PHOTO
03 May 2017
The dollar traded below a six-week high against the yen on Wednesday, as the market awaited the Federal Reserve's policy statement for hints on the U.S. interest rate outlook.
Asian stocks were mostly higher on Wednesday, as strong earnings and manufacturing data boosted risk appetite.
Shares in petrochemical giant Saudi Basic Industries (SABIC) fell on Tuesday after the company reported first-quarter results, while most equities in the Gulf were sluggish as oil prices traded near five-week lows. Egypt followed emerging markets higher.
Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains.
Gold held on Wednesday near a three-week low hit in the previous session on rising equities and a firmer dollar as markets waited for cues on an U.S. interest rate hike from the Federal Reserve later in the day.
In the latest news, the governor of Saudi Arabia's central bank said on Tuesday that the kingdom would stick to the currency peg linking the Saudi riyal to the U.S. dollar.
Remittances from expatriate Egyptians have risen 13.8 percent since the central bank floated the pound in November, the central bank said in a statement on Tuesday.
The Saudi Arabian government is likely to tap the international and domestic bond markets again this year, depending on demand for its debt and the pricing it can obtain, finance minister Mohammed al-Jadaan said on Tuesday.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
The dollar traded below a six-week high against the yen on Wednesday, as the market awaited the Federal Reserve's policy statement for hints on the U.S. interest rate outlook.
Asian stocks were mostly higher on Wednesday, as strong earnings and manufacturing data boosted risk appetite.
Shares in petrochemical giant Saudi Basic Industries (SABIC) fell on Tuesday after the company reported first-quarter results, while most equities in the Gulf were sluggish as oil prices traded near five-week lows. Egypt followed emerging markets higher.
Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains.
Gold held on Wednesday near a three-week low hit in the previous session on rising equities and a firmer dollar as markets waited for cues on an U.S. interest rate hike from the Federal Reserve later in the day.
In the latest news, the governor of Saudi Arabia's central bank said on Tuesday that the kingdom would stick to the currency peg linking the Saudi riyal to the U.S. dollar.
Remittances from expatriate Egyptians have risen 13.8 percent since the central bank floated the pound in November, the central bank said in a statement on Tuesday.
The Saudi Arabian government is likely to tap the international and domestic bond markets again this year, depending on demand for its debt and the pricing it can obtain, finance minister Mohammed al-Jadaan said on Tuesday.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
