Dollar rises against yen as oil spike boosts risk appetite

The dollar briefly touched its strongest level against the yen in more than a week on Thursday as a spike in oil prices stoked investors’ appetite for riskier assets, weighing on the haven yen.

The greenback USDJPY, +0.30% traded as high as ¥101.75 early in the European trading day, its strongest level since Sept. 21. In recent trade, one dollar bought ¥101.48, compared with ¥100.93.

Oil prices shot higher late Wednesday after The Wall Street Journal reported that members of the Organization for the Petroleum Exporting Countries had agreed on the need to cap oil production, but decided to wait until November to iron out the details of a plan.

November West Texas Intermediate crude rose 5.3% on Wednesday, and continued to move higher during the Asia trading day on Thursday, boosting stocks and the currencies of major oil exporters while weakening the yen.
But skepticism about whether a cap would ever actually be implemented soon set in, and oil prices moved off their highs. U.S.-traded crude CLX6, +1.81% for November delivery was down 0.3% at $46.93 a barrel.

This curbed rallies in the Canadian dollar, Russian ruble and several other commodity-linked currencies. In recent trade, the dollar USDCAD, +0.5504% bought C$1.3083, compared with C$1.3059 late Wednesday. Meanwhile, it USDRUB, +0.1578% bought 63.17 Russian rubles, compared with 63.06 rubles late Wednesday.

The greenback is on track to rise modestly against the yen for a third day, but “the true direction in the pair may not be known until next week, when a slew of U.S. data could either confirm or deny the speculation of a December hike,” said Boris Schlossberg,

Comments from Esther George, who was one of three Fed officials who voted to raise interest rates in September, helped support the dollar overnight. George insisted that rates need to rise steadily or the central bank risks falling behind.

But Jane Foley, a senior currency strategist at Rabobank, said hawkish comments from Fed officials wouldn’t have a lasting impact on the dollar unless U.S. economic data improve.

“Unless we have robust data, the market is going to remain skeptical of the ability of the Fed to raise interest rates progressively throughout 2017,” Foley said.

In other currency trading, the euro EURUSD, -0.0178% was off slightly, buying $1.1213, compared with $1.1223 late Wednesday. Meanwhile, the pound GBPUSD, -0.3917% traded at $1.3009, compared with $1.3044 Wednesday.

The dollar ticked higher after revised data showed the U.S. economy grew at a faster pace in the second quarter than was previously reported.

3 Lessons to Learn From BlogHer’s Trio of Pioneers

3 Lessons to Learn From BlogHer's Trio of Pioneers

 

In 2005, BlogHer founders Lisa Stone, Elisa Camahort Page and Jory Des Jardins wanted to know where all the women bloggers were.

Back then, it was the Wild, Wild West days of blogging. But if you don’t ask, you’ll never get an answer.

So Stone, Camahort Page and Des Jardins invited women who were active online to meet up in person.

More than 300 women showed up. These three pioneers pulled something off that many people only dream of doing: They built a company — and a successful brand.

BlogHer has grown into an audience of 100 million across premium blogs, websites, Pinterest, Facebook and Twitter and aims to educate, empower and bring more exposure to women writers. “Since 2009, BlogHer Inc. has paid out $36 million to 5,700 bloggers and social media influencers who embrace our editorial guidelines and produce community content,” according to the company’s website.

The company’s publishing network grants revenue from ad campaigns to participant bloggers, who can also be can be part of “blog-based sponsor pograms.”

In November the three founders sold BlogHer to online media company SheKnows Media but they’re still running BlogHer.

I had the opportunity to sit down with the founders of BlogHer to learn more about their story at a recent conference.

It all started with an idea – and a few smart, simple philosophies that all executives, entrepreneurs and business leaders should remember:

Related: Sheryl Sandberg Encourages Women Bloggers to ‘Lean In’  

1. Develop a strong team.

Opposites attract. But when forming a partnership, the differences have to be complementary.

Stone, Camahort Page and Des Jardins don’t share the same background, skills or expertise. Their personalities are similar, however, and their differences help them complement one another’s skills perfectly.

“We have complementary skills, which makes it a lot easier to be collaborative and not competitive,” Stone says. “Our collective intelligence makes for much more of a superpower than if all three of us came from the same background.”

When looking to build your team, don’t hire those whose skills and expertise closely mirror yours. As the driver of the bus, fill the seats with the right people — individuals who want to go in the same direction and who can do parts of the job requiring different skill sets and experience.

