Fed says stimulus wind down to begin ‘relatively soon,’ leaves rates unchanged

The Federal Reserve laid the groundwork Wednesday to begin winding down shortly the massive stimulus program it embarked on to rescue the economy from the financial crisis. As expected, the Fed also unanimously declined to raise interest rates this month. After its two-day policy meeting, the Federal Open Market Committee released a statement containing key language that points to starting the move in September. At that time, the central bank will begin rolling off the $4.5 trillion portfolio...
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Oil Climbs as U.S. Supplies Shrink to Lowest Since Start of Year

Oil surged to an eight-week high after the government said U.S. stockpiles shrank to levels last seen at the start of the year. Futures rose 1.8 percent in New York. Crude inventories declined by 7.21 million barrels last week to the lowest since Jan. 6, according to data from the Energy Information Administration Wednesday. Gasoline stockpiles fell for a sixth week to the lowest level since December, the data showed. “The primary driver behind the rally is that you’ve got more inventory d...
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His Gold Calls Have Been Quite Accurate; Now He’s Calling The Bottom

(Kitco News) - It seems the best way for investors to make money in the gold market lately is by being on the bearish side, but according to one analyst with a strong track-record, this trend could change. “Gold dropped 5 weeks in a row after my May 29th bearish call. All indicators tell me that a trend reversal is imminent,” noted Lejun James Shao, founder of www.myIRAs.net, in a Seeking Alpha post Wednesday. So far this year, Shao’s gold calls have been “quite accurate,” as he put it. ...
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Euro shaky ahead of Thursday’s ECB announcement, dollar steadies

By Saqib Iqbal Ahmed | NEW YORK The euro weakened against the greenback on Wednesday in choppy trading ahead of Thursday's European Central Bank policy announcement and the UK general election. The common currency was down 0.14 percent at $1.1259 after hitting a low of $1.1205 on reports suggesting the ECB Bank would lower its inflation targets. Bloomberg, citing unnamed euro zone officials, said the central bank was preparing to lower its annual inflation forecast for the next three ye...
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Jitters push Treasury yields, dollar to seven-month lows

By Abhinav Ramnarayan | LONDON U.S. Treasury yields and the dollar dropped to seven-month lows on Tuesday and world stocks slid as political uncertainty from the United States to the Middle East and weakness in commodity markets pushed investors away from risky assets. The yen and gold also gained amid prevailing caution as an Arab rift opened up around Qatar, and ahead of testimony from the former head of the FBI, a British election and the European Central Bank's next move which all happen...
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Dollar pinned above 6-1/2 month lows, Fed minutes in focus

By Ritvik Carvalho | LONDON The dollar stayed pinned near 6-1/2-month lows on Wednesday, investors' focus shifting from U.S. politics to monetary policy after comments from a Federal Reserve official rekindled expectations of an interest rate hike next month. Diminishing expectations of a promised fiscal boost to the U.S. economy from President Donald Trump and a resurgent euro have erased nearly all of the dollar's gains since the U.S. leader's election in November. But the greenback g...
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Oil rises in thin trade, but swelling U.S. output caps rally

By Devika Krishna Kumar NEW YORK (Reuters) - Oil prices inched higher on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained rally, although growing U.S. output and stubbornly high stockpiles kept price gains in check. Top OPEC exporter Saudi Arabia's crude oil shipments fell in December to 8.014 million barrels per day (bpd) from 8.258 million bpd in November, official data showed on Monday. Brent futures (L...
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Trump sends shiver through stock market with shot across dollar’s bow

A fake dollar bill with President-elect Donald Trump's visage. By MARKDECAMBRE   The buck stops with Donald J. Trump. The president-elect, who has developed an early knack for challenging U.S. corporations via Twitter, reserved his most biting comments for the U.S. dollar, which vaulted 4% higher at its peak in the wake of the real estate billionaire’s Nov. 8 election victory over Hillary Clinton. In a Friday interview with The Wall Street Journal, Trump said the U.S. curr...
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Dollar up as solid U.S. jobs report sets stage for Fed hikes

Euro, Hong Kong dollar, U.S. dollar, Japanese yen, British pound and Chinese 100-yuan banknotes are seen in a picture illustration shot January 21, 2016. REUTERS/Jason Lee/Illustration/File Photo More By Dion Rabouin NEW YORK (Reuters) - The dollar rose on Friday, boosted by a solid U.S. jobs report, after tumbling the day before on mixed U.S. economic data and apparent action by Chinese authorities to shore up the yuan. The dollar gained broadly against major currencies after th...
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Oil dives 2 percent, strong dollar knocks crude off 18-month high

Reuters An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya August 3, 2015. REUTERS/Darrin Zammit Lupi/Files More By Scott DiSavino NEW YORK (Reuters) - Oil prices slid more than 2 percent on the first trading day of 2017, knocked off 18-month highs hit in early trade as the U.S. dollar rallied to its highest level since 2002 and traders took profits. Brent futures (LCOc1) fell $1.35, or 2.4 percent, to settle at $55.47 a barrel, while U.S. West Texas In...
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