Gold futures dip ahead of Yellen's speech at San Francisco Fed

Investing.com - Investing.com -- Gold futures retreated on Friday afternoon amid a wavering dollar, as traders awaited comments from Federal Reserve chair Janet Yellen later in the session.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 5.80% or 0.48% to $1,199 a troy ounce. The decline came one day after gold reached a three-week high at $1,205.10, capping a rally precipitated by relatively dovish comments from Ms. Yellen on Mar. 18.

Gold prices started trending downward on Mar. 6, after the release of a promising U.S. jobs report fueled speculation that the Fed could raise interest rates sooner than expected. Prices then dipped to a four-month low last week at 1,148.20 ahead of the Fed's decision to remove its stance of remaining patient on the timing of a potential rate hike.

Though Ms. Yellen's initial comments appeared hawkish, the Fed's revised forecasts regarding slower long-term increases for inflation, interest rates and GDP signaled that the U.S. central bank could wait until September before increasing interest rates. Gold struggles to compete with high yield bearing assets in periods of rising interest rates.

While the timing of an initial rate hike has been widely anticipated, many analysts are paying closer attention to the frequency and duration of the Fed's plan to tighten monetary policy. Earlier this week, Fed vice chairman Stanley Fischer said a "smooth path upward will almost certainly not be realized," a position that runs contrary to Fed policy decisions in 2004 and 2007.

Ms. Yellen has not provided any indication on whether she will discuss the Fed's long-term outlook for tightening during her speech at the Federal Reserve Bank of San Francisco Conference on Friday afternoon. Ms. Yellen is scheduled to deliver the speech entitled "The New Normal for Monetary Policy," 15 minutes before U.S. equities markets close on the East Coast.

Meanwhile, disappointing economic data from the U.S. Commerce Department on Friday pared earlier gains from the dollar. On Friday morning, the Commerce Department said in a report that GDP for the fourth quarter expanded at a seasonally-adjusted rate of 2.2%. Economists had forecasted an upward revision of 2.4%.

On a year-over-year basis, economic output for the fourth quarter increased by 2.4% from the same period a year earlier. By comparison, U.S. GDP grew by 2.7% for the third quarter versus the same quarter during the prior year.

EUR/USD rose to 1.091 in U.S. afternoon trading, up from Friday's low of 1.0802. The U.S. Dollar Index, which measures the strength of the greenback vs. a basket of six other major currencies, fell 0.18 to 97.35.

Dollar-denominated commodities such as gold become less expensive for foreign purchasers in periods of a weaker dollar.

Elsewhere, silver futures for May delivery fell slightly by 0.48% or 0.083 to 17.057 a troy ounce.

Copper futures for May delivery dropped 1.52% or 0.043 to 2.768 a pound. Earlier this week, copper reached a three-month high at 2.945.

Palladium futures for June delivery fell to a five-month low, plunging 31.55 or 4.08% to 741.50.

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Crude posts one of its largest weekly gains since '11, despite Fri drop

Investing.com - Investing.com -- While crude futures fell by more than $2 a barrel on Friday as supply concerns related to the crisis in Yemen diminished, oil prices still ended the week with one of its highest weekly gains in more than four years.

Although Saudi Arabian-led airstrikes against Shiite-backed Houthi rebels in Yemen continued on Friday, questions arose on the impact of the attacks on the nation's oil supply. Yemen is strategically located on the Bab el-Mandeb, a strait that connects the Gulf of Aden with the Red Sea. Earlier this week, crude prices shot up amid heightened fears that the closure of the strait could limit oil exports out of the critical chokepoint.

Goldman Sachs (NYSE:GS), however, may have assuaged such fears with a contingency plan for oil tankers in the event that the strait is closed. In a note to investors, analysts from the bank raised the possibility that the tankers could be diverted to travel around Africa if the strategic pathway is unavailable. In addition, U.S. Army General Lloyd Austin told a Senate hearing that the military will work with its Gulf and European partners to ensure that the strait remains open in spite of the conflict.

