Euro breaks to nine-week peak, CAD to 3-year high U.S. GDP set to be strong, trade and budget deficits a drag
SYDNEY, April 29 (Reuters) - The dollar was pinned near nine-week lows on Thursday as a doggedly dovish outlook from the U.S. Federal Reserve and bold spending plans from the White House gave a green light for the global reflation trade.
President Joe Biden’s push for another $1.8 trillion in spending also risked expanding the U.S. budget and trade deficits, a perennial Achilles heel for the dollar.
The euro made the most of the opportunity to hit its highest since late February at $1.2149, before steadying at $1.2134. The break of trendline resistance at $1.2114 opens the way to bull targets at $1.2196 and $1.2242.
(Adds analyst comment, updates prices, changes dateline from HANOI)
LONDON, April 29 (Reuters) - Copper clawed higher on Thursday to just below the key $10,000 level, emboldened by promises from the U.S. central bank to keep stimulus taps flowing and interest rates low.
The U.S. Federal Reserve said on Wednesday it was too early to consider rolling back its emergency support amid the coronavirus pandemic.
Three-month copper on the London Metal Exchange had gained 1% to $9,977 a tonne by 0920 GMT, having risen to as high as $9,999.50 a tonne earlier in the session.
The last time copper rose above $10,000 was in February 2011, when it touched an all-time record of $10,190.
London copper prices were a hair's breadth away from the psychological level of $10,000 on Thursday, as a weaker U.S. dollar made the greenback-priced metal cheaper to holders of other currencies.
iTWire Thursday, 29 April 2021 21:58 Canalys: Worldwide smartphone market surges 27% as key regions subdue the pandemic
Shares
Global smartphone shipments are on the up in Q1 2021, 27% YoY, as key regions subdue the pandemic , although with COVID-19 still out there and causing havoc in India, the rest of the year s results from Canalys and others will no doubt be watched closely by the world s smartphone makers.
In Q1 2021, worldwide smartphone shipments reached 347 million units, up 27% year on year.
Samsung took first place, shipping 76.5 million to take a 22% share. Apple shipped 52.4 million iPhones, to take a 15% share. Its iPhone 12 Mini has sold below expectations, but strength in other iPhone 12 models, as well as stronger demand for the older iPhone 11, helped it maintain strong momentum.