Dollar Drops to 3-Week Low as Jobs, Home Sales Damp U.S. Outlook

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The dollar reached the lowest level in almost three weeks versus major peers as rising U.S. jobless claims and weak housing data cast doubt on the nation’s economic outlook.

The greenback weakened after a report showed applications for unemployment benefits rose last week and sales of new homes slumped, adding to evidence U.S. economic growth remains uneven. Federal Reserve policy makers want to see signs of growth and inflation on the rise before committing to the first interest-rate increase in almost a decade.

The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, was down 0.7 percent to 1,183.96 as of 2:46 p.m. New York time. It reached the lowest level on a closing basis since April 3. The dollar fell 1.1 percent to $1.0842 per euro and slid 0.3 percent to 119.51 yen.

The greenback gauge has slumped 1.4 percent in April after gaining for the past nine months.

Source : Bloomberg

Gold Rebounds From Biggest Decline in Six Weeks on Haven Buying

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Gold futures recovered from the biggest drop in six weeks as signs of slowing economic growth from China to the U.S. spurred demand for haven assets.

Purchases of new U.S. homes slumped more than forecast in March, while manufacturing slowed in the euro area and China in April, separate reports showed Thursday. The economic data reignited demand for gold after prices on Wednesday fell the most in six weeks amid positive figures for American housing.

Signs of uneven growth in the U.S. have prompted speculation that the Federal Reserve will wait longer to raise interest rates, while central banks in Europe and Asia have expanded stimulus efforts to combat the slowdown. Investors increased their holdings in exchange-traded funds backed by gold for four straight sessions, and the assets are poised to rise in April for the third time in four months.

Gold futures for June delivery added 0.6 percent to settle at $1,194.30 an ounce at 1:45 p.m. on the Comex in New York. The metal is heading for the first monthly gain since January amid the global economic concerns.

Futures dropped 29 percent in the previous two years as the dollar surged and inflation remained muted. Prices climbed 70 percent from December 2008 to June 2011 partly as the Fed held rates near a record low. Higher rates boost the appeal of assets with better yield prospects such as bonds and equities, while cutting the allure of gold, which generally offers returns only through price gains.

The metal fell 2.5 percent in March as the greenback climbed for the ninth straight month. The dollar declined as much as 0.7 percent against a basket of 10 currencies on Thursday.

Source : Bloomberg

Nasdaq Tops Record as U.S. Stocks Shrug Off Mixed Earnings

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The Nasdaq Composite climbed to the highest level in 15 years, topping its dot-com-era high, as U.S. stocks shrugged off mixed earnings and disappointing manufacturing data from across the globe. Oil rose to a four-month high.

The Nasdaq Composite climbed 0.4 percent at 4 p.m. in New York, to close at a record for the first time in 15 years. The Standard & Poor’s 500 Index climbed 0.2 percent, briefly passing its March 2 closing high. The Stoxx Europe 600 Index dropped 0.4 percent. The euro rose on speculation that Greece and its creditors will reach a deal to receive aid payments. Oil jumped 2.8 percent to settle at $57.74 in New York.

Gains Thursday in Microsoft Inc. and EBay Inc. pushed the Nasdaq past its record, while the S&P 500 climbed to an intraday high as earnings from large companies surpassed estimates even as the strong dollar weighed on overseas sales. Slower expansion in euro-area manufacturing and a decline in Chinese factory data signaled Asian stimulus measures and European Central Bank bond purchases have yet to take hold.

Source : Bloomberg

Nasdaq Tops Record as U.S. Stocks Shrug Off Mixed Earnings, Data

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The Nasdaq Composite climbed to the highest level in 15 years, topping its dot-com-era closing high, as U.S. stocks shrugged off mixed earnings and disappointing manufacturing data from across the globe. Oil rose to a four-month high.

The Nasdaq Composite climbed 0.3 percent at 12:26 p.m. in New York, poised to close at a record for the first time in 15 years. The Standard & Poor’s 500 Index climbed 0.3 percent. The Stoxx Europe 600 Index dropped 0.6 percent. The euro rose on speculation that Greece and its creditors will reach a deal to receive aid payments. Oil jumped 3.2 percent.

Gains Thursday in Microsoft Inc. and EBay boosted the Nasdaq, while the S&P 500 and Dow Jones Industrial Average are within striking distance of all-time highs as earnings from large companies surpass estimates even as the strong dollar weighs on overseas sales. Slower expansion in euro-area manufacturing and a decline in Chinese factory data signaled Asian stimulus measures and European Central Bank bond purchases have yet to take hold.

Source : Bloomberg

European Stocks Drop as Manufacturing, Services Miss Estimates

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European stocks declined as data showed euro-area output expanded at a slower pace in April, and Ericsson AB led technology shares lower.

The Stoxx Europe 600 Index lost 0.4 percent to 407.18 at the close of trading, having earlier tumbled as much as 1 percent and gained 0.4 percent. A report showed euro-area manufacturing and services missed forecasts, signaling it may take longer for European Central Bank President Mario Draghi’s quantitative-easing plan to revive the economy.

Germany’s DAX Index slid 1.2 percent, among the worst in western-European markets, and France’s CAC 40 Index dropped 0.6 percent as similar data from those countries also disappointed.

Europe’s equity benchmark gauge has surged 19 percent in 2015, and last reached a record on April 15. It rallied the first two days of this week as results from SAP SE and Actelion Ltd. topped analysts’ projections and China’s central bank boosted stimulus measures.

A gauge of technology stocks fell the most among 19 industry groups, with Ericsson sliding 10 percent after reporting worse-than-forecast profitability. The index had closed at its highest level since 2002 on Wednesday.

Source : Bloomberg