As a result, WTI crude for May delivery on the New York Mercantile Exchange fell $2.69 or 5.22% to $48.75 a barrel. On Thursday, WTI crude surged more than 5%, its largest daily increase for the month of March, after Saudi Arabia and Egypt announced plans for launching a ground attack against the Houthi militants. For the week, WTI crude increased by approximately 6% or $2.20 a barrel, one of its top weekly increases since 2011.

Meanwhile, British Foreign Secretary Philip Hammond indicated that the two sides negotiating an Iranian Nuclear pact were more than "halfway to a deal." An accord with Western powers could loosen sanctions against Iran, freeing up millions of barrels that are currently stored in reserves. Iran reportedly has 30 million barrels of stored oil ready for export once the sanctions are lifted. The added amounts could depress an oil market already inundated with a large supply glut.

Goldman Sachs downplayed the effects of both geopolitical events on crude prices.

"We expect both events to have negligible near-term supply impacts, with the build in crude inventories set to continue in the second quarter of 2015. Longer term, a deal with Iran could lead to greater Opec supplies although the timing of the sanction relief remains uncertain," the firm said in the investor note.

On the Intercontinental Exchange (ICE), brent crude for May delivery fell $2.83 or 4.78% to $56.36 a barrel. Brent futures rose by nearly 45 cents for the week.

The spread between the international and U.S. domestic benchmarks for crude stood at 7.61 a barrel, down from 8.55 at the start of the week.

Oil services firm Baker Hughes (NYSE:BHI) said in its weekly rig count that the number of oil rigs nationwide last week fell by 12 to 813. A week earlier, the number of oil rigs in the U.S. decreased by 56. The reduction of 12 rigs marks the lowest weekly decline in nearly four months.

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U.S. equities markets close down for fourth consecutive day

Investing.com - Investing.com -- While stocks on U.S. equities markets rallied on Thursday to pare earlier losses, it wasn't enough to halt a losing streak that extended to its fourth day.

One day after the Dow Jones Industrial Average fell into negative territory for the year, stocks on the Dow fell slightly again on Thursday. The Dow appeared headed for another triple digit loss in a volatile month of March, before the late rebound enabled it to close at 17,678.23, down 40.31 or 0.23%. The NASDAQ Composite index, meanwhile, fared better on Thursday than it did a day earlier when declines among semiconductors and biotech stocks caused its worst daily loss since last April. The NASDAQ, though, still fell 13.16 or 0.27% to 4,863.36.

The S&P 500 Composite index also lost 4.90 or 0.24% to close at 2,056.15, as stocks in Utilities, Consumer Services and Consumer Goods lagged. Only one sector, Basic Materials, closed in the green.

Shares in SanDisk Corporation (NASDAQ:SNDK), plunged more than 18% to 66.22 after the California-based flash memory storage solutions company's downward revisions of its first quarter earnings. SanDisk announced revenues of $1.3 billion for the first quarter, down from previous estimates of $1.4-$1.45 billion. The lower revenues were due to "product qualification delays, lower than expected sales of enterprise products and lower pricing in some areas of the business," the company said in a statement. SanDisk was the worst performer on both the NASDAQ and S&P 500.

The top performer on the Dow was International Business Machines (NYSE:IBM), which rose 1.39 or 0.87% to 160.59. The worst performer was American Express Company (NYSE:AXP), which lost 1.63 or 2.03% to 78.48 after analysts criticized the credit card giant for failing to adequately explain how it will offset the end of its 16-year relationship with Costco (NASDAQ:COST) at Wednesday's annual investor meeting.

The biggest gainer on the NASDAQ was Cognizant Technology Solutions (NASDAQ:CTSH), which rose 1.40 or 2.28% to 62.59, after posting strong quarterly earnings. VimpelCom (NASDAQ:VIP) joined SanDisk among the worst performers on Thursday. The Bermuda-based telecommunications service provider fell 0.32 or 5.70% to 5.29.