Related: 15 Female Entrepreneurs to Watch in 2015

2. Pull your own weight.

So many partnerships fail because someone isn’t pitching in. Sure, it’s fun to be visionary, to talk about the big picture and plans for the future. But then you have to get to work.

Stone, Camahort Page and Des Jardins have no problems rolling up their sleeves and doing what needs to be done and they each share a similar level of intensity for getting the job done.

That’s not to say everything has always gone smoothly. They’ll be the first to tell you that they’ve butted heads a few times over the years. But you’d never know it.

“We fight fair,” Stone says. “We’ve been able to fight for years without it being personal.”

Don’t be afraid to have hard conversations. When something doesn’t go as planned, deal with it quickly and honestly. Make it about the solution, not someone’s personality. Then move forward — together.

3. Ask your customers what they want.

You can do all the market research in the world, but sometimes, you just have to flat out ask people what they want. And it turns out, they’ll tell you.

Stone, Camahort Page and Des Jardins knew just how important it was to find out exactly what women bloggers wanted.

They asked. Their community answered: They wanted ways to get together with other bloggers. They wanted to be compensated for their work.

BlogHer responded with more conferences, with an ad network and social-media enhanced publishing platforms. And by doing so, BlogHer quickly opened up opportunities for everyone.

Dollar logs modest weekly advantage as bulls hope for summer hike

The U.S. greenback reinforced Friday in opposition to its main competitors, on target to log a modest weekly gain as bullish traders held out hope that the Federal Reserve might increase hobby costs in July or September.

The ICE U.S. dollar index DXY, +0.sixty three% a measure of the buck’s power towards a basket of six competitors, turned into up zero.6% at 94.5400, on track for a weekly advantage of 0.five%.

The euro EURUSD, -0.5656% traded at $1.1258 overdue Friday in ny for a weekly decline of zero.9%. It sold $1.1310 past due Thursday.

against its japanese counterpart, the dollar USDJPY, -zero.12% offered ¥106.75 overdue Friday, notching a weekly advantage of 0.2%. It traded at ¥107.05 Thursday,

The pound GBPUSD, -1.3902% finished off a disastrous week by way of falling sharply Friday afternoon after a brand new ballot showed 55% of U.k. citizens prefer leaving the eu Union. It in brief touched an eight-week low of $1.4180, before trimming its decline slightly. One pound bought $1.4267 late Friday in the big apple, for a weekly drop of 1.7% — its sharpest tumble when you consider that Feb. 26. with the aid of evaluation, the British foreign money traded at $1.4466 overdue Thursday.

The dollar got here underneath stress after legit statistics launched past due last week confirmed U.S. jobs growth slowed sharply in may additionally. On Monday, Chairwoman Janet Yellen said the principal financial institution needs to await greater records to decide whether or not the vulnerable may also report became an anomaly or signaled deeper troubles, sparking in addition declines in the greenback.

however the foreign money strengthened after a separate robust analyzing on job openings and a fall within the number of people submitting for first-time unemployment advantages restored a few religion in the exertions marketplace. The dollar did pare its profits barely after a survey by means of the college of Michigan confirmed purchaser sentiment dipped in June.

In theory, higher hobby fees must reason the dollar to strengthen by means of increasing the go back on greenback-denominated debts and property.

while the dollar traded in a good variety for maximum of this week, that would alternate after the Federal Reserve’s June policy assembly, which results Wednesday.

at the same time as few anticipate the imperative financial institution to cut charges subsequent week, the tone of its economic statement and projections may want to spark a massive flow inside the dollar, said Christopher Vecchio, a currency analyst at DailyFX.

“Being in the market proper now could be like sitting at the beach after an afternoon within the solar, but understanding full properly that there are darkish hurricane clouds approaching fast on the horizon; it’s a matter of time earlier than the downpour starts,” Vecchio said.

meanwhile, the crucial financial institution of Russia lowered its key hobby fee to ten.five% from 11%, its first cut in nearly a yr, sparking a selloff in the ruble USDRUB, +1.7152%

Loonie rallies as Canadian registers sturdy jobs increase
The Canadian dollar briefly turned better towards its U.S. rival after reliable statistics confirmed sturdy jobs boom in Canada last month. however falling oil charges speedy helped the currency erase all of its gains. The loonie CADUSD, -0.4460% sold seventy eight.38 cents past due Friday, as compared with 78.fifty eight cents late Thursday.

Rupee plunges to 28-month low amid global turmoil

Hit by global growth concerns, the rupee on Wednesday crashed below the 68-level after 28 months and closed 23 paise down at 67.95 on fresh demand for the American currency from importers amid a massive fall in domestic stock markets.

