related to plans to build a Trump Tower in Moscow on August 28, 2017. He falsely said that planning had ended in January 2016, that he had not considered to traveling to Russia in relation to the plans, and that he had not heard from any Russian officials about the project.

Cohen was set to testify before the Senate Intelligence Committee on Sept. 19, 2017. He released the prepared remarks he was planning on giving behind closed doors to the committee to the press beforehand. The committee then canceled the meeting with Cohen, upset that his remarks, which reiterated what he had said in his letter to Congress in August, had been leaked to the press.

The committee rescheduled closed-door testimony by Cohen on October 25, 2017. A committee official confirmed to CBS News that the special counsel’s office had access to the transcript of Cohen’s testimony before the Senate Intelligence Committee. 

In subsequent remarks to reporters, Warner acknowledged that the committee had made referrals to the special prosecutor but declined to name any individuals. 

It was not immediately clear whether Mueller’s office also had access to a transcript of Cohen’s testimony before the House Intelligence Committee.

A Democrat official told CBS News all of the committee’s transcripts have been shared with the Office of the Director of National Intelligence for a declassification review.  That process could involve sharing materials with relevant agencies, including the FBI and Justice Department. 

The committee voted to publicly release virtually all of its interview transcripts in September. 

“If the outgoing Republican Majority does not release the transcripts before we take power in January, it will be one of the first things we do both to assist the Special Counsel’s work, and enhance the American people’s understanding,” the official said.

Cohen’s plea deal states that “as Cohen well knew, Cohen’s representations about the Moscow Project he made to (the Senate and House Intelligence Committees) were false and misleading. Cohen made the false statements to (1) minimize links between the Moscow Project and (President Trump) and (2) give the false impression that the Moscow Project ended before
‘the Iowa caucus and . . . the very first primary,’ in hopes of limiting the ongoing Russia investigations.”

Mr. Trump was dismissive of Cohen in brief remarks to reporters on Thursday. 

“Michael Cohen is lying and he’s trying to get a reduced sentence for things that have nothing to do with me,” the president said as he left the White House Thursday morning. He added that Cohen “is not a very smart person.”

Warner suggested that Cohen’s plea deal did relate to Mr. Trump, saying: “This is one more example of one of the president’s closest allies lying about their ties to Russia and Russians.”

© 2018 CBS Interactive Inc. All Rights Reserved.

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U.S. – CBSNews.com

How bad would car tariffs hurt the EU?

How bad could car tariffs hit?

Tariffs could come as soon as next week on all auto imports to the US, excluding Canada and Mexico.

Europe would be particularly hard hit, especially German auto makers who wilted on the news. In the bigger picture, Barlcays estimates that US tariffs would cut EU growth to 1.2-1.3% from 1.6%.

That would be enough to trigger an ECB reaction, they say but they don’t weigh in on the FX impact.

They also note that autos and parts represent a whopping 33% of the EU’s trade surplus with the US

As for global growth it would be hit by about 0.1 percentage points with some of the downsides offset by fresh investment to move production. China is a particular wild card. They are the biggest car market in the world with 25% of global sales but how they respond is highly uncertain.

“Besides the need to include direct and indirect effects on growth from protectionism, key assumptions have to be made, such as the duration of a trade war and the response to shock, including monetary and fiscal policy (eg, how increased revenues from tariffs are used), which are very difficult to predict,” the report says.

ForexLive

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World Chess Championship 2018: American loses to Magnus Carlsen

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America’s hopes for the first world champion of chess since the 1970s have been dashed. In London Wednesday night, Fabiano Caruana lost to the world’s No. 1 ranked player, Magnus Carlsen. The pair were tied after 12 tense matches so it went to sudden death. Mark Phillips reports.
World – CBSNews.com

Forex – Dollar Stabilizes after Wednesday Drop on Dovish Fed

© Reuters.  © Reuters.

Investing.com – The dollar steadied on Thursday following a drop in the previous session after dovish comments by Federal Reserve Chairman Jerome Powell, who said interest rates were now close to the “neutral” level.

The , which measures the greenback’s strength against a basket of six major currencies, edged up 0.12% to 96.78 by 04:18 AM GMT (09:18 AM GMT), after falling 0.62% on Wednesday.

In a speech on Wednesday, Powell said interest rates were at which they neither stimulate nor hinder economic growth. The comments came less than two months after he said rates were probably “a long way” from that point.

Investors viewed the comments as an indication that the Fed would slow its program of hiking interest rates.

Market watchers were looking ahead to the minutes of the Fed’s November meeting due to be released later Thursday, for fresh indications on the path of interest rates.

The Fed is widely expected to raise rates for a fourth time this year at its upcoming meeting in December and has indicated that it may raise rates three more times in 2019, but markets are pricing in just one rate hike next year.

Investors were also monitoring developments in the ahead of the upcoming G20 summit later this week where U.S. President Donald Trump and his Chinese counterpart Xi Jinping are scheduled to hold talks.

Trump said earlier this week that it was “highly unlikely” he would accept China’s request to hold off a planned increase in tariffs due to take effect in January.

The dollar was weaker against the yen, with down 0.32% to 113.33.

The euro was little changed against the U.S. currency, with changing hands at 1.1371.

The pound was broadly lower, with falling 0.45% to 1.2767 and advancing 0.46% to 0.8903.

Sterling was pressured lower amid uncertainty over whether British Prime Minister Theresa May’s Brexit withdrawal deal due to take place on December 11.

The Bank of England warned Wednesday that a no-deal Brexit could plunge the UK economy into the since the Second World War.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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