Pound rides high as data hits hopes of USA rate rise

Cautious Fed Lifts Global Stocks to Record High, Investors Eye Earnings Lift

The New Zealand dollar was trading at 73.16 U.S. cents as at 5 pm from 72.84 cents late yesterday but was weaker versus last Friday in NY when it traded at 73.80.

Emerging markets-focused asset manager Ashmore ASHM.L fell after reporting a 5 percent rise in its fourth-quarter assets, boosted by new client cash. The central bank usually tries to aim for 2% core inflation or less.

Political strategists say they expect a tax-reform bill to be presented in the fall and approved by next year, but the markets have doubted whether tax reform is still viable based on how long it has taken Congress to revise Obamacare.

As we discussed two weeks ago, USA data has disappointed for much of 2017, and that's created questions behind just how aggressively the Fed might be able to hike.

The falling price of gasoline also helped hold down USA retail sales, which contracted for the second straight month in June, while manufacturing output rose slightly but slowed in the second quarter, according to two separate reports Friday. The cost of cellular phone services fell 0.8 per cent, extending their decline amid price competition among service providers. Even excluding for vehicle sales, which have declined recently, retail sales figures still posted a 0.2% drop.

The U.S. data bolstered expectations that the U.S. Federal Reserve would likely to move slowly to continue raising interest rates in the absence of inflation signs.

At 10:12 a.m. EDT (1412 GMT), federal funds futures implied that traders saw a 53-percent chance the Federal Reserve would raise key overnight borrowing costs by at least a quarter point at its December 12-13 meeting, down from about 55 percent at Thursday's close, according to CME Group's FedWatch program.

European shares had their strongest week in more than two months as investors piled back into equities on signs that the world's major central banks would likely not tighten monetary policy as quickly as some had feared.

But Dr Yellen added that monetary policy was not on a preset course, and that the Fed was "watching this very closely and stands ready to adjust our policy if it appears the inflation undershoot appears consistent".

The Dow Jones Industrial Average .DJI rose 84.65 points, or 0.39 percent, to 21,637.74. The two-year note fell to 1.347% from 1.363% at yesterday's close, and the 30-year fell to 2.892%.

Spot gold gained 0.96 pct at $1,228.61 per ounce by 3:01 p.m. EDT (1901 GMT) after hitting $1,232.76.

A supply interruption in Nigeria boosted crude oil and prices posted a weekly gain of more than 4 percent on lower US stockpiles.

US West Texas Intermediate (WTI) crude futures rose 46 cents to settle at US$46.54 per barrel.

In oil markets, benchmark Brent and United States WTI futures contracts were on track for weekly gains.

The most-active US gold futures for August delivery futures settled up $10.20, or 0.84 percent, at $1,227.50 per ounce.

Related news:

Hot News

isis-killer-beheading-video-story-top Man Arrested In Connection With The Disappearance Of Four Pennsylvania Men
Jul 16, 2017 - 01:14
Multiple sets of human remains were discovered in a 12' deep mass grave on a farm in Bucks County in the past 24 hours. DiNardo is back behind bars as investigators continue to try to unravel the mystery of what happened to the four men .

isis-killer-beheading-video-story-top Two arrested, charged with the murders of missing Bucks Co. men
Jul 16, 2017 - 01:11
It was the discovery of Meo's auto on a DiNardo family property a half-mile from the farm that led to DiNardo's re-arrest. On Thursday, his attorney was in Philadelphia court to request a continuance for further investigation in that case.

isis-killer-beheading-video-story-top Lea Michele, Dianna Agron and more pay tribute to Cory Monteith
Jul 16, 2017 - 01:11
A little earlier this year, Michele told Women's Health that she now has three tatts honouring the Canadian . Lea Michele has written several songs for him and has had several tattoos to commemorate her lost love.

isis-killer-beheading-video-story-top Trump 'Grudgingly' to Certify Iran Deal He Wanted Out Of
Jul 15, 2017 - 00:54
The foreign minister, who is scheduled to speak at a United Nations meeting, called for Washington to make a record of its own deficiencies under the joint agreement.

