Euro jumps after European Central Bank minutes; stocks gain with energy

Global Markets Stocks resume ascent on earnings hopes euro gets lift from ECB

Global Markets Stocks resume ascent on earnings hopes euro gets lift from ECB

The cost of platinum, meanwhile, increased by 1.3 percent to $983.50 an ounce after hitting $985.10, its highest level since September 15.

The ECB minutes were interpreted as sufficiently hawkish by the markets, sparking speculation that the central bank will soon shift away from years of accommodative monetary policy. Euro to US Dollar Slide Possible on Next Week's Inflation Rate StatsLooking ahead, the Euro could lose ground to the US Dollar on 17th January, when December's Eurozone inflation rate figures come out. But interest rates, still well into negative territory, are not expected to rise until around mid-2019. The meeting minutes signaled the tightening of monetary policy in the eurozone could begin sometime early in the year. This month, the European Central Bank started its taper of the program, reducing monthly purchases from Euro 60 billion to Euro 30 billion. The index is used as a measure of wholesale price inflation.

"The market is catching on that central banks are going to be adjusting policy this year", said Rai.

The Canadian dollar was little changed against its U.S. counterpart on Thursday hitting a almost two-week low earlier in the session as investors weighed chances of a Bank of Canada interest rate hike next week and anxious about a U.S. withdrawal from NAFTA.The United States must be taken seriously when it says it might walk away from the North American Free Trade Agreement, Canada's foreign minister said, a day after government sources said Ottawa was increasingly convinced U.S. President Donald Trump would pull the plug on the trade pact.

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This lead to Merkel attempting to form a so-called "Jamaica" coalition with the Liberal Free Democrats and the Greens, but after talks failed the SPD stepped back up the negotiating table in order to help break the deadlock in the country and avoid a second round of elections. Stock futures pointed 0.15% lower on Wall St while shares in Europe and Asia fell modestly.

Treasury yields fell on Thursday after China disputed a report that its government officials had recommended the country slow or halt its purchases of US bonds. China is the largest foreign creditor to the USA government, playing a significant role in the Treasury market.

In the 12 months through December, the PPI rose 2.6 percent after accelerating 3.1 percent in November. Bond yields move inversely to prices.

Bitcoin flirted with this year's low, having fallen 11.1% on Thursday after the government in South Korea, a major source of digital currency demand, unveiled plans to ban cryptocurrency trading.

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Investors warned that while rising oil prices were supportive, they could weigh negatively especially on crude-consuming regions. WTI crude added 25¢ (+0.4%) to $63.80/bbl.

With dollar traders still dazed by the euro's gains over the last 24 hours, the main focus is set to be consumer price inflation data due at 1330 GMT that will further feed the debate on the pace of Fed rate hikes this year.

The opinions and forecasts herein are provided exclusively for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

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