Saturday, April 30, 2016

US dollar increases against New Taiwan dollar on Taipei forex

NEW[1] YORK US stocks closed down as the Bank of Japan's call to cap monetary stimulus continued to rattle investors.

The dollar index, which measures the greenback against a basket of six major currencies, hit an eight-month low of 93.007 and was last down 0.72 percent at 93.087.

Spot gold was up 0.7% at $1,274.52 an ounce at 9.30am GMT, having earlier peaked at $1,280.60 an ounce.

The Nasdaq is getting help from Facebook[2] earnings, wh ich came in well above expectations on both the top and bottom line, helped by a sharp increase in mobile advertising revenue. Among other precious metals, silver was up 0.7 percent at $17.34 an ounce, platinum up 1.3 percent at $1,033.36 an ounce and palladium up 0.2 percent at $608.50 an ounce. The biggest faller was Origin Enterprises, which ended the day 12.5 per cent down at €5.87 after the company reported a disappointing trading performance for the third quarter of its financial year.

The dollar edged up 0.2 percent to 111.73 yen, moving back toward a three-week high of 111.90 notched on Monday.

In contrast to the BOJ, the U.S. Federal Reserve reassured market players by refraining from an additional interest rate hike at a Federal Open Market Committee meeting through Wednesday.

Analysts said preliminary data on Friday showing growth in the euro zone economy accelerated more than expected in the first quarter boosted the euro, while data showing USA inflation barely rose in March as consumer spending remained tepid weakened the dollar on the margin.

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MARKET INSIGHT: "This shows that too much expectation of further easing had been priced in and the BOJ has surprised the market by taking no action", Margaret Yang, an analyst at CMC Markets in Singapore, said in a commentary.

Also this week, the Bank of Japan held fire on monetary policy despite slack Japanese growth, falling prices and a deadly quake that caused the closure of factories.

The 225-issue Nikkei average dived 624.44 points, or 3.61 percent, to end at 16,666.05, extending its losing streak to a fourth day.

Silver futures in NY for delivery in May-now the most active futures contract- added nearly 2% in early dealings to trade at $17.48 an ounce, before paring some of those gains by the close.

The Bank Of Japan's biggest move this year has been to adopt a "negative interest rate" policy, imposing a 0.1 percent fee on some money it holds for commercial banks, beyond required reserves. Turnover totaled US$823 mil lion during the trading session.

Early on Friday, Brent crude eased 45 cents to $47.69 a barrel, while USA crude lost 23 cents to $45.80.


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