Wall Street looked set to open lower on Friday, with the dollar down against major currencies as politics in Washington out shined tax reform.
Wall Street futures fell throughout the morning after a late day rally Thursday on strong earnings from Walmart (WMT) and Cisco (CSCO) buoyed the market and the House of Representatives voted largely along party lines to a pass the tax overhaul bill. S&P mini futures were down 0.18% and Dow Jones mini futures lost 0.18%.
The U.S. dollar dropped against a basket of other currencies in the early part of the Friday trading in Asia after reports that President Donald Trump's campaign team was served with a subpoena last month requesting documents related to Russia. The dollar index fell 0.1% to 1,172.41, the lowest in four weeks.
European markets were under pressure on Friday but turned positive as afternoon trading got underway. London's FTSE 100 was up 0.13%, or 9.63 points, to 7,397.08. The Dax gained 0.10%, or 12.75 points, to 13,060.17 and the Cac 40 was marked 0.23% higher, or 11.51 points, to 5,346.78.
The euro gained 0.2% against the dollar to $1.1795. European Central Bank President Mario Draghi called for patience on quantitative easing and interest rates.
"The signalling effect of asset purchases has naturally increased in prominence relative to the duration effect. This explains why our decisions three weeks ago to reduce the pace of purchases while extending the horizon left, on impact, financial conditions largely unchanged," Draghi said at a conference in Frankfurt.
Gold gained 0.39% to $1,283.53 an ounce. West Texas Intermediate was up 1.43% to $55.93 a barrel, heading for its firstly weekly loss since the beginning of October. Brent Crude was up 1.03% to $61.99 a barrel.
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