On the S&P 500, the top performer was Red Hat Inc (NYSE:RHT), which gained 6.91 or 10.09% to 75.36 after announcing impressive quarterly revenues. The Raleigh, N.C-based technology company also announced the start of a $500 million stock buyback program. CONSOL Energy Inc (NYSE:CNX) also joined SanDisk as one of the worst performers of the day. The coal and natural gas energy production company fell 1.62 or 5.58 to 27.40.

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Excise duty cut in Budget gives fillip to leather industry

The leather footwear industry in Chennai seems all set to take some big strides. With the Budget reducing excise duty on leather shoes, manufacturers who were catering primarily to export markets, are now gearing up to take advantage of the big local opportunity. Jude Sannith gets us this report from Tamil Nadu's leather hub, Ranipet.

The leather footwear industry in Chennai seems all set to take some big strides. With the Budget reducing excise duty on leather shoes, manufacturers who were catering primarily to export markets, are now gearing up to take advantage of the big local opportunity. Jude Sannith gets us this report from Tamil Nadu's leather hub, Ranipet.

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Crude oil prices surge, as geopolitical risks surrounding Yemen mount

Investing.com - Investing.com -- Crude oil futures surged on Wednesday, amid increasing geopolitical risks related to the advance of Iranian-backed Houthi rebels in Yemen.

Global oil prices spiked by more than a dollar on Wednesday afternoon, as reports surfaced that Saudi Arabia is moving heavy military equipment, including artillery to its border with Yemen. The buildup came in response to the seizure of the al-Anad base, a Yemen airbase that had previously been used by U.S. troops in their fight against Al-Qaeda. As the Houthi rebels advanced toward the Yemen city of Aden, there were conflicting reports that Yemen president Abed Rabbo Mansour Hadi had fled the port city on boat.

Yemen is strategically located on the Bab el-Mandab, a strait that connects the Gulf of Aden with the Red Sea. In mid-November, the Energy Information Administration (EIA) ranked the Bab el-Mandab the fourth-largest chokepoint in the world for global oil transport (3.8 million barrels per day).

Oil traders are sensitive to risky geopolitical news involving Saudi Arabia, which has 16% of the world's oil reserves and maintains the world's largest crude oil production capacity.

On the New York Mercantile Exchange, WTI crude for May delivery rose 1.74 or 3.66 to $49.25 a barrel. Crude futures spiked to a daily-high of 49.35 a barrel late in the session, before settling slightly down. Earlier on Wednesday morning, crude futures dipped to a daily low of $47.01.

The developments in Yemen offset relatively soft inventory data released on Wednesday afternoon. In its weekly report, the EIA said that U.S. crude inventories for the week ending Mar. 20, increased by 8.2 million barrels from the previous week. The increase pushed U.S. crude inventories to 466.7 million barrels, its highest level in 80 years. By comparison, inventories rose 9.6 million barrels for the week ending on Mar. 13.

Though oil prices have plunged by more than 50% since last June, they have inched forward in recent weeks. WTI Crude last week increased to an average price of $46.00 a barrel, according to the EIA, up from an average price of $44.88 a week earlier. Last year at this time, however, the average price nearly eclipsed $100 a barrel at 99.97.

On the Intercontinental Exchange (ICE), brent crude for May delivery rose 1.34 or 2.43% to $56.45 a barrel. Brent futures reached a high of $57.14, before falling slightly back at the close of trading. The spread between international and U.S. domestic benchmarks continued to tighten on Wednesday, falling to $7.10.

The U.S. dollar, meanwhile, continued its nosedive against the euro on Wednesday, falling 0.32% to 1.096 in U.S. afternoon trading. The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, dropped 0.23% to 97.20. Relatively weak data regarding declining U.S. durable goods orders for the month of February pushed the dollar down.

In recent days, speculative oil traders have used a weaker dollar to hedge their positions in crude. Last week, the dollar fell at its sharpest weekly rate against the euro in more than two years. The dollar is still up by more than 10% against the euro this year.

