Ringgit ends week at 4.4140 against U.S. dollar – lowest level in 2016

ANALYST TAKE: “Markets continue to price in a more active Federal Reserve in the coming years, starting with a likely rate hike next month which is now more than 90% priced in by the markets”, said Craig Erlam, senior market analyst at OANDA.

The Nasdaq hit a record high earlier in the session, helped by a rise in Microsoft MSFT.O and other big tech stocks.

The metal for immediate delivery dropped as much as 0.9 percent to $1,205.71 an ounce, the lowest level since May 31, and traded at $1,207.60 by 3:37 p.m.in Singapore, according to Bloomberg generic pricing. Adding to this, was the lower opening in the domestic stock market.

She also supported the decision of the independence of central banks after criticism of the Fed by President-elect Donald Trump. The S&P 500 lost 6.38 points, or 0.29 percent, to 2,180.74.

The dollar index, which tracks the US currency against a basket of six rivals, rose 0.4 percent to 101.260 after rising to 101.32, its highest since April 2003.

“Thus currencies like the yen and the euro which have fallen hard over the past few days against the United States dollar, could be due a decent bounce, with worrying consequences for equity markets in those countries”.

Abercrombie & Fitch (ANF.N) skidded 11.1 percent to $15.05 after the teen apparel retailer posted a bigger-than-expected drop in quarterly sales.

The dollar rose for a 10th day against the euro, its longest winning streak since the shared currency’s debut in 1999.

The dollar was firmer around ¥110.30 in early trading, after drawing demand in overnight trading overseas thanks to a rise in US long-term interest rates.

Rising bond yields across the globe also reflect a reassessment of the Federal Reserve’s policy path down the road beyond a likely rate hike next month. Tesoro shares rose $2.31, or 2.7 percent, to $88.05. “If the negative political surprises don’t stop there and have a far more dramatic impact on Europe, the euro could fall much more”.

Retail sales volumes jumped by 1.9 percent on the month in October after edging up 0.1 percent in September, data released by the Office for National Statistics showed Thursday, nearly double the highest forecast in a Reuters poll of economists.

Brent crude oil prices were headed for their first weekly gain in five on Friday buoyed by renewed hopes that OPEC might agree to production cuts, but a stronger US dollar capped gains.

The odds of a Fed move by December have risen from 68 percent at the start of November as inflation expectations surged. The yield on the 10-year Treasury note rose to 2.34 percent from 2.30 percent. The stock climbed $2.98, or 7.4 percent, to $43.43. Japan’s benchmark Nikkei 225 index added 0.6 percent as the yen hit a six-month low, helping shares of the country’s big exporters.