A forex dealer said that persistent foreign capital outflows also affected the market sentiment.

The domestic unit resumed lower at 67.77 per dollar as against yesterday’s closing level of 67.65 at the interbank Foreign Exchange (Forex) market.

Later, it depreciated further to cross 68-level after 28 months at 68.17 per dollar before ending at 67.95, showing a loss of 30 paise or 0.44 per cent.

It had last touched 68.62 a dollar on September 4, 2013.

The domestic unit hovered in a range of 67.77 and 68.17 during the day.

The dollar index was down by 0.15 per cent against a basket of six currencies in the late afternoon trade.

Overseas, the US dollar traded mostly higher against its main rivals in early Asian trade, but retreated against Japanese yen as crude oil prices descended to near 13-year lows, hitting risk asset markets and putting safe-haven currencies back in favour.

The benchmark BSE Sensex ended lower by 417.80 points or 1.71 per cent after heavy sell-off in global market.

Current account deficit to narrow to 0.5% of GDP

Money

India’s current account deficit may narrow to 0.5 per cent of GDP in 2016 from 0.7 per cent in 2015 owing to lower commodity prices, particularly oil, says a report.

“Given lower oil prices, we expect the current account deficit to narrow to 0.5 per cent of GDP in 2016 from 0.7 per cent in 2015, despite weak exports and strengthening domestic demand,” the report by financial services major Nomura said.

The current account deficit, which occurs when the value of imports and investments is larger than value of exports, is expected to narrow to 0.5 per cent of GDP in 2016 largely owing to lower commodity prices, particularly oil.

The report noted that export volumes are likely to remain sluggish on account of weak global demand, while import volumes would rise mainly due to strong domestic demand and real effective exchange rate appreciation.

According to official figures, exports contracted for the 13th month in a row in December 2015, as outward shipments shrank 14.75 per cent to $22.2 billion amid a global demand slowdown.

Imports also plunged 3.88 per cent to $33.9 billion in December over the same month previous year.

However, gold imports shot up which increased the trade deficit to a 4-month high of $11.66 billion as against $9.17 billion recorded in December 2014.

Commenting on the trade data, Nomura said that these mirror the diverging growth trends between domestic demand and external demand.

“We expect export volumes to remain sluggish (weak global demand) but import volumes to rise (stronger domestic demand and real effective exchange rate appreciation),” the report added.

The current account deficit in the July-September quarter of current fiscal rose to $8.2 billion or 1.6 per cent of the GDP from 1.2 per cent or $6.1 billion in the April-June quarter.

RBI tells banks to replace defective 1,000-rupee notes

Out of 300 million defective banknotes that were printed in one of the printing presses of government-owned Security Printing and Minting Corporation of India, about 100 million of those notes have hit the market leaving the general public in a tizzy.

About 200 million pieces were transferred to the RBI’s currency chests, some of which was then loaded in banks’ automated teller machines, sources close to the development said.

Currency experts said that the checking of notes is done at the press-level and the banking regulator is not involved with checking each and every banknote.

An RBI spokesperson has confirmed the development and said banks have been asked to replace such notes with the central bank, when found. Banks have also been advised to replace such notes whenever a customer approaches them. The notes are genuine though they are defective, the spokesperson said.

There are four printing presses which print and supply banknotes. These are at Dewas in Madhya Pradesh, Nasik in Maharashtra, Mysore in Karnataka, and Salboni in West Bengal.

The presses in Devas and Nasik are owned by the Security Printing and Minting Corporation of India (SPMCIL), a wholly owned company of the Government of India. The printing of the notes in Karnataka and West Bengal are done by the Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly owned subsidiary of RBI.

Sources said the defected notes were printed in the Nashik press while Security Paper Mill of Hoshangabad produced the currency note paper. The security thread was missing in the defective pieces, the sources said. The 1000-rupee notes which was introduced in October 2000, contain a readable, windowed security thread alternately visible on the obverse with the inscriptions ‘Bharat’ (in Hindi), ‘1000’ and ‘RBI’, but totally embedded on the reverse.

As on March 31, 2015, there were 5,612 million Rs 1000 denominated notes in circulation which constitutes 6.7 per cent of the total notes in circulation. In terms of value, Rs 1000 denominated notes constituted 39.3 per cent of the total value of notes in circulation.

Notes of denominations of Rs 500 and Rs 1,000 together accounted for approximately 85 per cent of the total value of banknotes in circulation at end- March 2015. Notes of Rs 10 and Rs 100 together accounted for 54 per cent of the volume at end- March 2015, RBI data shows.