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EUR/USD reaches two-week high, amid weak U.S. durable goods data

Investing.com - Investing.com -- The euro continued its recent hot streak against the U.S. dollar, moving above 1.10 as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike.

EUR/USD rose steadily in U.S. morning trading to reach a two-week high at 1.103 before settling at 1.0974. The pair gained 0.44% or .0048 as it continues its steady rebound from early last week when parity appeared inevitable.

On Wednesday, the U.S. Department of Commerce said in a monthly report that durable or long-lasting goods orders dipped by a seasonally adjusted 1.4% for the month of February. Orders for January were also revised downward to a 0.1% decline for the month. As a result, investment spending by U.S. businesses has dropped for six straight months.

The soft data weighed on the dollar, as the U.S. Dollar Index fell slightly by 0.30% to 97.14 in U.S. afternoon trading. The index measures the strength of the greenback against a basket of six other major currencies.

The lack of strength in the dollar was reflected in Wednesday's auction of U.S. 5-Year Treasuries, where weak demand caused yields to fall to 1.375%. The bid to cover ratio also fell to 2.35, its lowest ratio since July, 2009. In recent months, the average bid to cover ratio has been around 2.63.

While yields on U.S. 10-Year Treasuries rose 0.049 or 2.59% on Wednesday, they still remained under 2% at 1.927. Yields on German 10-Year bunds fell 0.02 to 0.22%.

In London, meanwhile, Chicago Federal Reserve Bank president Charles Evans said until the Fed was reasonably confident that inflation was moving back near 2%, he saw no reason to hurry and raise interest rates. Speaking at the Official Monetary and Financial Institutions Forum, Evans urged the Fed to delay an interest rate hike until the middle of next year. Evans has been a long proponent of keeping interest rates low to avoid disinflation.

Elsewhere, Greece failed in its bid to receive a short-term cash payment from its euro zone creditors providing another blow to the cash-strapped nation, which is becoming increasingly desperate to avoid bankruptcy. Greek leaders had made a bid to receive a €1.2 billion payment from the European Financial Stability Facility, after claiming it overpaid on a transfer to the fund earlier in March.

"We see no reason to release it," Germany Finance Ministry spokesman Martin Jaeger said at a news conference on Wednesday.

Greece is running out of time before its next debt payments are due. On April 8, Athens owes the International Monetary Fund more than €460 mil on a loan from its 2010 bailout. Five days later, Greece must make a €1.4 billion payment to holders of its short-term treasury bills.

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Govt to bear part of Q4FY15 subsidy need for LPG, kerosene

According to sources, the government may be looking at a longer-term subsidy sharing formula for FY16 along with probable actions in terms of Q4 payments.

The government may bear part of the Q4 FY15 subsidy need for LPG and kerosene, sources tell CNBC-TV18. A meeting to discuss the issue was held between the Oil Minister and the Finance Minister on Tuesday.

According to sources, the government may be looking at a longer-term subsidy sharing formula for FY16 along with probable actions in terms of Q4 payments. The Finance Ministry closes accounts by December end and the Q4 is always rolled over into Q1 of the new fiscal.

Thus, it seems that at least part of the requirement will be paid out. However, it remains to be seen what could be the amount -- it could be in the range of Rs 4,000-8,000 crore if required or could be on the lower side and will be as per the separate allocation for Liquefied Petroleum Gas (LPG) and kerosene subsidies for FY16.

Thus, it is needless to say that the money will go from the FY16 Budget and if that happens then also the overall Rs 30,000 crore figure that the government has kept for FY16 as LPG, kerosene subsidy outlay, could also come under pressure at a later stage.

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Crude prices fall slightly, as strong CPI spurs dollar rally

Investing.com - Investing.com -- Crude futures fell slightly on Tuesday, as strong consumer prices for the month of February halted the dollar's rapid depreciation against the euro.

During an extremely volatile month of March, analysts have viewed the strength of the dollar as one of the main indicators of the fluctuations in oil prices. In recent days, energy traders have used a weaker dollar to hedge their positions in crude oil.

