Thursday, 24 November 2016

Japan stocks rise to near 11-month high, dollar gains

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Japanese stocks rose to a near 11-month high on Thursday on a weaker yen and after Wall Street shares closed at record highs overnight, while the dollar's bull run continued as upbeat economic data took US bond yields to multi-year highs. The dollar index was at 101.76 , not far from 101.91 touched overnight, its highest since March 2003. The greenback saw support from an ongoing rise in US Treasury yields. The two-year yield hit its highest levels since April 2010 on Wednesday as the market continued to bet that the Trump administration will increase debt-funded spending and spur higher growth and inflation. 

                                      

Such a view - which has also lifted expectations for more interest rate hikes by the Federal Reserve next year - was reinforced on Wednesday by data that showed new orders of U.S. manufactured capital goods rebounded in October. Consumer sentiment also jumped in November in the wake of Trump's election. The dollar was up 0.1 percent at 112.620 yen after touching an eight-month high of 112.980 overnight. It has gained roughly seven big figures against its Japanese counterpart since Trump's victory earlier this month. 

                                           

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The euro was steady at USD 1.0545 after touching USD 1.0526 overnight, its lowest since Dec. 4, 2015. The common currency has dropped nearly 4 percent so far in November. Japan's Nikkei was up 1.1 percent, touching its highest level since early January.

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