Published: Sat, March 16, 2019
Markets | By Noel Gibbs

Aussie dollar falls as U.S., China delay trade meeting; sterling falls

Aussie dollar falls as U.S., China delay trade meeting; sterling falls

The Bloomberg Dollar Spot Index advanced 0.3 percent, the first advance in a week.The euro declined 0.2 percent to $1.1309, the first retreat in a week.The British pound decreased 0.8 percent to $1.3226, the biggest dip in nearly eight weeks.The Japanese yen sank 0.4 percent to 111.64 per dollar, the weakest in more than a week on the largest decrease in nearly two weeks.The MSCI Emerging Markets Currency Index dipped 0.1 percent.

The dollar index, a gauge of the currency's strength against six major counterparts, stood little changed at 96.505.

The dollar gained for the first time in a week as the pound fell after a vote on Brexit that failed to deliver much clarity on where Britain's relationship with the European Union was headed. The non-binding vote will increase pressure on Prime Minister Theresa May to rule out a "no-deal" exit, and paves the way for a vote to delay Brexit. Expect that rate to be higher after the British Parliament votes Thursday to request an extension to the scheduled departure date.

"Once expectations for a delayed exit from the European Union are confirmed after tonight's vote in parliament, the pound could face more pressure".

The yuan weakened. Treasuries erased a drop and the dollar gained, holding those moves as data showed United States unemployment rose to a four-week high.

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Despite China's slowing growth, Asian markets have had an impressive rally this year, with the MSCI index climbing about 10 percent largely after the U.S. Federal Reserve all but abandoned its rate hike plans.

Elsewhere, oil pushed above US$58 a barrel in NY, boosted by a decline in United States crude and fuel stockpiles, adding to evidence of a tightening market.

US stocks halted a three-day rally, while the dollar surged amid concern a trade deal with China remains elusive. Immediate resistance can be seen at 1.3300 (Psychological Level), an upside break can trigger rise towards 1.3365 (61.8% retracement level).On the downside, immediate support is seen at 1.3273 (21 DMA), a break below could take the pair towards 1.3264 (50 DMA).

Gold hit almost a two-week high as tepid USA economic data reinforced views the Fed would be patient on monetary policy. The U.S. central bank's rate-setting committee will issue its next policy statement following its March 19-20 meeting.

The U.S. dollar bought 111.03 Japanese yen, lower than 111.27 Japanese yen of the previous session. Emerging-market shares edged lower.

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Dow Jones closed up by 0.58 percent, S&P 500 ended up 0.69 percent, Nasdaq finished the day up by 0.69 percent.

US Treasury yields rose after falling in the previous session as risk appetite improved and equity markets steadied.

Germany's 10-year yield gained two basis points to 0.086 percent. NY time to the highest in more than five months.Futures on the S&P 500 Index were unchanged at the highest in more than four months.The MSCI Asia Pacific Index fell 0.3 percent.The MSCI Emerging Market Index declined 0.1 percent.The U.K.'s FTSE 100 Index climbed 0.6 percent to the highest in more than three weeks on the largest increase in more than a week.

The ongoing Brexit drama, a cut to the UK's growth forecast and a warning from America's top trade negotiator that tariffs may not be rolled back are adding to an uncertain picture for global growth. It jumped 2.1 percent for its best one-day percentage gain since April 2017 and was last at $1.3315.

The pullback in sterling follows a big rally on Wednesday.

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