On the New York Mercantile Exchange, WTI crude for May delivery dropped 0.11% to 47.49 a barrel. Prices for Texas light sweet futures surged to a daily high of 48.35 on Tuesday morning following the U.S. Labor Department's release of the Consumer Price Index (CPI) for the month of February, before wavering for the remainder of the day. WTI crude reached a daily low of 47.20 in U.S. afternoon trading.

The U.S. Department of Labor on Tuesday said its Consumer Price Index (CPI) rose 0.2% for February, one month after declining 0.1%. The slight uptick last month ended a three-month streak of declines. On a year-over-year basis the CPI remained unchanged from its February 2014 level, though analysts had forecasted it to slip by 0.1% from last year's figure.

Additionally, the Labor Department said gasoline prices for February rose 2.4%, one month after the prices dove 18.7% in January. The increases last month ended a streak of seven straight months of declines. Shares in Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) were each down 0.75% for the day in U.S. afternoon trading.

EUR/USD fell 0.27% to 1.0915, while the U.S. Dollar Index rose 0.25% to 97.44. The U.S. Dollar Index measures the strength of the greenback versus a basket of six other major currencies.

On the Intercontinental Exchange (ICE), meanwhile, brent oil for May delivery fell 1.41% to 55.13 a barrel. Prices for brent futures peaked at 56.79 in European morning trading, before reaching a daily low of 54.93. The spread between the international and U.S. domestic benchmarks narrowed to $7.64 a barrel.

Trading was light on Tuesday, as investors await Wednesday's weekly inventory report from the Energy Information Administration (EIA). Last week, the EIA said oil supply in the U.S. for the week ending Mar. 4 grew by 9.6 million barrels to reach an 80-year high at 458.5 million. At the Cushing Oil Hub in Oklahoma, inventories for the week ending Mar. 4 grew by 2.8 million barrels as storage levels reportedly exceeded 70% capacity.

The increased storage level has exacerbated fears that Cushing could reach full capacity sooner than expected, a development that may cause oil prices to plunge. By comparison, inventory levels at Cushing this time last year were at roughly 25% capacity.

Oil in the U.S. is being pumped at its highest level in more than 30 years, a trend Opec is blaming on the shale boom. Production could level off sooner than expected if the U.S. reaches capacity before the start of the summer.

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Crude oil soars amid weaker dollar, as supply levels come under scrutiny

Investing.com - Investing.com -- Crude oil futures soared on Monday, as the euro continued its steady rally against the dollar upon expectations of an interest rate hike by the Federal Reserve at some point this year.

On the New York Mercantile Exchange, WTI crude for May delivery rose 0.82 or 1.72% to $47.37 a barrel. Last Friday, futures for April delivery surged roughly 5% as speculative oil traders used the weakening dollar to hedge their positions in crude.

On the Intercontinental Exchange (ICE), brent crude for May delivery also increased 1.08% or 0.59 to $55.92. The spread between the international and U.S. benchmarks for crude stood at $8.55, far below levels from last week. It continues to tighten, as EUR/USD moved slightly higher on Monday to 1.0948 -- its highest level since March 4.

Crude future prices spiked on the first day of trading this week despite comments by Saudi Arabia's oil minister on global supply levels one day earlier. Speaking at a conference in Riyadh, Saudi oil minister Ali al-Naimi denied that there was a "conspiracy theory" behind Opec's decision in November to keep oil output unchanged.

"There is no conspiracy and we tried to correct all the things that have been said, but nobody listens," he said. "We are not against anybody, we are with whoever wants to maintain market stability and the balance between supply and demand with regards to the price the market decides it."

Elsewhere, Schlumberger Ltd. CEO Paal Kibsgaard said on Monday that he expects oil production in North America to continue to grow for the remainder of the year, before falling in 2016. In spite of steady reductions in rig counts, oil is being pumped in the United States at its fastest rate in more than 30 years. In turn, the rapid increase in U.S. shale production has allowed oil providers to cut spending on oil exploration internationally, he added.

