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NEW YORK (Reuters) - The U.S. dollar rose to its highest in six weeks on Wednesday as Federal Reserve Chairman Jerome Powell said the U.S. economy is “remarkably positive” and spoke of the need to continue raising interest rates. Hawkish Fed speakers have helped elevate the greenback this week, after the Fed last Wednesday raised rates as expected and said it foresees another rate hike in December, three more next year and one in 2020. Powell on Wednesday continued to talk up U.S. economic strength a day after hailing a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices.
Data on Wednesday supported the view that the U.S, economy is in strong shape, Services sector activity raced to a 21-year high in September hugo boss cufflinks price india and companies boosted hiring, signs of enduring strength at the end of the third quarter, Private U.S, employers added 230,000 jobs in September, the most since February, according to the ADP National Employment Report, above economists’ expectations of 185,000, The Fed is “still very much committed to a gradual path when it comes to rate hikes,” said Bipan Rai, head of North American foreign exchange strategy at CIBC Capital Markets in Toronto..
The dollar is outperforming as U.S. growth remains strong while economic data in other large economies including the euro zone has come in below expectations. “One of the reasons we think why the dollar has been so bid in the last several months has been because the U.S. economy has been performing reasonably well, whereas we’ve seen a material slowdown in terms of data coming out of the euro zone and Japan and other large economies,” said Rai. The euro is also being hurt by uncertainty surrounding Italy’s debt, fiscal plans and future ties with the rest of Europe, which has unnerved markets and exacerbated tensions with other euro zone leaders.
NEW YORK (Reuters) - Stock markets around the world were up slightly hugo boss cufflinks price india on Wednesday amid signs that Italy would cut its budget deficits in coming years, but U.S, Treasuries yields hit multi-year highs after strong U.S, jobs data, while oil prices saw 4-year highs ahead of U.S, sanctions on Iran exports, On Wall Street, the Dow Jones Industrial Average rose to a record high helped by U.S, data showing private sector payrolls saw the biggest monthly gain since February, Financial stocks gained from a rebound in European markets and rising Treasury yields..
The Dow Jones Industrial Average rose 54.45 points, or 0.2 percent, to 26,828.39, the S&P 500 gained 2.08 points, or 0.07 percent, to 2,925.51 and the Nasdaq Composite added 25.54 points, or 0.32 percent, to 8,025.09. MSCI’s gauge of stocks across the globe gained 0.02 percent. U.S. Treasury yields reached multi-year peaks, with the 10-year note’s yield at its highest since 2014 and maturities at the short end of the curve at decade highs, after economic data bolstered the case for the Fed to raise interest rates in December.
Benchmark 10-year notes last fell 30/32 in price to yield 3.1662 percent, The 30-year bond last fell 67/32 in price to yield 3.3206 percent, The yield on the benchmark 10-year note was on track for its largest daily jump since the U.S, presidential hugo boss cufflinks price india election in November 2016 as U.S, service sector activity hit a 21-year high and the ADP private payrolls data for September came in stronger than expected, “Just the recognition of the Fed saying the economy is good, that means they are not going to slow down any time soon the rate of rate increases,” said Mike Baele at managing director at U.S, Bank Private Client Wealth Management in Portland, Oregon..
The U.S. dollar also gained after the release of the ADP data, which comes ahead of the more comprehensive non-farm payrolls data on Friday. Stock markets around the world initially rose after a report said Italy’s deficit would fall to 2.2 percent of gross domestic product in 2020 and to 2.0 percent in 2021 from the 2.4 percent earlier outlined, easing concerns that Italian budget deficits could deepen its debt problems and stoke conflict with the European Union. Italian 10-year borrowing costs eased off 4-1/2-year highs, after jumping 50 basis points since budget details emerged last Thursday. Two-year yields fell 10 bps.
The improved mood toward Italy also reduced the premium investors demand for holding Italian risk relative to that of hugo boss cufflinks price india safer Germany to around 290 bps, down from a five-year high over 300 bps on Tuesday, and sapped demand for safe-haven assets such as German bonds and Swiss franc, “Today, so far, has been better-than-expected performance out of Europe,” said Michael Antonelli, managing director of institutional sales trading at Robert W, Baird in Milwaukee, The pan-European equity index rose 0.5 percent, while the Milan bourse jumped more than one percent, The moves were led by an initial 3.1 percent bounce in Italian banks..