Sterling on track for third weekly profit in row
Sterling rose in European trade against dollar, resuming the gains once more and on track for five-week highs and the third weekly profit in a row on prospects of a UK rate hike.
GBP/USD rose 0.1% to 1.3809, with an intraday low at 1.3781, after closing down 0.25% yesterday, the first loss in three days on profit-taking away from five-week highs at 1.3835.
Sterling is up over 0.5% so far this week on track for the third weekly profit in a row on UK rate hike prospects.
The prospects were bolstered by recent bullish remarks by Bank of England on countering the increased inflationary risks in the country.
The weekly gains come amid expectations Bank of England will be the first follow the Federal Reserve in tightening monetary policies.
S&P 500 turns higher, logs record close
US stock indices closed mostly higher on Thursday, lifted by the release of upbeat economic data and strong earnings results, which helped S&P 500 to hit an all-time high.
The US Department of Labor revealed that the number of initial unemployment claims fell to the lowest level since the beginning of the coronavirus pandemic at 290K last week from 298K, and lower than forecasts of 296K.
Many major companies reported their quarterly business results for the third quarter, led by Tesla and IBM's reports.
To the oil market, WTI crude November futures fell 1.1% or 92 cents, and closed at $82.50 a barrel.
Brent December futures fell 1.4%, or $1.21, and closed at $84.61 a barrel.
As for stocks, Dow Jones fell less than 0.1% or 6 points, and closed at 35,603, with a day high of 35,612, and a low of 35,442.
S&P 500 rose 0.3% or 13 points to 4,549, after hitting a high of 4,551 and a low of 4,526 points.
Nasdaq rose 0.6% or 94 points to 15,215, with a high of 15,222 and a low of 15,094.
Silver closes lower as dollar rises on positive data
Silver prices fell marginally on Thursday, as the US dollar rose against most major currencies, after the release of positive economic data.
The US Department of Labor revealed that the number of initial unemployment claims fell to the lowest level since the beginning of the coronavirus pandemic at 290K last week from 298K, and lower than forecasts of 296K.
Many major companies reported their quarterly business results for the third quarter, led by Tesla and IBM's reports.
The dollar index rose against a basket of major currencies by 0.2% to 93.7 points as of 20:28 GMT, after hitting a high of 93.7 points and a low of 93.5 points.
Silver spot futures fell 0.9% to $24.2 an ounce as of 20:35 GMT.
Dollar rises after upbeat economic data
The US dollar rose against most of its counterparts on Thursday, after the release of upbeat economic data, amid safe haven demand.
The US Department of Labor revealed that the number of initial unemployment claims fell to the lowest level since the beginning of the coronavirus pandemic at 290K last week from 298K, and lower than forecasts of 296K.
Many major companies reported their quarterly business results for the third quarter, led by Tesla and IBM's reports.
This comes amid renewed concerns over the coronavirus pandemic impact on global economies, after British Prime Minister Boris Johnson revealed today that Covid-19 infections are rising.
The dollar index rose against a basket of major currencies by 0.2% to 93.7 points as of 19:09 GMT, after hitting a high of 93.7 points and a low of 93.5 points.