Dollar holds modest gains after Yellen's testimony on rate rise
Stocks rose in
However, a fall in the Australian dollar, often seen as a proxy for Chinese growth, showed some investors remained cautions about recovery in the world's second largest economy.
The numbers, which also helped push crude oil and some other industrial metals higher, confirmed the economy had stabilised after a shaky start to the year though analysts said the pick-up was largely driven by government stimulus.
The pan-European FTSEurofirst 300 equity index was up 1.1 per cent, buoyed in part by mining stocks which strengthened in anticipation of demand from
"It confirms the trend we've seen from improving PMI data, and is in line with the idea of a pick-up in the global economy. That's positive for the mining sector," said
The data from
The Australian dollar slipped 0.2 per cent against the U.S. dollar to
The US dollar index, which values the greenback against a basket of currencies, hit its highest in a month, clinging on to modest gains after Fed chief Yellen said interest rates could rise sooner than expected if employment data improved.
"The main driver to the dollar has been Yellen's less-than-dovish comments," said
Sterling inched lower after data showing workers' pay grew at its slowest rate on record gave the Bank of
The pound was last at
Brent crude climbed above
The yields on
Gold held near a four-week low thanks to the stronger dollar and worries the Fed could raise rates faster than expected. Spot gold was last at
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