EUR/USD posts steady gains in abbreviated Christmas Eve session

EUR/USD gained more than 0.45% on Thursday to close above 1.09EUR/USD rose considerably during an abbreviated session, as currency traders looked to capitalize on last-minute gains ahead of the Christmas holiday.

The currency pair traded between 1.0904 and 1.0966 before settling near session-highs at 1.0963, up 0.0052 or 0.47% on the session. EUR/USD has been relatively flat since last week’s historic decision by the Federal Reserve to abandon a seven-year zero interest rate policy by approving its first rate hike in nearly a decade. The pair is also virtually unchanged since the European Central Bank rattled global foreign exchange markets on December 3 with an unexpected decision to approve only limited easing measures with its comprehensive asset-purchasing program. Following the shocking announcement by ECB president Mario Draghi, the euro surged more than 3% against the dollar on the session, one of its strongest one-day moves of the year.

EUR/USD likely gained support at 1.0538, the low from Dec. 3 and was met with resistance at 1.1496, the high from Oct. 15.

The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) said on Thursday that initial claims for state unemployment benefits fell by 5,000 to a seasonally-adjusted 267,000 for the week ending on Dec. 18. The number of initial claims dipped to near 45-year lows, falling to levels last seen in late-1973. Analysts expected new claims to decelerate slightly by 1,000 to 270,000 on the week. Last Wednesday, Fed chair Janet Yellen cited a tightening labor market that is nearing full employment as the primary factor in the Fed’s decision to raise its benchmark Federal Funds Rate.

Investors continued to digest solid inflation data from Wednesday’s session for further indications on when the Federal Open Market Committee (FOMC) could approve its next rate hike. On Wednesday morning, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) said the Personal Consumption Expenditure (PCE) price index increased by 0.4% on a yearly basis last month, above 0.2% annual gains in October.

The Core PCE index, which strips out volatile food and energy prices, inched up by 0.1% last month, in line with consensus estimates. Over the last year, core prices are up 1.3%, unchanged from October’s reading. Core PCE prices, the Fed’s preferred gauge for inflation, have fallen below its targeted goal of 2% for every month over the last three years. Yellen expects long-term inflation to move toward the Fed’s targeted objective, as temporary factors from a stronger dollar and dwindling oil prices fade.

At last week’s historic meeting, the FOMC projected that the upper-bound range for the Fed Funds Rate will increase a full percentage point to 1.5% by the end of 2016. The estimates imply that the FOMC could approve four modest rate hike throughout the course of next year. On Thursday, the CME Group’s (O:CME) Fed Watch calculated the probability of a March rate hike at 50.3%, down from 53.6% a session earlier.

Yields on the U.S. 10-Year fell by one basis point to 2.24%, while yields on theGermany 10-Year gained a basis point to 0.63%.

The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, fell by more than 0.40% to an intraday low of 97.96, before settling at 98.02. Earlier this month, the index eclipsed 100.00 to reach its highest level in more than 12 months. With only a handful of sessions left in 2015, the euro is down by more than 9% versus the dollar since the start of the year.

EUR/USD has fallen sharply from its level of 1.2104 on New Year’s Day, 2015, amid continuing signs of divergence between the Fed and the ECB.

U.S. dollar remains lower after jobless claims report

© Reuters.  U.S. dollar holds losses after jobless claims report

The dollar held on to losses in thin Christmas Eve trading on Thursday, after data showed the number of people who filed for unemployment assistance in the U.S. fell more than expected last week.

Trading volumes are expected to remain light, with much of the Western world already shuttered for the Christmas and year-end holidays.

The U.S. Department of Labor said the number of individuals filing for initial jobless benefitsdecreased by 5,000 last week to 267,000. Analysts expected jobless claims to fall by 2,000 to 270,000 from the previous week’s total of 272,000. First-time jobless claims have held below the 300,000-level for 41 consecutive weeks, which is usually associated with a firming labor market.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.23% at 98.15 during U.S. morning hours. The index, which has fallen back to levels seen before the Federal Reserve raised interest rates on December 17, remains well off last week’s two-week high of 99.33.

With the first U.S. rate hike since 2006 out of the way, the focus is now on the pace of future rate increases. The Fed, from its forecasts, is anticipating four rate hikes next year. However, the Fed funds futures currently suggests there will be just two rate increases, in June and December.

Trading volumes are expected to remain light as many traders already closed books before the end of the year, reducing liquidity in the market and increasing volatility. U.S. markets close early Thursday, Christmas Eve, and are shut Friday for Christmas Day.

