Monday, March 28, 2016

Forex – US Dollar Remains Strong, Asian Stocks Fall as Investors Brace for U.S. Jobs Figures, Fed Statement

The US greenback remained steady as of Monday's close and most markets in Asia shed early rallies as traders braced for the highly-anticipated U.S. economic data and comments by US Federal Reserve officials this week that could provide key indications of further interest rate hikes than projected.

In Europe, markets were closed for the Easter Monday holiday. U.S. stock futures inched up 0.29 pct, though they remain unchanged for the current quarter.

During the past seven days, the US currency has been buoyed by stronger-than-estimated gross domestic product figures and statements made by central bank officials signalling that policy makers think they could jack up rates as early as April.

The USD index versus a host of six key currencies was up as high as 96.339, its highest in nearly three weeks. It was last trading up 0.1 pct at 96.273.

According to South Korea-based Samsung Futures research director Jon Me Yang,
"Central bank officials generally looked to share the same perceptions that they must keep an interest rate increase path considering a U.S. economic recovery."

Meanwhile, the US dollar was up 0.5 pct to 113.51 yen, keeping firm its steady rise from a 6-1/2-month low of 110.67 it reached on March 17 following a Federal Reserve session that left markets positive U.S. interest rates would not be hiked soon.

The Japanese yen's sluggishness, on the other hand, gave Tokyo's Nikkei a 0.8 pct boost to its highest close in 2 weeks.

Forex – US Dollar Remains Strong, Asian Stocks Fall as Investors Brace for U.S. Jobs Figures, Fed Statement Rating: 4.5 Posted by: Unknown

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