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Tuesday, 11 July 2017

MIDEAST STOCKS-Banking shares boost Gulf a day ahead of Fed testimony | Reuters

MIDEAST STOCKS-Banking shares boost Gulf a day ahead of Fed testimony | Reuters:

"The banking sector pushed Gulf stock markets slightly higher in early trade on Tuesday, a day ahead of the testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy.

Yellen's semi-annual monetary policy testimony before Congress will be on Wednesday and Thursday. San Francisco Federal Reserve President John Williams said on Tuesday in Sydney that it was a reasonable view to expect one more rate hike this year, and his own view was to start adjusting the central bank's balance sheet in the next few months.

Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, United Arab Emirates and Qatar."



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