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Asian Stocks Decline; US Dollar Pares Losses: Markets Wrap
25 January 2018, 04:55 | Virginia Santiago
Gold holds steady as dollar falls to fresh 3-year low
The comment broke with two decades of USA policy in which Treasury chiefs largely said they supported a strong dollar and raised concern that the US government might be trying to talk down the dollar's value to help US exporters.
The dollar index, which measures the greenback against a basket of currencies, was down 0.2%, hitting its weakest since December 2014 at 89.053 on Thursday.
The dollar's sell-off was also helped by investors betting on tighter monetary policies by major central banks, bringing them in line with the Federal Reserve.
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The comments are widely seen as a departure from the past three presidential administrations and Treasury secretaries - going back to Robert Rubin. The dollar index was down about 1 percent Wednesday afternoon. In 1.12pm trading, the Standard & Poor's 500 Index declined 0.4 percent.
The Dow rose 41.31 points or 0.2 percent to 26,252.12, while the Nasdaq slid 45.23 points or 0.6 percent to 7,415.06 and the S&P 500 edged down 1.59 points or 0.1 percent to 2,837.54.
Asked about negotiations between the United States, Canada and Mexico to rework the North American Free Trade Agreement (NAFTA), Ross said it was more important to get a "proper deal" than a quick agreement.
"Global investors are also concerned about potential trade wars... which is stirring up some risk-aversion trade, so that, in turn, is supporting gold", said Richard Xu, a fund manager at China's biggest gold exchange-traded fund, HuaAn Gold.
"Trade wars are fought every single day", Ross said.
The MSCI Asia Pacific Index sank 0.4 percent, the first retreat in a week and the largest decrease in nearly six weeks. The ICE US dollar index fell nearly 10 percent in 2017 and is down 3 percent so far this year. The British FTSE 100 fell 1.1 percent.
On the flip side, Advantest is losing nearly 3 percent, while Taiyo Yuden, Seiko Epson and Alps Electric are all declining more than 2 percent each.
Chipmakers have made huge gains in recent months, and Nvidia has more than doubled over the previous year.
Treasuries sold off on Wednesday in tandem with the dollar following Mnuchin's remarks.
Spot gold is expected to gain more to $1,381 per ounce, as it has broken a resistance at $1,354, said Reuters technical analyst Wang Tao. Decliners outpaced advancers by a 1.2-to-1 ratio. MSCI ACWI, the index provider's broadest gauge of the world's stock markets, extended its gain so far this month to 6.5 per cent on Wednesday, posting rise in 14 out of 16 U.S. business days.
In late trading, US 10-year Treasury yields US10T=RR rose to 2.652 percent, from 2.622 percent late on Tuesday. Among automakers, Toyota is lower by nearly 1 percent and Honda is losing more than 1 percent.
Worldwide benchmark Brent futures were nudging $71 per barrel - $70.98 a barrel at 0232 GMT - a level not seen since early December 2014 and up 45 cents, or 0.6 per cent, from their last close.
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