Dollar Hits 11-Year High, S&P500 Sees Best Monthly Gain Since 2011
March 2, 2015 7:01 am
Asian stocks edged higher on Monday as China’s weekend interest rate cut partially offset soft U.S. data, while the Dollar hit an 11-year high against a basket of currencies. The S&P 500 posted its best monthly gain since October 2011 on Friday, but U.S. stocks ended lower for the day as U.S. economic growth slowed more sharply than initially thought in the fourth quarter. The Dow closed 81 points lower at 18,132, the S&P500 lost 6 points to close at 2,104.
The Dollar was up 0.2% at 119.88 Yen after rising to a three-week high of 119.955. It gained about 0.6% last week when upbeat U.S. data helped revive prospects of an early interest rate increase by the Federal Reserve. The Euro hovered near a five-week low of $1.1160. The Greenback’s broad strength helped the Dollar index rise to as high as 95.505, a peak not seen since September 2003. The Aussie, a proxy of China growth-related trades, climbed to $0.7850 early in the session before impact from the China rate cut faded and was last trading at $0.7767, down 0.6%
U.S. crude fell 36 cents to $49.40 a barrel after Friday’s $1.59 surge petered out. Last month, U.S. crude posted the first monthly gain since June thanks to an improving demand outlook and supply outages. Three-month copper on the London Metal Exchange hovered within distance of a two-month high of $5,944 a tonne struck last week as China’s rate cut fed hopes of increased demand from the metal’s top user.
British product-testing firm Intertek Group posted a 2.3% rise in full-year revenue, at constant currency, helped by demand for testing in the textile, electrical and building products sectors. The stock is top of the FTSE in early trade, up 3.5% at 2610p per share.
Asian stocks edged higher on Monday as China’s weekend interest rate cut partially offset soft U.S. data, while the Dollar hit an 11-year high against a basket of currencies. The S&P 500 posted its best monthly gain since October 2011 on Friday, but U.S. stocks ended lower for the day as U.S. economic growth slowed more sharply than initially thought in the fourth quarter. The Dow closed 81 points lower at 18,132, the S&P500 lost 6 points to close at 2,104.
The Dollar was up 0.2% at 119.88 Yen after rising to a three-week high of 119.955. It gained about 0.6% last week when upbeat U.S. data helped revive prospects of an early interest rate increase by the Federal Reserve. The Euro hovered near a five-week low of $1.1160. The Greenback’s broad strength helped the Dollar index rise to as high as 95.505, a peak not seen since September 2003. The Aussie, a proxy of China growth-related trades, climbed to $0.7850 early in the session before impact from the China rate cut faded and was last trading at $0.7767, down 0.6%
U.S. crude fell 36 cents to $49.40 a barrel after Friday’s $1.59 surge petered out. Last month, U.S. crude posted the first monthly gain since June thanks to an improving demand outlook and supply outages. Three-month copper on the London Metal Exchange hovered within distance of a two-month high of $5,944 a tonne struck last week as China’s rate cut fed hopes of increased demand from the metal’s top user.
British product-testing firm Intertek Group posted a 2.3% rise in full-year revenue, at constant currency, helped by demand for testing in the textile, electrical and building products sectors. The stock is top of the FTSE in early trade, up 3.5% at 2610p per share.
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