Thursday, Mar 23 2017 | Time 21:50 Hrs(IST)
image
  • Goa registers 19.50 pc growth in tourist arrival in 2016
  • UP Assembly Speaker election on Mar 30
  • Pak interfering in India's internal affairs: MEA
  • AAP plans to reach out to people in coming months
  • British police name London attacker as Khalid Masood, 52
  • Nunes apologized to Democrats after surveillance comments - aide
  • Cong MLAs suspended for a day from Guj Assy
  • Prez calls for redoubling goal of TB elimination on eve of World Tuberculosis Day
  • On Pak Resolution Day, India, Pak troops exchange sweets on LoC
  • World is being torn apart by radical ideologies in name of religion: J&K Guv
  • India to go with international view on rights of Sri Lankan Tamils: Govt
  • Goa CM pledges full support to FIFA U-17 World Cup India 2017
  • Car used in London attack was rented in Birmingham-Enterprise
  • E-learning is fast and cost-effective:Dr Kiran Bedi
  • Goa Revenue Min pays tribute to Dr Ram Manohar Lohia
World Share

Election risks, retail sales hurt pound and euro

* Euro slightly weaker on report French left may unite
* Dollar index on course for small weekly loss
* Weakened by halt in rise in Treasury yields since Wednesday
* Sterling hammered after poor retail sales
By Patrick Graham
LONDON, Feb 17 (Reuters) Falls for the euro and the pound dominated trade in the major global currencies on Friday, hit by a combination of nerves over upcoming French elections and signs British consumers are beginning to struggle in the face of the Brexit effect.
A week of trading dominated by fairly tight ranges and discussion of the outlook for U.S. inflation and interest rates looked set to end with the sixth loss in eight weeks for the dollar, quelling hopes of a new rally in the greenback.
But it was a report that suggested the French left could unite behind one candidate in presidential elections, possibly knocking centrist and right-leaning nominees out of the race in the first round, that grabbed the attention in the European morning.
The yen -- investors' favoured safe haven for capital in times of global and political uncertainty -- rose 0.4 percent against the dollar and 0.6 percent against the euro on the day.
The euro dipped around a quarter of a percent to $1.0648.
"It seems like a broader, but fairly small, risk-off move," said Josh O'Byrne.
"We saw the odds for a Le Pen victory move a bit higher this morning. That seemed to drive a bit of weakness in (bond prices in the euro zone) periphery as well."
Sterling meanwhile hit a 10-day low against the euro after a surprise third monthly fall running in British retail sales pointed to weakening consumer sentiment as the government gets ready to launch talks on leaving the European Union.
Shoppers have driven a relatively robust performance for Britain's economy since last June's Brexit vote but sales volumes fell 0.3 percent month-on-month in January - much weaker than forecasts for a 0.9 percent increase.
Those were just the latest signs of fatigue among households facing the impact of a 20 percent fall in the value of sterling and rising fuel prices.
"Retail was the beating heart of the UK economy in 2016, so with consumer spending expected to slide in the coming months we could see the pound push lower against both the euro and the dollar," said Paul Sirani, Chief Market Analyst at broker Xtrade.
U.S. government bond yields, rising steadily over the past 10 days, hit a wall on Wednesday and barring a broader revival in U.S. time, the dollar index was on course for another small weekly fall.
Many banks still expect the greenback to make more progress in the months ahead, but the signals on policy emerging from Washington have not engendered further confidence in U.S. President Donald Trump's promise to reflate the U.S. economy.
A combative presidential news conference on Thursday followed the resignation of National Security Adviser Michael Flynn this week and had analysts again wondering how effective the administration will be in pushing through its legislative agenda.
"Despite the relatively strong data we have seen, the dollar is not doing better and I think that is that moderation of expectations on Trump," Citi's O'Byrne said.
"Yesterday’s news conference perhaps was also an additional factor moderating that Trump theme
Reuters CJ
Top News
Islamic State claims responsibility for British parliament attack

Islamic State claims responsibility for British parliament attack

CAIRO, Mar 23 (Reuters) Islamic State was responsible for an attack outside Britain's parliament which left four people dead, the group's Amaq news agency said today.

see more..
   
23 Mar 2017 | 6:14 PM
Lok Sabha condemns terror strike in London, pays tributes to Bhagat Singh, others

Lok Sabha condemns terror strike in London, pays tributes to Bhagat Singh, others

New Delhi, Mar 23 (UNI) The Lok Sabha today condemned the terror attack outside the Parliament House in London and in solidarity against terrorism and to pay tributes to the departed, Members observe silence for a while.

see more..
   
23 Mar 2017 | 7:05 PM
Strike enters fourth day as Mah docs defy govt warning

Strike enters fourth day as Mah docs defy govt warning

Mumbai, Mar 23 (UNI) Health care services remained crippled in the city for the fourth consecutive day as resident doctors continued their stir today despite warning of suspension and pay cut by the government across various hospitals in Maharashtra.

see more..
   
23 Mar 2017 | 6:28 PM
Anti-Romeo squad issue figures in Lok Sabha, Rajnath evades direct reply

Anti-Romeo squad issue figures in Lok Sabha, Rajnath evades direct reply

New Delhi, Mar 23 (UNI) Congress Member Ranjeet Ranjan today accused that within days of BJP coming to power in Uttar Pradesh, there are already instances of discrimination against minorities and other social groups.

see more..
   
23 Mar 2017 | 6:19 PM
Govt in touch with US over visa provisions

Govt in touch with US over visa provisions

New Delhi, Mar 23 (UNI) The Government is constantly monitoring the proposed Bills on curbing H1B visas and is in touch with the US Government in this regard, External Affairs Minister Sushma Swaraj said today.

see more..
   
23 Mar 2017 | 4:28 PM
Demonetisation shock was necessary to the system: Jaitley

Demonetisation shock was necessary to the system: Jaitley

New Delhi, Mar 23 (UNI) Finance Minister Arun Jaitley today staunchly defended demonetisation saying the 'shock was necessary to the system.

see more..
   
23 Mar 2017 | 4:06 PM
Babri Masjid case: SC defers hearing till April 6

Babri Masjid case: SC defers hearing till April 6

New Delhi, Mar 23 (UNI) The Supreme Court today deferred the hearing in the 1992 Babri Masjid demolition case till April 6.

see more..
   
23 Mar 2017 | 12:42 PM

IICT develops technology 'Nanofiltration membrane'

22 Mar 2017 | 8:08 PM

Hyderabad, Mar 22 (UNI) The city-based Indian Institute of Chemical Technology (IICT) has developed a technology called 'Nanofiltration membrane' which will enable the country's steel industry to tackle the challenging separation problem.

Honda WR-V crosses 4k mark in bookings within week, says Raman Kumar

Honda WR-V crosses 4k mark in bookings within week, says Raman Kumar

23 Mar 2017 | 5:59 PM

Chandigarh, Mar 23 (UNI) HSIL Senior Vice-President and Director Raman Kumar Sharma today announced that Honda WR-V, the new sporty lifestyle sub-metre crossover vehicle of Honda Cars India Limited (HSIL) has crossed 4k mark in bookings just in a week of its launch since March 16.

image