Press review - page 57
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Gold prices fall amid Fed tapering concerns in choppy trading
Investing.com - Gold prices were lower in choppy trading on Tuesday amid ongoing concerns that the Federal Reserve remains on track to begin scaling back stimulus programs in early 2014.
Stimulus tools such as the Fed's USD85 billion in monthly bond purchases aim to drive recovery by pushing down long-term interest rates, weakening the dollar in the process, with talk of their dismantling strengthening the greenback.Gold and the dollar tend to trade inversely with one another.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,221.20 during U.S. afternoon hours, down 0.06%.
Gold prices hit a session low of USD1,214.90 a troy ounce and high of USD1,225.40 a troy ounce.
Gold futures were likely to find support at USD1,214.55 a troy ounce, the low from July 8, and resistance at USD1,254.50, Friday's high.
The February contract settled down 2.28% at USD1,221.90 a troy ounce on Monday.
Gold dropped and the dollar firmed on Monday after a better-than-expected factory report hit the wire in the U.S. and fanned expectations for the Federal Reserve to soon begin tapering its monthly bond purchases, which have elevated the yellow metal for over a year by keeping the greenback weak.
The Institute for Supply Management reported that its manufacturing purchasing managers’ index rose to 57.3 in November from 56.4 in October, its fastest pace since April of 2011.
Analysts were expecting the index to fall to 55.0.
Profit taking sent the dollar falling on Tuesday, though gold remained in negative territory amid sentiments that a Fed decision to begin winding down bond purchases will come in a matter of months.
Uncertainty over the strength of the November jobs report due out on Friday allowed for choppy trading.
Elsewhere on the Comex, silver for March delivery was down 0.89% at USD19.118 a troy ounce, while copper for March delivery was down 0.48% and trading at USD3.167 a pound.
Forex - Dollar drops on profit taking, awaits jobless data
Investing.com - Profit taking send the dollar falling against most major currencies on Tuesday after investors locked in gains from Monday's better-than-expected manufacturing report and sold the greenback for profits.
In U.S. trading on Tuesday, EUR/USD was up 0.37% at 1.3592.A day earlier on Monday, the dollar rose after the Institute for Supply Management reported that U.S. manufacturing activity in November expanded at its fastest pace since April of 2011, fueling hopes that U.S. recovery is gaining steam.
The ISM manufacturing purchasing managers’ index rose to 57.3 in November from 56.4 in October.
Analysts were expecting the index to fall to 55.0, and the surprise uptick sparked demand for the dollar.
The report stoked market expectations for the Federal Reserve to begin scaling back its monthly asset-purchasing program in early 2014.
Fed bond purchases tend to keep the dollar weak by driving down long-term interest rates to spur recovery.
Tuesday profit taking wiped out the greenback's gains, as investors waited on the sidelines for the release of the November jobs report on Friday.
Monetary authorities have said they'll pay close attention to data, especially out of the labor market, before deciding when to scale back bond purchases.
Elsewhere, better-than-expected data out of the Spanish labor market weakened the dollar further by bolstering the euro.
Spain reported that the number of unemployed individuals in the country declined by 2,500 in November, defying more pessimistic consensus forecasts calling for an increase of 44,300 and much better than October's 87,000 increase.
The greenback was down against the pound, with GBP/USD up 0.28% at 1.6402.
Industry data revealed that the U.K. construction purchasing managers' index rose to 62.6 in November, its highest level since August of 2007, from 59.4 in October. Analysts had expected the index to tick down to 59.0.
The report came a day after data showed that the manufacturing sector in the U.K. expanded at the fastest rate in 33 months in November, which fueled expectations that the Bank of England may tighten monetary policy ahead of other central banks.
The dollar was down against the yen, with USD/JPY down 0.57% at 102.35, and down against the Swiss franc, with USD/CHF down 0.47% at 0.9046.
The yen saw demand from bargain hunters after dropping on expectations for the Bank of Japan to beef up stimulus programs to meet its 2% inflation target by 2015.
On Monday, BoJ Governor Haruhiko Kuroda pledged to counter any new downside risks to the bank’s inflation goal, saying the BoJ would act by "adjusting monetary policy without hesitation."
The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.07% at 1.0651, AUD/USD up 0.35% at 0.9138 and NZD/USD trading up 0.86% at 0.8256.
The Reserve Bank of Australia decided to leave rates unchanged at 2.5% on Tuesday in a widely expected decision.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.39% at 80.61.
On Wednesday, the U.S. is to release the ADP report on private-sector job creation, while the Institute of Supply Management is to release its service-sector purchasing managers' index. The U.S is also to publish data on new home sales and data on its trade balance.
Oh, ok. I got it now. So it needs to be hyper-linked. Nope, there is no such issue of copyrights. In fact, the whole website can be freely RSS-fed by another site. Any new post here will be properly hyper-linked.
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Do you know that to made a press review you are suppose to read what you post. Do you really read all articles you have posted here ?
What do you think by the way ???? Strange question Alain...you are demoralising in all aspects.
Both you and Raptor
I am not going to argue.
What do you think by the way ???? Strange question Alain...you are demoralising in all aspects.
Both you and Raptor
I am not going to argue.
I think you are flooding the forum and you have to stop it. Unless you are decided to do a real press review.
2013-12-04 00:30 GMT (or 01:30 MQ MT5 time) | [AUD - GDP]
if actual > forecast = good for currency (for AUD in our case)
==========
Australia Q3 GDP Expands 0.6% On Quarter
Australia's gross domestic product was up a seasonally adjusted 0.6 percent in the third quarter of 2013 compared to the previous three months, the Australian Bureau of Statistics said on Wednesday.
The headline figure was shy of expectations for an increase of 0.7 percent following the 0.6 percent gain in the second quarter.
On a seasonally adjusted annualized basis, GDP was up 2.3 percent - also missing forecasts for an increase of 2.6 percent, which would have been unchanged from the previous three months.
2013-12-04 09:30 GMT (or 10:30 MQ MT5 time) | [GBP - Services PMI]
if actual > forecast = good for currency (for GBP in our case)
==========
British Service Sector Sustains Growth Momentum
British service sector continued to expand solidly in November, a survey by Markit Economics and the Chartered Institute of Purchasing and Supply (CIPS) revealed Wednesday.
The headline business activity index recorded a reading of 60 in November, suggesting strong growth in activity in historical terms. However, this was the weakest index level in five months and lower than October's multi-year high of 62.5.
The GBPUSD has reached an extreme negative reading to start December trading (adapted from dailyfx article)
Below you can see the GBPUSD trending as much as 1692 pips higher from Julys low through this week’s high: