US financial markets were closed Monday for Martin Luther King holiday. The dollar's weakening persisted after Friday’s slump prompted by the euro rally and steady December inflation: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.6% to 90.432. Futures on main US stock indices rose yesterday and point to a higher opening today.
Stronger Euro Weighs On European Indices
European stock indices closed lower on Monday weighed by stronger euro. The euro rose further against the dollar after closing above $1.20 Friday. British Pound also rose after Friday rally. The Stoxx Europe 600 index lost 0.2%. The DAX 30 fell 0.3% to 13200.51. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 pulled back 0.1% from Friday’s record close to 7769.14.
Asian Stocks Rise
Asian stock indices are mostly higher today. Nikkei rose 0.9% to 23845.00 while yen reversed gains against the dollar as Japanese Finance Minister Taro Aso said he did not see problems with the dollar weakening. Chinese stocks are rising: the Shanghai Composite Index is 0.8% higher and Hong Kong’s Hang Seng Index is up 1.4%. Australia’s ASX All Ordinaries is 0.5% lower with Australian dollar steady against the US dollar.
Oil Pulling Back
Oil futures prices are lower today. Prices rose Monday: March Brent crude settled 0.6% higher at $70.26 a barrel on Monday.