US Treasury Secretary Endorses Lower Dollar: Gold and Silver Surge

From left Christine Lagarde Managing Director of the International Monetary Fund, Erna Solberg Prime Minister of Norway Virginia Rometty CEO of IBM Chetna Sinha President of the Mann Deshi Foundation Fabiola Gianotti Director of the Europea

From left Christine Lagarde Managing Director of the International Monetary Fund, Erna Solberg Prime Minister of Norway Virginia Rometty CEO of IBM Chetna Sinha President of the Mann Deshi Foundation Fabiola Gianotti Director of the Europea

In the currency market, the Australian dollar rose against the U.S. dollar on Thursday after the U.S. Treasury Secretary Steven Mnuchin's comments on a weaker greenback. Stocks with major United States investments may encounter currency headwinds, the resulting commodity rally may stabilise mining stocks and gold stocks should have a good day. "The president has always believed in that", White House spokeswoman Sarah Sanders told reporters at a daily briefing. While saying he preferred a strong dollar over the long term, Mnuchin appeared to break with decades of strong-dollar allegiance, though a US official denied that was his intent.

In late-morning trades, the benchmark S&P/ASX 200 Index is losing 11.80 points or 0.19 percent to 6,042.90, off a low of 6,029.10.

In Europe, the Stoxx 600 Index ended the day with a 0.5 percent decline from the previous close.

His comments were widely interpreted as a green light from Washington to let the value of the dollar crumble to support U.S. exports that become cheaper. Gold also rose 1.3% to $1,360.

Mr Trump slapped steep tariffs on imported washing machines and solar panels on Monday, giving a boost to Whirlpool and dealing a setback to the renewable energy industry in the first of several potential trade restrictions.

Commerce Secretary Wilbur Ross, speaking alongside Mnuchin, says more measures are in the offing.

Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in USA crude inventories, though reduced refining activity and rising production signaled US stocks could rise in coming weeks. Populist rhetoric aside, Trump has largely followed the traditional GOP line in his first term; pursuing repeal of the Affordable Care Act and USA tax reform. Apple also fell. The Standard & Poor's 500 index lost 0.1 percent to 2,837.54.

European shares are expected to tick up slightly, with spread-betters seeing a small rise of 0.1 percent in Britain's FTSE, Germany's DAX and France's Cac.

The dollar slid to three-year lows against a basket of major peers on Wednesday, pressured by simmering concerns that the USA currency's yield advantage will start to erode as major central banks head toward unwinding their massive stimulus.

Spot gold was up 0.7 percent at $1,350.43 per ounce at 1042 GMT, while U.

The Pound has recovered to levels seen before the crash that followed the UK's decision to vote to leave the European Union with the Pound-to-Dollar exchange rate achieving a best of 1.4241 on Wednesday, January 24.

Treasury bonds weakened, pushing the 10-year yield to 2.65%. It's not good news for Asian exporters.

In the wake of the news, Brent crude futures eclipsed the $70-USD-per-barrel mark midday on Wednesday to a three-year high of $70.55 Dollars.

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