Speaking at the Scotia Howard Weil Energy conference in New Orleans, Kibsgaard indicated that the spending cuts could restrain escalating production levels, spurring price increases in oil during the second half of the year.

Schlumberger Ltd., the world's top oilfield services provider, employs approximately 120,000 people and has main offices in Houston, Paris and London.

Crude oil prices have declined nearly 50% since last July and are down from roughly $75 a barrel since Opec decided to keep supply levels constant in late-November.

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U.S. stocks slightly down, as dollar continues downward trend

Investing.com - Investing.com -- Stocks on U.S. equities markets fell slightly amid a weakening dollar, as late losses on Monday afternoon erased previous gains in morning trading.

The Dow Jones Industrial Average dropped 11.61 points or 0.06% to 18,116.04, while the NASDAQ Composite index retreated from near record highs at the end of trading last week. The S&P 500 also fell by less than 20 points on Monday, pushed down by lags in the Financials, Health Care and Industrials sectors.

Modest gains in the Consumer Goods, Telecommunications and Basic Materials sectors, offset the losses. At one point on Monday, the S&P Mid Cap index hit an all-time high.

The NASDAQ, meanwhile, fell 15.45 or 0.31% to 5,010.97 amid heavy losses among biotech stocks. On the fifth anniversary of President Barack Obama's signing of the Affordable Care Act, stocks on the NASDAQ Biotechnology Index plunged more than 2% to 85.9. Shares in Celgene Corporation (NASDAQ:CELG), Amgen Inc (NASDAQ:AMGN), Gilead Sciences Inc (NASDAQ:GILD) and Biogen Idec Inc (NASDAQ:BIIB) all fell broadly by at least 1.98%, upon concerns of overvalued stock prices. On Friday, Biogen soared nearly 10% after receiving positive test results for its Alzheimer's drug Aducanumab. The index is still up by roughly 18% on the year.

The performer of the day on the Dow, however, was Pfizer Inc. (NYSE:PFE) which rose 0.80 or 2.34% amid a strong outlook on its breast cancer and diabetes drugs that are under review. The worst performer was Home Depot Inc (NYSE:HD), which fell 1.42 points or 1.21% to 116.07. The National Association of Realtors on Monday said existing home sales in February rose 1.2% to an annual rate of 4.88 million. Analysts had expected the figure to increase 1.7% to 4.90 million units.

The biggest gainer on the NASDAQ was Staples Inc (NASDAQ:SPLS), which rose 0.56 or 3.45% after receiving a favorable rating from UBS. The worst performer was Celgene, which fell 5.56 or 4.33% to 122.94.

The top performer on the S&P 500 was Allegheny Technologies Incorporated (NYSE:ATI), which gained 6.64% or 1.96 to 31.50. The worst performer was Kansas City Southern (NYSE:KSU), which fell 9.21 or 7.96% to 106.48.

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Gerrard apologises for 38-second sending off against United

By Toby Davis

LIVERPOOL, England (Reuters) - Liverpool captain Steven Gerrard apologised after he was sent off for a rash stamp having been on the pitch for just 38 seconds of their 2-1 defeat to Manchester United on Sunday.

Gerrard entered the fray as a halftime substitute but received a straight red card after reacting to a poor tackle from United's Spanish midfielder Ander Herrera.

With Gerrard set to quit Liverpool for MLS side LA Galaxy in the close season, this was almost certainly his last appearance for the Merseysiders against their fierce north-west rivals.

"I need to accept it; the decision was right. I've let down my team mates and the fans. I take full responsibility," Gerrard told Sky Sports.

"I don't know what caused it. Probably just a reaction to the initial tackle.

"I shouldn't say more about it really. I've just come out here to apologise to the dressing room and supporters."

Gerrard had been left on the bench by manager Brendan Rodgers after only recently returning from injury with Liverpool embarking on an impressive winning run in his absence.

With United bossing the opening 45 minutes at Anfield, Gerrard immediately set about adding a physical side to Liverpool's game that was missing in the first half.

