Published: Fri, July 14, 2017
Money | By Armando Alvarado

Asian stocks head for strongest week since March on dovish Fed

Asian stocks head for strongest week since March on dovish Fed

While declaring her intention to serve out her current term, which ends in early February, she said, "I haven't given further thought" to the question of serving for another four years. The Aussie dollar rose to close to 76.80 United States cents.

"In doing so, the committee recognized the considerable progress the economy had made - and is expected to continue to make - toward our mandated objectives", she said. Industrial output grew 1.3 percent on a monthly basis, faster than the revised 0.3 percent increase seen in April.

A screen grab of the moment was tweeted by CNBC staffer Steve Kopack, and later shared by others who have been watching Yellen's testimony before Congress.

The figure was the lowest since 1975. At 4.5%, the ILO measure of unemployment is below the forecasted level of 4.6%. The euro led gains on expectations the European Central Bank could send hawkish signals at its meeting next week while the pound also rose after the Bank of England's Ian McCafferty suggestedin an interview with The Times he favored faster unwinding of quantitative easing.

Sentiment was boosted after China reported upbeat data on exports and imports for June, the latest sign that global trade is finding some traction again.

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In Europe, the CAC 40 in France was up 0.5 percent at 5,249 while Germany's DAX rose 0.1 percent to 12,632. However, real wage growth is declining as it is being outpaced inflation, signalling a strain on household spending and future economic growth.

Another data showed that retail inflation fell in June.

All in all, Yellen's commentary should keep a dovish tone for investors.

The dollar, which fell against the euro soon after the release of Yellen's prepared remarks, reversed course and was trading near session highs against the common currency, as government bond yields in the euro area fell. Brent crude, used to price worldwide oils, added 4 cents to $47.78 per barrel. - AFP picTOKYO, July 14 ― The dollar was little changed against a group of peers early today, as currency investors remained cautious ahead of U.S. inflation data due later in the session, which is expected to set the greenback's near-term direction. Following the release, WTI was trading at $46.48 a barrel and Brent was at $48.29.

Gold for August delivery closed down 0.2% at $1,217.30 a troy ounce on the Comex division of the New York Mercantile Exchange.

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