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Gold Gains
2013-01-14 09:30 GMT (or 10:30 MQ MT5 time) | [GBP - CPI]
if actual > forecast = good for currency (for GBP in our case)
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U.K. Inflation Hits Target For First Time Since 2009
U.K. inflation hit the Bank of England's 2 percent target for the first time in more than than four years in December, suggesting that prices were not bloated by robust economic recovery, official data showed Tuesday.
Consumer prices rose 2 percent year-on-year, the slowest since November 2009, the Office for National Statistics said. The rate was forecast to remain stable at 2.1 percent.
But, on a monthly basis, consumer prices gained 0.4 percent, faster than the 0.1 percent rise posted in the prior month. Nonetheless, the outcome was slightly slower than the expectations for 0.5 percent.
The largest contributions to the fall in inflation was from prices of food and non-alcoholic beverages and recreational goods and services.
Excluding energy, food, alcoholic beverages and tobacco, core inflation eased marginally to 1.7 percent in December from 1.8 percent in November.
AUD/USD tips over through stops to a low of 0.8966
Bids and support are smoked in the 0.8980/87 area and we hit some stops down to a new low. Further stops are seen through 0.8960 and bids roll in at 0.8950, 0.8930, 0.8910, 0.8900, 0.8850.
The move also creamed the 50.0 fib from the Jan lo/hi at 0.8974.
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Two MT5 CodeBase indicators are used for this analysis:
Gold ends under $1,250 on stronger equities, US fears
Spot gold dropped 0.7 percent to $1,244 an ounce, while U.S. gold futures for February delivery settled $5.70 lower at $1,245.40 an ounce.
The dollar steadied against a basket of six major currencies, rebounding from its lowest level since Jan. 2 hit after the U.S. jobs report on Friday, while U.S. Treasury yields steadied at 2.8 percent.
As gold pays no interest, returns on U.S. bonds are closely watched by the market.
Gold's steadiness was also helped by lower global equities.
"The support that we are seeing for gold is coming from the weak U.S. payrolls number last week, and (for that reason) we have seen some weakness in the dollar and equities,'' Deutsche Bank analyst Michael Lewis said.
"But we are not expecting any durable rally in gold from here,'' he added. "We just had a pocket of data that helped the metal a little bit, but our view for this year is one where we are going to see QE tapering gathering speed, an improvement in the U.S. labor market and a strengthening dollar.''
Ghana will allow trading in Chinese yuan this year - BoG
Ghana will allow banks to quote yuan rates and sell the Chinese currency this year as more businesses in West Africa’s second-biggest economy trade with the Asian nation.
“Many more people are traveling to China to do business and we think we should make life a bit easier for them,” Bank of Ghana Governor Kofi Wampah said by phone today from the capital, Accra. “It will also ease pressure on the cedi as this will decrease the demand for dollars.”
Ghana’s cedi has dropped 20 percent against the dollar since the start of 2013 as companies demanded the U.S. currency to pay for imports in one of the continent’s fastest-growing economies. Traders heading to China need to take dollars that would later be converted to yuan, according to Wampah.
The cedi weakened 0.4 percent to 2.3888 per dollar by 1:33 p.m. in Accra and traded at 0.39 cedis per Chinese renminbi, according to data compiled by Bloomberg.
The central bank introduced new currency-trading regulations for banks to improve liquidity and boost transparency, Wampah said, without giving details on the rules.
2013-01-15 02:11 GMT (or 03:11 MQ MT5 time) | [CNY - New Loans]
if actual > forecast = good for currency (for CNY in our case)
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China December New Yuan Loans Miss Expectations
Chinese banks extended CNY 482.5 billion in new yuan loans in December, less than CNY 570 billion forecast by economists, data released by the People's Bank of China showed Wednesday.
In November, banks extended a total of CNY 624.6 billion in local currency loans.
The broad money aggregate, M2 money supply, increased 13.6 percent year-on-year in December, compared with expectations for a 13.9 percent rise. This was also slower than 14.2 percent growth in November.
China's aggregate social financing came in at CNY 1.23 trillion in December, unchanged from November, but higher than the expected CNY 1.14 trillion.
GOLD Elliott Wave Analysis: Looking Towards $1260
The US stocks opened slightly higher today which also has a positive impact on some commodity markets. We can see metals and crude oil moving slightly higher for the last hour or so. On Gold I slightly adjusted the wave count but the massage is actually unchanged. We see metal in intraday bullish mode heading up to 1260. Current sideways price action looks like a triangle in wave iv) of (c), so we expect a new leg up as long as 1236 holds.
Better Day for Asian Trading, European Stocks Up (based on forexminute article)
Continuing the earlier day’s positive trade, European stocks were up today. On the other hand, Asian stocks are moving quite favorably today amidst the speculation that the global economy is strengthening. A major boost came for the U.S. as the dollar appreciated against 15 of its 16 major peers, despite weak employment data.
Chinese economy got a boost today when it came out that its foreign-exchange reserves, the world’s largest, rose to a record $3.82 trillion at the end of December from September’s $3.66 trillion. In today’s trading the Stoxx Europe 600 Index added 0.2 percent for a fourth day of gains at 8:05 a.m. in London.
A similar trend was followed in the Standard & Poor’s 500 Index (SPX) wherein futures were moving up slightly. Better results from the European stock market means it is trading on the positive wave this week so far.
2014-01-15 13:30 GMT (or 14:30 MQ MT5 time) | [USD - PPI]
if actual > forecast = good for currency (for USD in our case)
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U.S. Producer Prices Rise In Line With Estimates In December
Producer prices rose in line with economist estimates in the month of December, according to a report released by the Labor Department on Wednesday, with higher prices for energy and tobacco products offsetting a drop in food prices.
The Labor Department said its producer price index rose by 0.4 percent in December after edging down by 0.1 percent in November. The increase by the index matched economist estimates.
Excluding food and energy prices, the core producer price index increased by 0.3 percent in December after inching up by 0.1 percent in the previous month. Economists had expected core prices to tick up by another 0.1 percent.