The dollar reversed its recent tumble following comments from President Donald Trump and major indexes stateside finished mostly higher ahead of Asia’s Friday trading day.
The Dow Jones industrial average ended the session at a record, with markets focused on upbeat corporate earnings releases. Around 78 percent of S&P 500 companies that have reported quarterly earnings have topped expectations, according to Thomson Reuters I/B/E/S.
On Thursday, the Dow advanced 0.54 percent, or 140.67 points, to close at 26,392.79. Other indexes were little changed on the day: The S&P 500 finished the session higher by 0.06 percent and the Nasdaq composite was 0.05 percent softer at the close.
The dollar edged up after Trump told CNBC that he “ultimately” wanted a strong dollar, adding that U.S. Treasury Secretary Steven Mnuchin’s comments about the currency had been “taken out of context.”
Mnuchin’s Wednesday comments about a weaker dollar being good for trade saw the currency plunge to a three-year low.
At 6:43 a.m. HK/SIN, the dollar index, which tracks the greenback against six major currencies, rose to trade at 89.443, after falling as low as 89.158 seen earlier. Against the yen, the dollar traded at 109.57, above Thursday’s low of 108.48.
On the economic front, the European Central Bank on Thursday kept monetary policy steady, with ECB President Mario Draghi highlighting solid growth in the bloc.
The euro last traded at $1.2374 after earlier notching a fresh three-year high against the dollar.
Back in Asia, futures suggested Japanese equities would be subdued at the open. Futures traded in Chicago were flat at 23,670 while Osaka futures were 0.25 percent lower at 23,610 compared to the benchmark’s Thursday close.
Markets in Australia and India will be closed for Australia Day and Republic Day, respectively.
Here’s the economic calendar for Friday (all times in HK/SIN):
- 7:50 a.m.: Bank of Japan monetary policy meeting minutes
- 9:30 a.m.: China industrial profits
Source: cnbc china
Asian stocks are ready for a subdued open as dollar rises