US Dollar Dips, US Stocks Rally Ahead of Wednesday’s Fed Interest Rate Decision
March 17, 2015 7:19 am
Asian shares rose on Tuesday following Wall Street’s lead and U.S. stocks rallied on Monday as the U.S. Dollar eased back from its recent peak as investors speculated that weaker-than-expected U.S. data could prompt the Federal Reserve to express caution this week on the timing of a future rate hike. The Dow closed 228 points higher at 17,977, the S&P500 gained 27 points to close at 2,081.
The Euro rose 0.2% to $1.0590 well off Monday’s 12-year low of $1.0457. Against its Japanese counterpart, the Dollar was slightly lower on the day at 121.25, but still not far from a nearly eight-year high of 122.04 logged one week ago. The Aussie was down 0.2% at $0.7623, crawling closer to a six-year trough of $0.7561 plumbed recently.
U.S. crude oil remained under pressure from a global supply glut, after losing as much as 4% in the previous session to hit a six-year low. It was last down about 0.3% at $43.75 a barrel. Brent steadied, edging up 0.2% to $54.06.
British supermarket Sainsbury’s posted a fifth straight quarter of declining underlying sales and said it did not expect the trading environment to improve any time soon. The stock is actually trading 1% higher in early trade at 270p per share.
Asian shares rose on Tuesday following Wall Street’s lead and U.S. stocks rallied on Monday as the U.S. Dollar eased back from its recent peak as investors speculated that weaker-than-expected U.S. data could prompt the Federal Reserve to express caution this week on the timing of a future rate hike. The Dow closed 228 points higher at 17,977, the S&P500 gained 27 points to close at 2,081.
The Euro rose 0.2% to $1.0590 well off Monday’s 12-year low of $1.0457. Against its Japanese counterpart, the Dollar was slightly lower on the day at 121.25, but still not far from a nearly eight-year high of 122.04 logged one week ago. The Aussie was down 0.2% at $0.7623, crawling closer to a six-year trough of $0.7561 plumbed recently.
U.S. crude oil remained under pressure from a global supply glut, after losing as much as 4% in the previous session to hit a six-year low. It was last down about 0.3% at $43.75 a barrel. Brent steadied, edging up 0.2% to $54.06.
British supermarket Sainsbury’s posted a fifth straight quarter of declining underlying sales and said it did not expect the trading environment to improve any time soon. The stock is actually trading 1% higher in early trade at 270p per share.
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