Euro craters, dollar soars, as European Central Bank holds off on rate hikes

Drama Over?       Italian two-year yields though not back to pre-crisis levels are much lower than in late May

The ECB now plans to reduce monthly asset purchases between October and December to 15 billion euros until the end of 2018 and then conclude the program.

Analysts said that although the expected announcement would probably not be a total surprise to markets - an initial list was released by Washington a few months ago - it would still make investors concerned that the window for averting a trade war may be closing.

The common currency shed 1.9% to the dollar after the rate comments, in its sharpest daily fall in the nearly two years since the Brexit vote shock in 2016.

The Australian sharemarket staged a relief-rally along with European stocks while the Australian dollar tumbled after the European Central Bank calmed eurozone rate rise fears last night. But committing to no hikes for more than a year, when rates are at -0.4, it owns a sizeable proportion of the European government bond market and we're arguably very late in the cycle, looks like an unnecessary gamble.

The euro recovered some ground against the dollar, a day after the European Central Bank signaled it would keep interest rates at record lows into the summer of 2019, prompting the common currency to fall almost 2 percent drop.

Three state split would create multitude of new issues, political analyst says
The state's elaborate system of aqueducts would become a managerial-and political-challenge for three states instead of just one. A nascent opposition campaign already is sounding the more practical alarms about splitting California into three states.

Investors, though, seized on comments indicating that interest rates would stay at record lows at least through the summer of 2019.

The Pound spent much of Wednesday morning trading on the back foot following yesterday's inflation miss, which remained unrevised in May after analysts had expected an upward revision. U.S. President Donald Trump has made a decision to impose "pretty significant" tariffs and will announce a list targeting $50 billion of Chinese goods on Friday, and a second wave of products worth $100 billion has been cued up.

Mr Draghi said: "With longer term inflation expectations well anchored, the underlying strength of the Euro area economy and the continuing ample degree of monetary accommodation provide grounds to be confident that the sustained convergence of inflation towards our aim will continue in the period ahead and will be maintained even after a gradual winding down of our net asset purchases".

The European Central Bank announced on Thursday that it will bring to an end the €2.5 trillion (more than R31 trillion) bond buying programme it has undertaken since the eurozone debt crisis.

The Dow Jones industrial average closed 0.1% lower on Thursday.

Messi Comments On Ronaldo Wanting To Leave Real
Salah enjoyed a stunning debut season at Anfield, scooping the Premier League Golden Boot en route to netting 44 goals in all competitions.

The Bank of Japan left monetary policy unchanged at its meeting on Friday. The S&P 500 added 0.3% and the Nasdaq gained 0.9%.

The bank's bond-buying stimulus programme, also known as "quantitative easing" (QE) is credited with having helped the eurozone economy to recover from the region's financial crisis.

Oil prices fell as investors eyed a key OPEC meeting in Vienna.

West Texas Intermediate (WTI) crude oil futures were up 0.1% at $66.93 a barrel, while Brent was down 0.1% at $75.87.

Harry and Meghan to visit Australia and New Zealand
As soon as the Queen was in sight, Kate , who was slightly in front of Meghan , smiled and lead the way with her curtesy. The youngster burst into tears and had to be comforted by her mother, who tenderly picked her up and gave her a cuddle.

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