Weak greenback helps markets... Gold is set for 6 per cent jump says investment veteran...
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Weak greenback helps markets
Weakness in the US dollar amid concern over White House policy is helping commodities and import markets.
Although there is support among certain business sectors for Donald Trump’s policies, international concern dominates as protectionism remains at the heart of the new president’s aims.
Asian markets closed mostly higher, even the Nikkei which was impacted by the rising yen. Sydney’s ASX closed lower with retail sales data coming in weaker than expected. Mainland China’s equities were higher despite mixed data.
European indexes are trending higher with corporate earnings in focus. There have also been mixed results for PMI and retail data in the region while German factory orders surged, doubling the expectation of analysts. ECB president Mario Draghi addresses lawmakers later.
Wall Street and Toronto are expected to open slightly higher.
Gold is set for 6 per cent jump says investment veteran
The price of gold is set to jump 6 per cent with bullion hitting $1,300 an ounce according to veteran investor David Roche of Independent Strategy Ltd.
Roche told Bloomberg that Donald Trump is the reason for his prediction.
“The amount of political risk being created by this new U.S. president and administration is going to create an enormous amount of international tension and uncertainty, and will probably result in a trade war at least with China and possibly other areas,” Roche warned.
The former Morgan Stanley executive says that accelerating inflation is another reason to consider increasing gold holdings.
Weakness in the US dollar amid concern over White House policy is helping commodities and import markets.
Although there is support among certain business sectors for Donald Trump’s policies, international concern dominates as protectionism remains at the heart of the new president’s aims.
Asian markets closed mostly higher, even the Nikkei which was impacted by the rising yen. Sydney’s ASX closed lower with retail sales data coming in weaker than expected. Mainland China’s equities were higher despite mixed data.
European indexes are trending higher with corporate earnings in focus. There have also been mixed results for PMI and retail data in the region while German factory orders surged, doubling the expectation of analysts. ECB president Mario Draghi addresses lawmakers later.
Wall Street and Toronto are expected to open slightly higher.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 20,071.46 (+0.94 per cent) | +0.54 per cent | +23.86 per cent |
| TSX Composite | 15,476.39 (+0.50 per cent) | -0.13 per cent | +21.25 per cent |
| Europe (at 5.00am ET) |
|||
| UK FTSE | 7,203.25 (+0.21 per cent) | -0.09 per cent | +23.17 per cent |
| German DAX | 11,654.96 (+0.03 per cent) | +0.48 per cent | +25.51 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,373.21 (+0.26 per cent) | +0.76 per cent | +13.81 per cent |
| Japan Nikkei | 18,976.71 (+0.31 per cent) | -2.46 per cent | +12.83 per cent |
| Other Data (at 5.00am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 56.69 (-0.21 per cent) |
53.86 (+0.06 per cent) |
1223.90 (+0.25 per cent) |
U$0.7682 |
| Aus. Dollar |
|||
| U$0.7658 | |||
Gold is set for 6 per cent jump says investment veteran
The price of gold is set to jump 6 per cent with bullion hitting $1,300 an ounce according to veteran investor David Roche of Independent Strategy Ltd.
Roche told Bloomberg that Donald Trump is the reason for his prediction.
“The amount of political risk being created by this new U.S. president and administration is going to create an enormous amount of international tension and uncertainty, and will probably result in a trade war at least with China and possibly other areas,” Roche warned.
The former Morgan Stanley executive says that accelerating inflation is another reason to consider increasing gold holdings.
