Dollar Rises to 3-Week High as Fed Rate Increase Remains in Play

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The dollar rose to a three-week high after minutes of the Federal Reserve’s last policy meeting suggested the first interest-rate increase since 2006 is still on the table for this year.

The U.S. currency climbed versus all of its major peers as the U.S. central bank outlook contrasted with stimulus in Europe and continuing negotiations between Greece and its creditors. While several Fed officials pushed to raise benchmark rates in June, others argued for later this year and a couple favored holding until 2016.

The dollar strengthened 1.3 percent to $1.0641 per euro, rising for a fourth day in the longest streak in more than a month, as of 2:35 p.m. New York time. The greenback reached the strongest level since March 19.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, added 0.8 percent to 1,202.89.

Source: Bloomberg

Gold Fall to Lowest in a Week as Fed Minutes Fuel Rate Concerns

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Gold futures fell to a one-week low after minutes from the Federal Reserve’s last meeting fueled concern that policy makers are moving closer to raising interest rates.

Fed officials were split last month over whether they would boost rates in June, the minutes released on Wednesday showed. Holdings in exchange-traded products backed by gold fell to 1,616.1 metric tons, a three-month low, according to data compiled by Bloomberg. The dollar rose to the highest in a week against a basket of 10 currencies.

Gold futures are heading for the first weekly decline since March 13. A government report last week showed U.S. jobs growth cooled in March, providing temporary support for prices. Metals traders are scrutinizing economic data for more signals on the timing of rate increases, which cuts the appeal of bullion because it only offers returns through price gains.

Bullion futures for June delivery dropped 0.8 percent to settle at $1,193.60 an ounce at 1:44 p.m. on the Comex in New York. Prices earlier touched $1,192.40, the lowest since April 1.

Silver futures for May delivery fell 1.7 percent to $16.176 an ounce on the Comex, capping a third straight loss. Prices touched $16.105, the lowest since March 20.

Platinum futures for July delivery lost 0.8 percent to $1,157 an ounce on the New York Mercantile Exchange. Palladium futures for June delivery climbed 0.9 percent to $762.40 an ounce, the third gain in four days.

Source: Bloomberg

U.S. Stocks Advance as Energy Shares’ Rally Offsets Alcoa’s Drop

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U.S. stocks rose as energy companies gained amid a rebound in crude, offsetting quarterly results from Alcoa Inc. and Bed Bath & Beyond Inc. that disappointed investors.

The Standard & Poor’s 500 Index advanced 0.4 percent to 2,091.09 at 4 p.m. in New York, with the index earlier trading around its average price for the past 50 days.

The S&P 500 rose Wednesday as minutes from the Federal Reserve’s latest meeting, held before last week’s worse-than-forecast jobs data, showed officials were split on whether they would raise interest rates in June. The benchmark gauge has fallen 1.3 percent from a March 2 record amid concern a stronger dollar and tumbling oil prices will hurt profits.

Source: Bloomberg

U.S. Stocks Fluctuate as Energy Companies Gain While Alcoa Falls

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U.S. stocks fluctuated as energy companies gained amid a rebound in crude, while quarterly results from Alcoa Inc. and Bed Bath & Beyond Inc. disappointed investors.

Alcoa dropped 4.2 percent after quarterly sales missed projections and the biggest U.S. aluminum producer forecast a global supply glut for the metal in 2015. Bed Bath & Beyond declined 5.5 percent, leading retailers down after lower-than-estimated earnings and outlook. Halliburton Co. and Anadarko Petroleum Corp. added more than 3.2 percent as oil rose after its biggest drop in two months.

The Standard & Poor™s 500 Index rose 0.1 percent to 2,084.27 at 12:26 p.m. in New York, with the index trading around its average price for the past 50 days. The Dow Jones Industrial Average added 12.08 points, or 0.1 percent, to 17,914.59. The Nasdaq Composite Index increased 0.2 percent.

Source: Bloomberg

Europe Stocks Climb to Record After German Industrial Production

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The biggest three-day jump since January sent European stocks to an all-time high.

The Stoxx Europe 600 Index advanced 1.1 percent to 409.15 at the close of trading in London. German industrial production rose in February, the latest of economic data in the euro area beating forecasts.

The Stoxx 600 has rallied 19 percent this year as the European Central Bank started a quantitative-easing program. The one from the Federal Reserve helped U.S. shares more than triple from a 12-year low in March 2009. Minutes from the Fed™s last meeting showed officials were split on the timing for a first interest-rate increase.

All industry groups climbed on Thursday, with carmakers and construction companies leading the advance. Lafarge SA added 5.7 percent and Holcim Ltd. rose 3.6 percent after the cement makers agreed to appoint Eric Olsen to lead their combined operation as they seek to overcome lingering opposition from some shareholders to their planned merger.

Source: Bloomberg