Apr 11 2016
Rate Range Projection by Bank
Next week 107.00 –110.50
Next 3 months 107.00 - 115.00
The below is a topic from market news
Global stocks gain on oil boost; dollar fades vs yen
Global equity markets advanced on Friday, buoyed by a jump in oil prices, but were lower for the week as the dollar gave up early gains against the yen.
Stocks on Wall Street and in Europe were lifted by energy names, with Brent and U.S. crude oil jumping more than 6 percent as drawdowns in U.S. crude stocks fed hopes a punishing global glut that has persisted for nearly two years may be nearing a tipping point.
Clearly if you are looking at it from an index perspective, the stronger commodities are having a bit of a positive effect, said Nick Kalivas, senior equity strategist at Invesco PowerShares in Chicago.
The market still remains very focused on energy as kind of an indicator of economic health and credit risk that I don’t think has faded yet.
The Dow Jones industrial average .DJI rose 35 points, or .2 percent, to 17,576.96, the S&P 500 .SPX gained 5.68 points, or point two eight percent, to 2,047.59 and the Nasdaq Composite .IXIC added 2.32 points, or .05 percent, to 4,850.69.
Even with Fridays modest gains, the S&P 500 suffered its biggest weekly decline in two months.
Much of the volatility this week has been fueled by the yen's surge against the dollar, which caught many market participants off-guard and increased speculation Tokyo could intervene in the currency market to halt the rally.
The dollar briefly traded above 109.00 yen JPY=, recovering from its first break below 108.00 since October 2014 on Thursday. Japanese Finance Minister Taro Aso said the government would take steps to counter one-sided moves in the yen in either direction.
However, those gains faded late in the session and the dollar was last off 0.04 percent at 108.16 yen, for a weekly fall of 3.1 percent.
Sharp appreciation of the safe-haven yen against the dollar is often a warning sign of broader financial market stress and investor risk aversion, which has been exacerbated this week by growing uncertainty surrounding the U.S. economic and policy outlook.
Federal Reserve Chair Janet Yellen, in a conversation with former Fed chairmen on Thursday, said the U.S. economy is on a solid course and still on track to warrant further interest rate hikes.
New York Fed President William Dudley on Friday said the central bank must approach further rate hikes cautiously and gradually because of lingering external risks to the U.S. economy, despite some strength at home and welcome hints of inflation.
