• MTS Economic News_20170203

    3 Feb 2017 | Economic News


• The U.S. dollar rebounded from its weakest level against a basket of major rivals since mid-November.

That outlook drove the dollar index, which measures the greenback against a basket of six major rivals, to last stand up 0.2 percent at 99.807 after touching its lowest since Nov. 14 at 99.233 in morning trade in Europe.

The euro was last slightly lower against the dollar at $1.0760, easing from an eight-week high of $1.0828 struck in the morning U.S. trading session. The dollar remained down 0.5 percent against the yen at 112.71 yen, but off a session low of 112.06 yen.

• President Donald Trump and his top trade adviser waded into the debate over the currency's strength and the damage they say it is doing to U.S. competitiveness, drawing rebuffs from Germany and Japan and casting doubt over the strength of global cooperation on foreign exchange policy.

• The number of Americans filing for unemployment benefits fell more than expected last week, pointing to tightening labor market conditions that should support the economy this year.

Initial claims for state unemployment benefits fell 14,000 to a seasonally adjusted 246,000 for the week ended Jan. 28, the Labor Department said. Claims have now been below 300,000, a threshold associated with a healthy labor market, for 100 straight weeks. That is the longest stretch since 1970, when the labor market was much smaller.

• U.S. President Donald Trump reiterated his concerns about the North American Free Trade Agreement (NAFTA) deal on Thursday and said he would like to speed up talks to either renegotiate or replace the deal.

• Mexico, the United States and Canada could overhaul rules about a product's country of origin in a renegotiation of the NAFTA trade treaty in order to strengthen regional supply chains, the Mexican economy minister said on Thursday.

• U.S. crude futures ended lower after a choppy trading day on Thursday, as rising oil stockpiles in American storage facilities offset evidence that OPEC and other big exporters were cutting production.

U.S. light crude settled down 34 cents to $53.54, after climbing by $1.07 on Wednesday. Brent crude was down23 cents at $56.57 a barrel by 2:33 p.m ET (1933 GMT) after settling up $1.22 in the previous session

Reference: Reuters, CNBC
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