U.S. dollar drifts lower against euro, yen in pre-Christmas trade

© Reuters.  U.S. dollar drifts lower in pre-Christmas trade

The dollar edged lower against the euro and yen in subdued trade on Thursday, with moves likely to remain limited ahead of the Christmas holiday.

Trading volumes are expected to remain light, with much of the Western world already shuttered for the Christmas and year-end holidays.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.27% at 98.12 during European morning hours.

The index, which has fallen back to levels seen before the Federal Reserve raised interest rates on December 17, remains well off last week’s two-week high of 99.33.

The greenback weakened followed the release of mixed U.S. economic data on Wednesday. Orders for U.S. core capital goods, a key barometer of private-sector business investment, declined 0.4% last month, while shipments of core capital goods, a category used to calculate quarterly economic growth, slumped 0.5%.

However, separate reports showed that personal spending rose for the eighth straight month in November, while consumer sentiment improved to a five-month high in December.

With the first U.S. rate hike since 2006 out of the way, the focus is now on the pace of future rate increases. The Fed, from its forecasts, is anticipating four rate hikes next year. However, the Fed funds futures currently suggests there will be just two rate increases, in June and December.

The dollar slid against the euro, with EUR/USD gaining 0.37% to 1.0952. Against the yen, the greenback dipped 0.45% to 120.38 (USD/JPY).

Trading volumes are expected to remain light as many traders already closed books before the end of the year, reducing liquidity in the market and increasing volatility. U.S. markets close early Thursday, Christmas Eve, and are shut Friday for Christmas Day.

EUR/USD falls slightly, amid mixed economic data on both continents

EUR/USD fell by more than 0.40% on Wednesday but closed above 1.09EUR/USD fell mildly on Wednesday halting a three-day winning streak, as currency traders reacted to a flurry of mixed data on both sides of the Atlantic.

The currency pair traded in a broad range between 1.0871 and 1.0958, before settling at 1.0910, down 0.0047 or 0.43% on the session. EUR/USD has been virtually flat since the Federal Reserve ended a seven-year zero interest rate policy last Wednesday when itapproved its first rate hike in nearly a decade. During a volatile month of trading, the euro has gained more than 3.25% in value against is American counterpart.

EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1352, the high from Oct. 22.

The dollar held onto gains from the morning session amid a weak batch of data in the euro zone. In France, third quarter GDP was revised down by 0.1% to 1.1% annually, providing a harbinger of potential slowing economic growth in the final quarter of the year. The subdued reading was accompanied by downbeat data in the U.K. where GDP increased by 2.1%annually in the third quarter, decelerating from yearly growth of 2.3% in the previous quarter. It marked the worst third quarter in the U.K. since 2013.

In the U.S, the Department of Commerce’s Bureau of Economic Analysis (BEA) said U.S.personal income ticked up by 0.3% in November, marking the eighth consecutive month that the figure moved higher. Analysts forecasted gains of 0.2% last month, following a robust increase of 0.4% in October. It came amid an acceleration in wages and salaries for government workers and an $11.6 billion bonus paid to United Auto Workers employees, one of the nation’s largest unions.

As the labor market continues to tighten, nearing full employment, wages and salaries have also increased exponentially. In November, wages rose by 0.5% following gains of 0.6% a month earlier. The strong gains in personal income should support consumer spending and bolster economic growth over the next year. Consumer spending, which represents roughly two-thirds of U.S. economic activity, increased by 0.3% in November, after remaining flat a month earlier.

In terms of inflation, the Personal Consumption Expenditure (PCE) price index remained flat in November, below consensus expectations for a 0.1% gain. On a yearly basis, though, the PCE price index increased by 0.4%, above 0.2% annual gains. The Core PCE index, which strips out volatile food and energy prices, inched up by 0.1% last month, in line with consensus estimates. Over the last year, core prices are up 1.3%, unchanged from October’s reading. Core PCE prices, the Fed’s preferred gauge for inflation, have fallen below its targeted goal of 2% for every month over the last three years.

The relatively strong inflation data, however, could compel hawkish members of the Federal Open Market Committee (FOMC) to push for another rate hike during the first quarter of next year. In its December monetary policy outlook, the FOMC forecasted that its benchmark Federal Funds Rate could rise by 1.0% over the next 12 months to 1.5% by the end of 2016. On Wednesday, the CME Group’s (O:CME) FedWatch placed the probability of a quarter-point hike in March at 53.6%.

The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, rose by more than 0.45% to an intraday high of 98.66, before closing at 98.38. Earlier this month, the index eclipsed 100.00 to reach its highest level in more than 12 months.