Mon, 27 Jan 2020

Wall Street little changed but dollar dominates FX markets

By Jay Jackson, Mississippi State News.Net
12 Feb 2019, 08:28 GMT+10

NEW YORK, New York - U.S. stocks were directionless on Monday, with the main focus continuing to be on the China-U.S. trade negotiations, and the potential for another U.S. government shutdown.

There was optimism on the potential of lawmakers and the the president to do a deal on border security to avert a second shutdown, while speculation on the trade situation continued to be relatively upbeat.

At the close of trading Monday the Dow Jones Industrial Average was down 53.22 points or 0.21% at 25,053.11.

The Standard and Poor's 500 was little changed, adding 1.92 points or 0.07% to 2,709.8.

The Nasdaq Composite rose 9.71 points or 0.13% to 7,307.91.

The big mover on Monday was the U.S. dollar which surged against all the major currencies, adding to recent strength which has seen the currency rebound sharply since the start of the year.

The euro tumbled to 1.1277 by the New York close on Monday, while the British pound fell sharply to 1.2860.

The Japanese yen tumbled to 110.36. The Swiss franc fell to 1.003.

The Canadian dollar was weaker at 1.3304. The Australian dollar dropped to 0.7063. The New Zealand dollar eased to 0.6733.

Only the Russian ruble advanced against the dollar, adding 0.17% on the day to 65.85, taking its gains for the year to 3%. The ruble was buoyed by Moody's upgrade on Friday of Russian sovereign debt.

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