Dollar stands tall after U.S. jobs report backs Fed tightening plans

Daily August Comex Gold

The kiwi continues to see carry trade outflows as markets become convinced about the prospect of another rate hike in the United States and if Ms. Yellen confirms the bullish sentiment tomorrow, kiwi could quickly tumble through the.7200 support.

The dollar's advance against its major peers slowed on Tuesday as a rise in sovereign bond yields paused, with investors awaiting comments from Federal Reserve Chair Janet Yellen for fresh cues on policy direction.

An air of caution will prevail over the financial markets worldwide, including the Philippines, ahead of the assessment of the U.S. economy by Federal Reserve chief Janet Yellen before the Congress on Wednesday (PH time).

The Bank of Japan on Monday offered its most optimistic view of the country's regional economies in more than a decade on solid exports and private consumption, underscoring its conviction a steady recovery is gathering momentum.

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Tokyo ended 0.6 percent higher while Hong Kong surged 1.5 percent in the afternoon and Sydney put on 0.1 percent.

"I think the increased hawkishness we have seen from the central banks has led to a fear that we could see a mini-taper tantrum", he said.

The dollar increased by almost 0.4% against the yen which was a high of two months.

Looking forward, The Fed has no reason to believe the economy won't continue to expand, which is consistent with its position last month when it chose to raise interest rates.

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The Fed on Friday said it expects a "gradual" increase in interest rates (https://www.federalreserve.gov/monetarypolicy/mpr_default.htm) and for balance-sheet normalization to begin this year. Against the euro, the dollar is valued at USD1.1393 compared to last Friday's USD1.1402.

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The G-20 meeting over this past weekend in Hamburg, Germany did not create any significant impact on Monday's financial markets. That appeared to weigh on the company's shares, which slid 58 cents, or 0.5 percent, to $113.69.

Based on the minutes of the last Federal Open Market Committee (FOMC) released on July 5, Yellen may testify that the Fed will seek to reduce the central bank's Treasury bond holdings and mortgage-backed securities by August, effectively tightening the supply of USA dollars. The productivity slowdown, found not just in the USA but also other advanced economies, reflects a combination of factors, perhaps a "productive pause" as firms retool to incorporate new technology as well as a postrecession decline in research-and-development investment that has started to reverse.

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