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Euro Rises as Dollar Pares Weekly Gain
World Economy

Euro Rises as Dollar Pares Weekly Gain

The euro advanced, helping to trim the dollar’s first gain in six weeks, and European bonds climbed. Asian stocks rose, with Chinese shares heading for their biggest weekly gain since November, while oil is set for a record streak of gains.
The euro strengthened 0.4 percent by 7:11 a.m. in London, dragging the Bloomberg Dollar Spot Index 0.3 percent lower. Yields on 10-year notes from Germany and France fell two basis points. The Shanghai Composite Index extended the week’s gain to 7.6 percent. Standard & Poor’s 500 Index futures rose 0.1 percent and contracts on the Euro Stoxx 50 Index were little changed. U.S. oil was at $60.60 a barrel, set for a record 10th week advances on record. Wheat climbed.
Federal Reserve Chair Janet Yellen speaks on the economy after data that’s estimated to show inflation slowed to just 0.1 percent in April from 0.2 percent the previous month. Mixed U.S. economic reports have prompted investors to push back estimates for when the Fed will begin raising rates, helping to drive equities to all-time highs. The Bank of Japan kept its record stimulus program unchanged Friday.
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, fell Thursday as housing data trailed estimates and U.S. jobless claims increased in the week.
The euro strengthened to $1.1163 and the Australian dollar added 0.4 percent with the Swiss franc. New Zealand’s currency rose 0.6 percent stronger at 73.85 cents, trimming its weekly loss to 1.1 percent. The South Pacific country’s currency is heading for a fifth weekly retreat, the longest streak since October.
The yen climbed 0.3 percent to 120.73 per dollar after snapping a five-day slump Thursday. The BOJ said it will continue its easing efforts until inflation hits 2 percent. The central bank said the consumer-price index will probably remain flat due to the effects of lower energy prices.

 

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