Dollar Gains as Fed’s Fisher Warns Against Delaying Rate Rise

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The dollar climbed to a three-month high versus the yen after Federal Reserve Bank of Dallas President Richard Fisher warned a delay in raising U.S. interest rates risks recession.

The greenback gained against all its major peers after Fisher, in his last speech at the helm of the Dallas Fed, said policy makers are better off tightening earlier and more gradually than later and more quickly.

The dollar gained 0.3 percent to 121.47 yen at 8:51 a.m. in Tokyo, after earlier touching 121.62, the strongest since Dec. 8. It added 0.1 percent to $1.0837 per euro, approaching the 11-year high of $1.0823 set Monday.

Source : Bloomberg

Gold Rises on Haven Demand as Pessimism on Greek Plan Increases

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Gold futures rose from a three-month low amid concern that a provisional agreement to extend aid to Greece will unravel, boosting demand for haven assets.

Eurogroup Chairman Jeroen Dijsselbloem said on Sunday that the list of measures that the Greek government proposed as part of its four-month aid accord were “far” from complete, and the country probably won’t receive an aid disbursement this month. Gold snapped the longest slump in 11 weeks.

The metal dropped 5.2 percent in February as euro-area finance ministers approved Greece’s economic package to extend the nation’s bailout accord. On Friday, gold tumbled the most since December 2013 to erase a 2015 gain after a report showed the U.S. jobless rate fell to the lowest in almost seven years, increasing speculation that the Federal Reserve will raise interest rates soon.

Gold futures for April delivery climbed 0.2 percent to settle at $1,166.50 an ounce at 1:39 p.m. on the Comex in New York. The metal dropped in the previous five sessions, the longest slump since mid-December. On Friday, the price touched $1,162.90, the lowest for a most-active contract since Dec. 1.

Source : Bloomberg

Asian Stocks Advance After U.S. Equities Rebound, Yen Weakens

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Asian stocks rose, following a rebound in U.S. equities, as a weaker yen boosted Japanese exporters and investors awaited data on China’s inflation.

The MSCI Asia Pacific Index advanced 0.1 percent to 144.08 as of 9:01 a.m. in Tokyo. The gauge sank to a three-week low on Monday after U.S. jobs data spurred traders to bring forward bets on higher interest rates for the world’s largest economy. The Standard & Poor’s 500 Index climbed 0.4 percent on Monday after tumbling Friday following the employment report. China reports on consumer and producer prices today, the first in a slew of data this week that will give clues about its growth.

Japan’s Topix index gained 0.5 percent as the yen slid 0.2 percent to 121.44 per dollar. South Korea’s Kospi index also climbed 0.5 percent. Australia’s S&P/ASX 200 Index rose 0.2 percent, while New Zealand’s NZX 50 Index was little changed.

Futures on Hong Kong’s Hang Seng Index were little changed in most recent trading. Cash markets in Hong Kong and China are yet to open.

Futures on the S&P 500 slid 0.1 percent. U.S. equities entered the seventh year of a bull run Monday, with the S&P 500’s advance paring the biggest drop in two months on Friday. The S&P 500 has gained just 1 percent this year, the third-worst performer of 24 developed markets tracked by Bloomberg.

European finance ministers piled pressure on Greece to open its books and follow through with pledges agreed to in its rescue package, as the country tries to avoid running out of cash as soon as this month. Greece will resume talks with its creditors in Brussels on Wednesday, alongside technical talks in Athens to comb through data.

Source : Bloomberg

Japan Stocks Rise as Yen Falls to Three-Month Low Against Dollar

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Japanese stocks rose as the yen weakened to the lowest level against the dollar in three months, boosting the earnings outlook for exporters.

The Topix index gained 0.5 percent to 1,539.88 as of a 9:01 a.m. in Tokyo, with all but one of its 33 industry groups rising. The Nikkei 225 Stock Average added 0.6 percent to 18,902.55. The yen slid 0.2 percent to 121.42 per dollar, dropping for a fourth day to its weakest since early December.

The Federal Reserve reviews U.S. monetary policy on March 18, with market participants watching to see if policy makers retain their pledge to be “patient” with raising borrowing costs.

Futures on the S&P 500 Index slipped 0.1 percent after the underlying gauge added 0.4 percent yesterday as U.S. equities entered the seventh year of a bull run.

Source: Bloomberg

U.S. Stocks Advance Amid Deals as Bull Run Enters Seventh Year

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U.S. stocks rose amid corporate deals after the Standard & Poor’s 500 Index tumbled the most in two months on Friday.

The S&P 500 advanced 0.4 percent to 2,079.43 at the close in New York, as equities entered the seventh year of a bull run. The Dow Jones Industrial Average added 138.94 points, or 0.8 percent, to 17,995.72. About 6.2 billion shares changed hands on U.S. exchanges, 11 percent below the three-month average.

Concern the Federal Reserve may start raising interest rates this year amid a strengthening economy has dragged equities lower. The S&P 500 fell 1.6 percent last week, the most since January, as data showed the jobless rate reached the central bank’s range for what it considers full employment. Policy makers next meet on March 17-18.

Source : Bloomberg