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The euro hit a two-month high versus the dollar and held firm against other major currencies on Monday thanks to strong German business confidence and reduced anxiety about political instability in Europe’s biggest economy.
The euro fetched $1.1929, little changed from late U.S. levels last week after having hit a high of $1.1946, its highest level in two months.
In stocks, Asian stocks gave back earlier modest gains and fell back from a decade high on Monday, weighed by weakness in the Chinese and South Korean markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose early in the session on Friday’s Wall Street gains but was last down 0.65 percent.
In the Middle East, Saudi Arabia's stock market rose on Sunday.The Saudi index added 0.8 percent. Al Tayyar Travel rebounded 6.4 percent.
Insurer SABB Takaful gained 3.2 percent after Saudi British Bank said it had completed the purchase of all of HSBC's stake in SABB Takaful.
In Abu Dhabi, the index edged down 0.1 percent but Manazel Real Estate, the most heavily traded stock, gained 1.9 percent.
Dubai's index fell 0.3 percent in thin trade as Emaar Properties pulled back 0.8 percent. Its unit Emaar Development, which performed weakly on its debut last week, rose 0.5 percent.
Egypt's index climbed 0.8 percent. GB Auto rose sharply for a second straight day, jumping 9.9 percent to 3.65 Egyptian pounds and surpassing this year's previous peak of 3.52 pounds, hit in January.
In commodities, U.S. oil prices dipped on Monday, easing from two-year highs on the prospect of increased U.S. output, although global markets were slightly better supported by expectations an OPEC-led supply cut will be extended.
U.S. West Texas Intermediate (WTI) crude futures were at $58.68 a barrel at 0436 GMT, down 27 cents, or 0.5 percent, from their last settlement.
Brent crude futures fell just 4 cents to $63.82 a barrel.
Gold prices were steady early Monday, as the dollar held close to a two-month low hit in the previous session against a basket of major currencies.
In other news, average yields on Egypt's three- and nine-month treasury bills rose at an auction on Sunday, central bank data showed.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here
© ZAWYA 2017
The euro fetched $1.1929, little changed from late U.S. levels last week after having hit a high of $1.1946, its highest level in two months.
In stocks, Asian stocks gave back earlier modest gains and fell back from a decade high on Monday, weighed by weakness in the Chinese and South Korean markets.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose early in the session on Friday’s Wall Street gains but was last down 0.65 percent.
In the Middle East, Saudi Arabia's stock market rose on Sunday.The Saudi index added 0.8 percent. Al Tayyar Travel rebounded 6.4 percent.
Insurer SABB Takaful gained 3.2 percent after Saudi British Bank said it had completed the purchase of all of HSBC's stake in SABB Takaful.
In Abu Dhabi, the index edged down 0.1 percent but Manazel Real Estate, the most heavily traded stock, gained 1.9 percent.
Dubai's index fell 0.3 percent in thin trade as Emaar Properties pulled back 0.8 percent. Its unit Emaar Development, which performed weakly on its debut last week, rose 0.5 percent.
Egypt's index climbed 0.8 percent. GB Auto rose sharply for a second straight day, jumping 9.9 percent to 3.65 Egyptian pounds and surpassing this year's previous peak of 3.52 pounds, hit in January.
In commodities, U.S. oil prices dipped on Monday, easing from two-year highs on the prospect of increased U.S. output, although global markets were slightly better supported by expectations an OPEC-led supply cut will be extended.
U.S. West Texas Intermediate (WTI) crude futures were at $58.68 a barrel at 0436 GMT, down 27 cents, or 0.5 percent, from their last settlement.
Brent crude futures fell just 4 cents to $63.82 a barrel.
Gold prices were steady early Monday, as the dollar held close to a two-month low hit in the previous session against a basket of major currencies.
In other news, average yields on Egypt's three- and nine-month treasury bills rose at an auction on Sunday, central bank data showed.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here
© ZAWYA 2017
