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07 Nov

USD maintains strength in highly eventful week - NBK

The US dollar maintained its strength against major counterparts last week, the National Bank of Kuwait (NBK) said in a report on Sunday.
During a highly eventful week, the market revolved around three major central bank meetings and the monthly US employment report, it added..
The FOMC's meeting was held next and it also left interest rates unchanged, while pointing out solid economic growth and a strengthening labor market despite the impact of recent hurricanes.
The major event of the week, according to the NBK report, was that the Bank of England's Monetary Policy Committee unanimously hiked rates for the first time in ten years by 0.25 percent to 0.50 percent. The move reversed the emergency cut made in August 2016 after the Brexit vote.
In the oil markets, prices were recovering as global demand increased and economic growth in China and the US picked up.
It said that the OPEC and non-OPEC producers will meet later this month to discuss the future of oil policy. It is expected that the supply curb in place will be extended beyond March 2018.
On the US economy, the reports said that the Federal Reserve kept interest rates unchanged on Wednesday and pointed to solid US economic growth and a strengthening labor market.
The US consumer confidence increased to its highest level in almost 17 years in October boosted by a consistently healthy labor market. The economy added 261,000 jobs in October rebounding from September's hurricane disrupted reading of 18,000.
As for the euro zone, economic growth came in ahead of expectations in the third quarter with the latest monthly unemployment figures also beating estimates in a mixed set of data releases, the NBK stated.
Preliminary Eurozone GDP rose 0.6 percent in the third quarter from the previous one, slightly down from the upwardly-revised 0.7 percent in the second quarter .


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