The dollar advanced against the euro and the yen after the Federal Reserve raised interest rates for the first time in nearly a decade, according to WSJ.
The statement from the last Federal Open Market Committee meeting this year also showed officials lowered estimates for future interest-rate improvements from those in September, but not as much as some predicted, analysts said, boosting the U.S. currency.
The Fed language on the pace of monetary tightening sets the tone for the dollar, investors have said. The more rate improvements the Fed plans over the course of 2016, the higher the probability for dollar gains, while slower tightening next year would likely spell a weaker dollar.
Higher U.S. rates would make the dollar more attractive as they boost returns on assets denominated in greenbacks
Trading desks at Jefferies, Société Générale and BNP Paribas met the historic news with quiet relief, but generally little excitement, as the rate improvement was widely predictable, traders said. Light order flow followed.
Broader factors should remain dollar-positive for 2016, said Paresh Upadhyaya, portfolio manager and director of currency strategy at Pioneer Investments. With a data-dependent Fed, the market could re-evaluate its estimate for the pace of tightening on upside surprises in U.S. economic data. WSJ Reports
On Wednesday, Kinder Morgan Inc (NYSE:KMI)’s shares inclined 0.57% to $15.93. The company’s total market capitalization is $35.33 billion along with 2.23 billion shares outstanding. 52 week range of the stock remained $15.06 - $44.71, while its day lowest price was USD 15.64 and its hit its day highest price at USD 16.22.
Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments.
Enphase Energy Inc (NASDAQ:ENPH)’s shares gained 38.59% to $3.34. ENPH 52 week range of the stock remained $1.63 - $15.25, while its day lowest price was USD 2.89 and its hit its day highest price at USD 4.50. The company has total of 45.33 million outstanding shares. It has market cap of $109.25 billion.
Enphase Energy, Inc., together with its auxiliaries, designs, develops, and sells microinverter systems for the solar photovoltaic industry in the United States and internationally.
At the end of Wednesday’s trade, Cirrus Logic, Inc. (NASDAQ:CRUS)‘s shares dipped -1.32% to $30.62. CRUS has beta value stands at 0.57 times and earnings per share was $1.70. The company has total of 63.70 million outstanding shares and its total market capitalization is $1.98 billion. 52-week price range of the stock remained $22.18 - $38.20.
Cirrus Logic, Inc., a fabless semiconductor company, develops analog and mixed-signal integrated circuits for a range of consumer and industrial markets. It offers audio products, counting codecs, analog-to-digital converters, digital-to-analog converters, active noise cancelling circuits, amplifiers, and micro-electromechanical system microphones, in addition to standalone digital signal processors.
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