Dollar Edges Higher; Boosted by Hawkish Fed Officials, Pelosi Visit
The U.S. dollar edged higher in early European trade Wednesday, maintaining the overnight gains on raised geopolitical tensions and after Federal Reserve officials pointed to more rate hikes ahead.
At 02:55 AM ET (0655 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 106.263, after rebounding 1% overnight following its slide to a nearly one-month low at 105.03.
Data released Tuesday showed the number of vacancies across the U.S. fell more sharply than expected in June to its lowest level since September, an ominous precursor to Friday’s official employment report.
Rolls-Royce Rises after Spain Approves ITP Aero Sale
Rolls-Royce (LON:RR) stock rose at the open on Wednesday after the aero engine maker said the Spanish government had approved its planned sale of ITP Aero to a private-equity-led consortium.
By 3:40 AM ET (0740 GMT), Rolls-Royce shares were up 1.9%, outperforming the FTSE 100 index.
The sale of ITP has been a key part of Rolls-Royce’s strategy to overcome the devastation of the pandemic, when the sharp drop in air travel caused its revenue to collapse and its debt to balloon.
Volvo Cars July sales drop 21.5%, sees improvement ahead
Volvo Car Group’s July sales were down 21.5% from a year earlier as supply chain problems continued to hamper production, but could rebound in the coming months, the Sweden-based automaker said on Wednesday
German Exports Recovered in June; Imports Flat Amid China Lockdown Problems
Germany’s export motor sprang back into life in June, while the country made further progress in re-directing its energy purchases away from Russia.
Exports rose 4.5% from May to 134.3 billion euros ($137 billion). That was their biggest monthly gain since Russia’s invasion of Ukraine in February. Exports were also up over 18% from the same month a year earlier, when the effects of the pandemic on German output were more severe.
Imports meanwhile edged up 0.2% in calendar and seasonally adjusted terms, but were still up by nearly 28% from a year earlier, reflecting the sharp rise in energy prices over the last four months.
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