Storm Harvey helps sweep dollar to 16-month lows

Janet Yellen used her speech at Jackson Hole to warn against dismantling banking regulations

CURRENCIES: The euro was at $1.1936, off earlier highs that took the currency to its strongest level in more than two and a half years. The Singapore index closed 0.25% higher, with financials and energy stocks leading the gains.

As far as Ms Yellen's Fed is concerned, the absence of any overt message about balance sheet normalisation and interest rates hikes in last week's speech was to be expected and has little to no implications for either of these policy tools over the rest of the year.

In the absence of key macroeconomic news or any policy indications from Chair Yellen, the Dollar traded lower, partly on perceived political risks around the lifting of the debt ceiling by Congress in the next few weeks. The currency continued to rise after jumping Friday during Draghi's speech. However, you should not rely on "shock" scenario, as banks take into account the experience of previous generations and carry out their policies fairly gently, said Sergei Kozlovsky.

Furthermore, he did not voice any concerns about the now strong euro levels.

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Chinese shares hit 20-month highs after data showed Chinese industrial firms maintained a profit surge in July, though the pace of growth eased from the previous month. Growing discussion about the U.S. debt ceiling and potential tax reform plans could generate volatility in equity markets in the meantime. She focused on the importance of financial regulation, such as the Dodd-Frank regulation, instead.

But by staying silent on tapering and the ECB's quantitative easing programmes, Draghi ignored the mammoth in the room, with so many in Europe's capital markets waiting for some slight indication on when the European Central Bank will begin to taper. When it was discussed, the messages from the Federal Reserve and European Central Bank stressed their gradual approaches to unwinding emergency-era stimulus as global growth picks up.

"Markets now price in just 35bp of Fed tightening through end 2018, and only a 35% chance of a December 2017 rate hike".

The dollar also weakened after Tropical Storm Harvey paralysed Houston, Texas, the nation's fourth-biggest city.

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Britain's FTSE 100 fell 0.08 per cent to 7,401.46 points as sterling rose towards the end of the session, but the blue chips still posted a 1.1 per cent gain.

German and Spanish inflation projections for August will be published tomorrow, as well as August's finalised Eurozone consumer confidence stats. As well as dropping by -0.6% against the Euro, the US Dollar also fell by -1% against the South African Rand. The first of September will be published data on employment in the United States.

At the time of writing this article, the EUR USD exchange rate trended in the region of 1.2045.

In Frankfurt, Volkswagen finished unchanged after a federal judge in Detroit sentenced former engineer James Liang to 40 months in prison for his role in a almost 10-year conspiracy to defraud USA regulators and Volkswagen customers.

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