He flew into a challenge on Juan Mata, sparking the Liverpool crowd into life, but then reacted moments later when Herrera caught him with a reckless lunge.

Mata then scored his and United's second goal shortly afterwards with a superb volley.

While 10-man Liverpool clawed a goal back through Daniel Sturridge, United cruised through with Wayne Rooney failing to beat Simon Mignolet with a late penalty that would have added gloss to the scoreline.

Liverpool boss Rodgers accepted Gerrard's apology.

"It is good of someone when they do get sent off to come out and apologise but he was probably very frustrated watching us in the first half and he was man enough to come out," Rodgers told reporters.

"With Steven it was purely that he wanted to make an impact and he has apologised for it.

"You suffer with 10 against 11 and it was great respect to the players on the team who kept fighting. The players showed immense responsibility and spirit to keep the game going until the end."

Defeat left Liverpool five points behind United in the battle for a top-four finish and a spot in next season's Champions League.

(Reporting by Toby Davis; editing by Alan Baldwin)

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Forex - EUR/USD weekly outlook: March 23 - 27

Investing.com - Investing.com - The euro was sharply higher against the dollar on Friday, notching up its largest weekly gain against the greenback in almost three years as doubts over the path of U.S. monetary policy pressured the dollar lower.

EUR/USD was up 1.52% to 1.0820 late Friday. For the week, the common currency gained 3.2%, the largest increase since October 2011.

The sharp drop in the dollar came about amid uncertainty over the path of U.S. monetary policy after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections on Wednesday.

The Fed statement dampened expectations for a mid-year rate hike, prompting investors to exit positions which would benefit from a strong dollar, sparking volatility in the foreign exchange market.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, ended the week down 2.53%, posting the biggest weekly decline since October 2011.

Despite the past week's reversal the dollar looks likely to continue to strengthen, with the Fed still expected to raise interest rates ahead of other central banks.

The euro has fallen around 10% against the dollar so far this year and the European Central Bank's trillion-euro quantitative easing program, which launched earlier this month, is set to continue to act as a drag on the single currency.

In the week ahead, investors will be focusing on Tuesday's U.S. inflation report after Fed Chair Janet Yellen warned last week that the stronger dollar was pushing down inflation.

Survey data on euro zone private sector activity, due for release on Tuesday, will also be closely watched.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, March 23

The U.S. is to release a report on existing home sales.

Tuesday, March 24

The euro zone is to produce survey data on private sector activity, while Germany and France will also publish what will be closely watched individual reports.

The U.S. is to release data on consumer price inflation and new home sales.

Wednesday, March 25

In the euro zone, the Ifo Institute is to report on German business climate.

The U.S. is to publish data on durable goods orders.

Thursday, March 26

Research group Gfk is to publish a report on German consumer climate.

The euro area is to release data on private lending and M3 money supply.

Friday, March 27

The U.S. is to round up the week with final data on fourth quarter economic growth and the revised reading of the University of Michigan consumer sentiment index.

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Exclusive chat with Havas Chairman CEO, Yannick Bollore

Havas's chairman and CEO, Yannick Bolore was in the country recently. Storyboard's Editor, Anant Rangaswami caught up with him to understand the communication holding company's 'Together' strategy, how it helps its clients and the challenges in managing procurement costs.

Havas's chairman and CEO, Yannick Bolore was in the country recently. Storyboard's Editor, Anant Rangaswami caught up with him to understand the communication holding company's 'Together' strategy, how it helps its clients and the challenges in managing procurement costs.

 Watch video for more...

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Motomiu Katanga Uno first ride review

After seeing that intro line you might ask me, What in heck do you mean? Aren't all customs better than stock? Phooey! But the answer to that question is a matter of perspective. Most people think of custom bikes as good-looking. Not entirely inaccurate. But to many that's all that matters. Unfortunately I cannot be that person. Not thinking about riding a bike - and that includes customs - is like going to an unlimited buffet with your mouth sewn closed. Painful, uselessand frustrating. And if I'm honest, I've seen so... Read More

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