Trump to reveal Federal Reserve Head by Friday | IFCM Brasil
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Trump to reveal Federal Reserve Head by Friday

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US broad stock market edged higher last week and the ICE US dollar index rallied as House approved the $4 trillion budget for 2018. The SP 500 added 0.2% and the ICE dollar index rose 1.2% over the week.

The SP 500 advanced in all sessions last week except Monday and Wednesday. The biggest daily gain of the week – 0.8%, was logged on Friday as US economy grew at above forecast 3% rate in third quarter.

The ICE US dollar index gained in every session last week except Wednesday. It rose 0.1% Monday as President Trump said he was “very, very close” to making his pick to head the Federal Reserve when Chairwoman Janet Yellen’s term ends in February. He had told he was thinking about naming Jerome Powell and John Taylor together. The dollar jumped 1.1% on Thursday after the European Central Bank announced plans to reduce its monthly bond purchases by half to €30 billion starting in January but extend them to at least September 2018. The dollar extended gains Friday climbing 0.3% on report the third quarter GDP grew 3% instead of an anticipated 2.6% on higher than expected consumer and business spending.

Earnings reports will remain one of major market drivers this week with Apple results due Friday. Picking of Federal Reserve Head is bound to be a major market moving event as President Trump has said he’ll reveal his choice by Friday. President Trump is leaning toward appointing Fed Governor Jerome Powell to be the next Fed chairman, according to a report by Bloomberg. Three major central banks will meet this week: the Bank of Japan on Tuesday, the Federal Reserve on Wednesday and the Bank of England on Thursday. The Bank of England is expected to raise rates to 0.5% from 0.25% against the background of accelerating UK GDP growth in the third quarter. No changes in policies of the central banks of Japan and United States are expected.

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