According to the Department of Commerce, the country's trade deficit dropped 13.9% month-on-month to $40.4 billion in the third month of the year, following February's $46.9 billion gap and posting the narrowest deficit since November 2014. Meanwhile, US exports declined 0.9% and imports slipped 3.6% to $176.6 billion and $217.1 billion respectively.
US businesses added 156,000 new workers in the fourth month of the year, according to the ADP Employment Report released on Wednesday, whereas analysts expected payrolls to grow by 196,000. Meanwhile, the previous month's figure was revised downwards from 200,000 to 194,000.
The Bullion lost almost 0.8% against the US Dollar, trading at $1,286.10 per troy ounce by 15:20 GMT on the New York Stock Exchange. In the meantime, the Greenback regained its position after 15-month lows, despite Monday's disappointing release of the US ISM Manufacturing PMI.
According to the latest GlobalDairyTrade auction, dairy prices dropped 1.4% to $2,203 per metric ton after the 3.8% increase to $2,263 registered on April 19. In the meantime, the Kiwi declined around 1% against the Greenback, trading below the $0.70 level by 14:00 GMT on the London Stock Exchange.
On Tuesday, the European Commission revised downwards its GDP growth forecast for the Euro zone to 1.6% from the previous year's 1.7% result and the 1.7% growth outlook reported in February, whereas the European Union's GDP growth forecast was lowered to 1.8%, following the last year's 2% growth and February's 1.9% projection.
Data on UK's PMI surprised investors on Tuesday by entering negative territory with 49.2 points, plunging from 50.1 points in March. Investor Expectations were missed by 2 points as result to falling output and rising uncertainty over global and domestic economic conditions, which are believed to contribute to a further downturn during the second quarter.
The Chinese Caixin manufacturing PMI showed a 0.3 point drop from the month before at 49.4 points, continuing the recessive trend that has pushed the measure in negative territory for the 14th consecutive month. The indicator was 0.4 points short of investors' expectations and it is thought that the economy is still in need for a solid recovery foundation.
Asian stocks surged with Australia leading the trend on Tuesday, following a rate cut by the RBA. While Japanese markets closed for Constitution day, the Shanghai Composite index spiked by 1.4% to show 2 979.75 points at 5:00 GMT, while the Hang Seng index fell 1.1% and traded at 20 828.69 points at 5:00 GMT.
The Australian Dollar dropped 1.3% after the RBA announced cutting rates to a record low 1.75%. The Aussie hovered around the $0.7700 mark before the announcement, and plunged to $0.7563 right after the news came out at 4:30 GMT. The RBA explains the rate cut with fears of a stronger Australian Dollar that can potentially harm economic adjustment.
Building approvals in Australia exceeded expectations, as the data release on Tuesday showed a 3.7% jump, topping the 3.1% gain in February. This is an unexpected positive development, as investors had forecast a 3% drop, however, the measure still did not reach last year's levels, remaining 6.5% lower.
In the United States, Markit's Purchasing Managers' Index for the manufacturing sector dropped to a score of 50.8 in the fourth month of the year, following March's 51.5 reading and falling behind analysts' forecast of 51.0 points. That's the worst result since September 2009.
According to Markit's official data released on Monday, the Eurozone's Manufacturing PMI grew more-than-expected in the fourth month of the year. The Eurozone's PMI was revised upward to 51.7 from the originally reported 51.5 points, following the previous month's 51.6 reading.
The German PMI showed expansion in the industrial sector as it surged to 51.8 points, displaying a positive trend from the previous month when the measure showed 50.7 points. Although the indicator was 0.1 points short to meet investors' expectations, the sector shows a consistent upward trend, surpassing the 50 point mark for the 16th consecutive month.
The Italian PMI reached this year's high at 53.9 points in comparison to the expectation of 53 points, continuing to top the 50 point mark and show an ongoing positive trend in the sector. The indicator experienced one-year lows in the first months of 2016, after encountering the highest level of 55.6 points over a one-year period in December.
The data release on the Spanish PMI showed a positive trend in the manufacturing sector as the measure grew by 0.1 points since the month before and showed 53.5 points which exceed expectations of 53 points. A number higher than 50 shows expansion, and operating conditions in the industrial sector of Spain have been advancing for 29 months in a
Bullion traded 0.4% higher on Monday, reaching $1,295.10 as a reaction to the Chinese manufacturing data release and the lowering chances of a rate hike. Gold is believed to be targeting the $1,300 mark which is the highest since January 2015, after expanding its gains for the second consecutive week.
Asian markets closed low on Monday with Japanese stocks leading the way, as the Yen gained strength following lack of monetary policy expansion by the BoJ. While Labour Day kept the Chinese and Hong Kong markets closed, the Nikkei index finished with a 3.1% slip at 16,147.38 points and the Topix was down 3.0% to show 1,299.96 points at a
An official data release on Friday showed the lowest unemployment rate in Italy since 2012, falling as low as 11.4% in March, in recovery from the 11.6% mark that it reached in February. The level is still significantly higher than the pre-crisis rate, however, it shows improvement when compared with the staggering 13.3% a year ago.
Despite the 11 year highest daily exchange rate fix by the PBoC, the Chinese Yuan fell 0.06% onshore to trade at 6.4795 against the US Dollar after opening, staying in the bounds of the daily guidance restriction of 2%. The 0.6% increase in the daily fixing did not, however, hinder the Hong-Kong traded equivalent to meet the 6.4837 Yuan mark, which
The Hang Seng index traded lower on Friday, reflecting the trend of Hong Kong markets. While the Japanese market was closed for a public holiday, other Asian indices were mixed. The Shanghai Composite Index traded 0.1% lower at 2 945.34 points at 6:00 GMT and the Hang Seng index dropped by 1.2% and showed 21 122.75 points at 6:00 GMT,
The Euro traded expensively against the Dollar, hovering just beneath the $1.14 mark, as investors await US macro data announcement later on Friday. Releases on personal spending, income as well as the employment cost and PCE indices may later give a grasp of the potential inflation levels. The consumer confidence gauge is expected to slightly pick up, while it is
Bullion futures continued their rise on Friday as the Dollar lost its value, following the Fed's verdict to leave interest rates unchanged at 0.5%. Futures surged 0.9% to show $1,277.70 per ounce at 4:30 GMT while the Dollar index dropped by 0.4%. The spot price for bullion is on track to a 2.7% weekly gain and has jumped 3.4% for
The Personal Consumption Expenditure Price Index grew 0.3% during the first three months, following a 0.3% increase registered in the Q4 2015 and surpassing economists' 0.2% forecast. The PCE Index eliminating food as well as energy rose 2.1% in the Q1 2016, whereas analysts expected a 1.9% hike, after a 1.3% improvement seen in the Q4 2015.
Germany's Consumer Price Index jumped 0.1% year-over-year in April, following the 0.3% inflation rate seen in the previous month and falling behind the 0.2% forecast. Meanwhile, the country's monthly inflation gauge showed a negative 0.2% reading, compared to the 0.8% hike reported in the third month of the year.