DJIA Today: Dow Jones Futures Hit Record Following Yellen Testimony
Jul 15, 2017 - 00:54
The Dow Jones Industrial Average added 0.1 percent to end the session at 21,553.09, finishing at its second straight record. Stocks are opening slightly higher on Wall Street as technology companies and banks post gains.

isis-killer-beheading-video-story-top Brides-to-be left with questions after rumors of Alfred Angelo closure
Jul 15, 2017 - 00:52
The Mechanicsville bride-to-be heard on social media Thursday that national bridal retailer Alfred Angelo was closing its stores. Last June, Jones paid Alfred Angelo Bridal the full cost for her wedding gown and three bridesmaid dresses for her daughters.

US Democrats introduce new bill on Russia and Iran sanctions
Jul 15, 2017 - 00:50
Republicans , who control majorities in both the House and the Senate, are not likely to support the bill. "Let the House act, they need to act now".

isis-killer-beheading-video-story-top Huge Sink Hole Swallows Homes And Street
Jul 15, 2017 - 00:44
WFLA-TV said the sinkhole started out about the size of a small swimming pool, but increased in size. One more home is in danger, and officials say they don't know when it will stop getting bigger.

isis-killer-beheading-video-story-top Did Jennifer Garner CONFRONT Lindsay Shookus about her relationship with Ben Affleck?
Jul 14, 2017 - 00:52
Of course, at this point there's nothing that Jennifer Garner can do about Ben Affleck and Lindsay Shookus' romance. For much more about Lindsay Shookus and Ben Affleck , pick up this week's issue of PEOPLE on newsstands Friday.

isis-killer-beheading-video-story-top Militants Kill 7 Pilgrims In Kashmir - But The Pilgrimage Carries On
Jul 14, 2017 - 00:52
The ministers visited Srinagar , following a directive from Prime Minister Narendra Modi and Home Minister Rajnath Singh . The government wanted the 40-day yatra to take place without interruptions and it promised a safe trip for the tourists.

isis-killer-beheading-video-story-top Marine from Jacksonville, Florida, among 16 killed in military plane crash
Jul 14, 2017 - 00:50
Bodies were found more than a mile from the plane. "The crash of the KC-130 killed 15 Marines and a Navy sailor". Mississippi Public Safety Commissioner Marshall Fisher says residents should be aware of risky debris .

isis-killer-beheading-video-story-top 2nd Circ. Flips Sheldon Silver's Corruption Conviction
Jul 14, 2017 - 00:47
Prosecutors may retry Silver, a 73-year-old Democrat from Manhattan who served more than two decades as Assembly speaker. The question presented to us, however, is not how a jury would likely view the evidence presented by the Government.

isis-killer-beheading-video-story-top Mithali Raj Becomes Highest Scorer in Women ODI Cricket
Jul 14, 2017 - 00:46
After raising hopes of scoring big by amassing 281 against England, India's batswomen seem to have gone into slow motion mode. India, however, were defeated by 8 wickets in the match as Australia chased the target of 227 for the loss of 2 wicket .

isis-killer-beheading-video-story-top Flash flood warning issued for Chicago
Jul 13, 2017 - 01:33
An elevated flooding risk was expected to continue into Wednesday, as well as and elevated risk of severe thunderstorms and heat. The watch issued by Cleveland's office covers areas in OH along and east of I-75, including Toledo, and is in effect from 8 p.m.

isis-killer-beheading-video-story-top Oil prices rise on falling U.S. fuel inventories, lower production outlook
Jul 13, 2017 - 01:33
EIA in its report said it expected WTI to average $49 per barrel this year, $2 per barrel less than its previous estimate. US crude imports fell last week by 282,000 bbl/d, while exports rose to 918,000 bbl/d from 768,000 bbl/d.