US Dollar Stable in Early Hours, US Markets Closed
The US Dollar Index started on a weak note last week, but it gained strength as time went on. The US Dollar Index was stable in the early hours of May 29, 2017.
After rising for six consecutive trading days and reaching record high price levels, the S&P 500 continued to rise and closed at a fresh high on May 26, 2017.
Consumer prices in Mexico rose 5.8% year-over-year in April 2017 as compared to a 5.4% rise in March 2017 and beat market expectations of 5.7%.
Mexican (EWW) policymakers aim to keep the country’s monetary policy in line with US (SPY) monetary policy, as the two countries’ economies are closely linked.
Consumer confidence in Mexico (EWW) came crashing down in the first couple of months of 2017 amid the uncertainty of US-Mexico relations and surging inflation.
Mexico’s auto production rose 3.2% to 278.2 thousand vehicles in April 2017 as compared to April 2016 but decreased as compared to March 2017.
The Mexican economy expanded 0.6% in 1Q17, beating market expectations. Exports and private spending have continued to support growth in Mexico this year.
Bond (BND) traders weren’t prepared for the FOMC’s meeting minutes. Expectations were biased for a rate hike in the June meeting.
The euro-US dollar (FXE) continued to rise and claimed a new six-month peak above 1.1250 after the FOMC minutes didn’t revive the US dollar (UUP) on May 23.
Equity markets had a positive reaction to the FOMC’s meeting minutes in May. The S&P 500 Index (SPY) record another lifetime high of 2,405.58 on May 24.
The FOMC’s May meeting minutes were released on Wednesday. Now, markets (SPY) doubt if the Fed will hike interest rates in the June meeting.
The United Kingdom’s FTSE 100 index was almost flat on Thursday and closed the day at the highest levels in more than a week.
Weakness in the energy sector along with the rising yen weighed on Japan’s Nikkei index. On May 26, Nikkei closed at 19,686.84 with a fall of 0.64%.
The US Dollar Index strengthened on Thursday and closed positive. The US Dollar Index reversed its gains and traded lower in the early hours on Friday.
After breaking the 2,400 level and closing at all-time high price levels on Wednesday, the S&P 500 continues to strengthen on May 25.
The US medical device industry is a global leader. Its market was valued at ~$140 billion for 2016. It represents ~45% of the global market.
The US economy is dealing with rising healthcare costs. The national healthcare expenditure grew 5.8% to $3.2 trillion in 2015 or $9,990 per person.
The United Kingdom’s FTSE 100 index regained strength on May 24. On Thursday, the FTSE 100 index opened the day higher and traded at record price levels.
After rising on May 24, China’s Shanghai Composite Index continued to rise on May 25. Asian markets were supported by Wall Street’s rally.
On May 24, the US Dollar Index pulled back to levels seen during the US presidential election. The US Dollar Index is weaker in the early hours on May 25.