Market News

The dollar rose for a second day as positive U.S. economic data supported the case for Federal Reserve tightening before the end of the year. With the White House promising a decision on the next Fed leader in the coming weeks – a rough timeline at best – the stage seems set for further greenback gains. The Australian dollar slipped against the U.S. currency after the former’s central bank held rates unchanged, while the euro continues to be held back by the Catalan crisis. 

Positive economic data pushed U.S. stocks to another record close yesterday, and global stock markets are mostly joining the rally. Overnight, the MSCI Asia Pacific Index gained 0.5 percent, while Japan’s Topix index added 0.7 percent as the yen slipped against the dollar. In Europe, the Stoxx 600 Index was broadly unchanged at 5:50 a.m. Eastern Time as Spanish concerns weighed on the regional gauge. S&P 500 futures were 0.1 percent higher, the 10-year Treasury yield was at 2.361 percent and gold edged lower.