Tuesday, May 23 2017 | Time 02:50 Hrs(IST)
image
  • Chinese paper applauds anti-spy efforts after NY Times report CIA sources killed
  • Porto coach Nuno leaves after one season
  • UN Security Council condemns N Korea's latest missile launch
  • Late penalty earns Esteghlal win, Al Ahlis share spoils
  • Flynn declines US Senate subpoena in Russia probe
  • Venezuela prosecutor decries Maduro's new congress plan
  • Man set on fire during Venezuela protests
  • Gambian authorities seize ex-president Jammeh's bank accounts
  • UN's North Korea sanctions monitors hit by 'sustained' cyber attack
  • Brazil top court ruling on Temer probe to await tape analysis
  • Army major who used kashmiri as 'human shield' awarded
  • Morgan Stanley shareholders approve executive compensation plan
  • 125 social workers, 6 social institutions selected for state-level Dr Ambedkar Social Utthan and Shahu-Phule-Ambedkar awards
  • Inarritu puts a border guard's gun to your head in VR film at Cannes
  • Thane-Synagogue Secretary booked for demanding money
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
PM suggests renaming Kandla port after Deendayal Upadhyay

PM suggests renaming Kandla port after Deendayal Upadhyay

Ahmedabad, May 22 (UNI) Prime Minister Narendra Modi today suggested that Kandla Port be renamed as ‘Deendayal Port Trust’, to commemorate the birth centenary year of Pandit Deendayal Upadhyay, founder of Jana Sangh.

see more..
   
22 May 2017 | 10:48 PM
Radha Mohan Singh assigned additional charge of Food & consumer affairs due to indisposition of Ramvilas Paswan

Radha Mohan Singh assigned additional charge of Food & consumer affairs due to indisposition of Ramvilas Paswan

New Delhi, May 22 (UNI) Agriculture Minister Radha Mohan Singh was today given additional charge of the Ministry for Food and Consumer Affairs due to the indisposition of Mr Ram Vilas Paswan, a Rashtrapati Bhawan communique said.

see more..
   
22 May 2017 | 7:49 PM
Cong, Rahul say BJP ruled states descending into chaos, allege that NDA targetting those with different views, different ideologies

Cong, Rahul say BJP ruled states descending into chaos, allege that NDA targetting those with different views, different ideologies

New Delhi, May 22 (UNI) Expressing concern over the lynching of six persons by villagers in Jharkhand a few days ago, the Congress today said that BJP ruled states were descending into chaos and lawlessness and alleged that the NDA Government at the Centre was targetting those with different views and different ideologies.

see more..
   
22 May 2017 | 8:56 PM
Delhi Court sentences Ex-Coal Ministry Secretary HC Gupta, others in coal scam case

Delhi Court sentences Ex-Coal Ministry Secretary HC Gupta, others in coal scam case

New Delhi, May 22 (UNI) A local court today ordered two-year imprisonment term to Former Coal Secretary H C Gupta and two Senior Government Officials K S Kropha and K C Samaria for irregularities in the allocation of a coal block.

see more..
   
22 May 2017 | 10:29 PM
Jagdish Tytler refuses to undergo polygraph test in 1984 anti-Sikh riots case

Jagdish Tytler refuses to undergo polygraph test in 1984 anti-Sikh riots case

New Delhi, May 22 (UNI) Congress leader Jagdish Tytler today refused to undergo polygraph test in a 1984 anti- Sikh riots case, in which he was earlier given a clean chit by the Central Bureau of Investigation (CBI) on three occasions.

see more..
   
22 May 2017 | 10:17 PM
Triple talaq case: AIMPLB files affidavit in SC

Triple talaq case: AIMPLB files affidavit in SC

New Delhi, May 22 (UNI) After various petitioners approached the apex court seeking to strike down triple talaq, the All India Muslim Personal Law Board (AIMPLB) today filed an affidavit in connection with the case.

see more..
   
22 May 2017 | 5:44 PM
CBI court issues production warrant against former MP Mohammed Shahabuddin

CBI court issues production warrant against former MP Mohammed Shahabuddin

Muzaffarpur, May 22 (UNI) Special CBI court issued production warrant against RJD strongman and former MP Mohammed Shahabuddin here today in connection with the infamous senior journalist Rajdeo Ranjan murder case.

see more..
   
22 May 2017 | 9:08 PM

Chinese paper applauds anti-spy efforts after NY Times report CIA sources killed

23 May 2017 | 2:40 AM

BEIJING, May 22 (Reuters) An influential state-run newspaper applauded China's anti-espionage efforts today after The New York Times said China had killed or imprisoned up to 20 CIA sources, hobbling US spying operations in a massive intelligence breach.

Porto coach Nuno leaves after one season

23 May 2017 | 2:37 AM

LISBON, May 22 (REUTERS) Porto coach Nuno Espirito Santo has left the club by mutual consent after one season in charge in which they finished runners-up, the former European champions said today.

JPCC celebrates 26th death anniversary of former Prime Minister Rajiv Gandhi

21 May 2017 | 6:22 PM

Ranchi, May 21 (UNI) The Jharkhand Pradesh Congress Committee today paid floral tributes to former Prime Minister Bharat Ratna late Rajiv Gandhi on his 26th death anniversary which was celebrated by the party as ‘Shahdat Diwas’.

image