This Tuesday gold futures rose, driven by projections regarding the possibility of an increase in interest rates. Still, the price remained ranging below $1,300, as investors wait for further hints from the data concerning US factory orders for June and ISM Non-Manufacturing PMI for July, due to be released later this day. Gold futures fluctuated between 1,288.30 and 1,293.50.
Driven by additional rises in new work within companies, the Italian business activity kept on rising in July. Although it had a solid increase to 52.8, it still represents a slight downfall from 53.9 in June, its highest level in forty three months. A minor drop to 53.2 had been forecast, so the data released represents an outstanding rise nevertheless.
South Korea's Won appreciated for the second day in a row after the exporters repatriated their overseas income and foreign-exchange reserves grew to a record. The exports jumped 5.7% in July as compared to the year before and the foreign-exchange reserves now amount to $368 billion. The Won climbed 0.2% to 1,031.75 per dollar and it is being backed up by the U.S. Dollar sales by
The Kiwi held steady versus the Greenback, as demand for the US Dollar slowly recovered after the disappointing unemployment claims report on Friday. With more US data to be released later this day, the market keeps holding steady, as traders wait for the outcome. The pair hit 0.8511 during the Asian session and proceeded to consolidate at 0.8524.
The US Dollar was near a ten-and-a-half month high against other major currencies on early Tuesday as there was little volatility for the Dollar index and it stood at 81.320. The muted trade is understandable drawing nearer to the main central bank policy reviews. In addition, the Aussie actually rose with many betting on an unchanged RBA's stance.
The Bank of Japan policy makers are concerned about the signals of the vulnerability of the economy after a sales-tax increase. The Governor Haruhiko Kuroda is set to discuss this week the possibility to ease their estimation of Japan's overseas sales and also whether to express concern about the fall in industrial production.
The US shares finished higher on Monday as a late surge led by Berkshire Hathaway and followed by gains in most sectors allowed the S&P 500 recover from last week's disappointing performance. Only the utilities index .SPLRCU held the rally back by falling 0.59%. Nevertheless, the gains were quite substantial as DJI added 0.46% and the S&P 500 was 0.72%
The Aussie weakened for the first time in two days after the reports showed the activity of Chinese services stagnated first in many years. The Australian Dollar depreciated against all but one of its major peers after the RBA kept the interest rate on hold today. The Aussie dropped 0.1% to 93.27 U.S. cents today after gaining 0.4% during the preceding two days.
The Greenback was almost unchanged today versus the Swiss Franc following the issue of the favourable figures from Switzerland and as investors stayed cautious after the release of the U.S. employment report. USD/CHF reached 0.9059 today in the afternoon. The Swiss economists reported today that the PMI rose to a three-month high of 54.3 in July in contrast to the anticipated 52.8.
Construction PMI dropped from the previous month to 62.4. However, despite the decrease from June's 62.6, the data released managed to surpass its 62.0 forecast. The Sterling rose by 0.07%, trading at 1.6832 against the US Dollar. Traders are expected to remain cautious as the BoE will announce its decision regarding interest rates on Thursday.
South Korea's Won appreciated the most in nearly four months as the U.S. economy created fewer jobs in July than anticipated. The Won grew 0.7% to 1,029.75 per Dollar today, the biggest gain since April 9th. The economists believe the South Korea currency is regaining some of the losses it incurred on August 1st. Some of the investors are said
The US Dollar had its largest daily fall in almost a month as there were disappointments from both the inflation and employment numbers. The Dollar index fell 0.2% on Friday, which was not a large drop but one that had not been seen for a while. With the index rising more than 2% in the last month some argue this
As traders assess the possibility of higher interest rates in the US, gold futures rose on Monday. Due to disappointing unemployment figures, traders are wary that interest rates in the US may not raised as soon as expected. During the European session, gold prices fluctuated between 1,292.50 and 1,296.30.
The New Zealand Dollar depreciated versus its U.S. peer today, as investors remained prudent following the release of unfavourable U.S. jobs figures on Friday. NZD/USD reached 0.8503 in the afternoon Asian trade, dropping 0.09% and consolidating at 0.8506 later on. The official reports indicated that the U.S. economy supplemented 209,000 jobs in the previous month in comparison with 233,000 jobs forecast.
Bank of Portugal has taken control of Banco Espirito Santo SA by bailing it out with 4.9 billion euros, which will cause the junior bondholders to take a loss. The Portugese central bank will relocate the bank's most important assets to a new bank called Novo Banco and look to finance the rescue with its eventual sale. Nevertheless, Portugal still has 6.4 billion euros from
The fourth largest economy in the Euro zone, Spain, released today the figures regarding unemployment change. The data showed that the number of jobless people dropped by 29,841 in July. However, analysts had forecast a much bigger fall of 111,900. Joblessness in Spain remains a concerning issue as the unemployment rate for the second quarter revealed to be 24.47%.
Following the release concerning the growth in Australian retail sales the Aussie held steady against the greenback. The data released showed that retail sales climbed by 0.6% in June, surpassing its 0.4% forecast. The pair hit 0.9330 during the Asian session and proceeded to consolidate at 0.9315. Against the Euro, the Australian Dollar also inched up to 1.4407.
The PboC stated that the country's credit and money supply have grown quickly and notified it will abstain from further monetary easing to back up the economy. The IMF said last week China's dependence on debt and investment has caused "rising vulnerabilities" and the inability to change the growth pattern raises the possibility of rapid economic decline.
The Chinese PMI for the non-manufacturing sector was 54.2 in July falling from 55 the month prior. However, the general sentiment towards the economy is still positive as the number indicates further expansion and the manufacturing PMI has showed signs of delivering the long awaited rebound. The only worrying part for the Chinese economy now is the housing sector.
The Sterling depreciated for the fourth week in a row versus the Greenback as U.K. economic figures from the manufacturing production to the consumer confidence were lower than anticipated. The Pound slipped 0.8% to $1.6832 dropping to a 7-week low. That is the longest decline since March 8th. The Sterling fell 0.9% to 79.80 pence per Euro. It is projected the U.K. currency will slide
The Euro was 0.4% from its weakest level against the Greenback since November after the investors held the biggest position anticipating the fall in the currency ahead of the ECB meeting this week. The common currency dropped 3.2% during the previous three months following ECB's decision to cut the rates to boost the inflation. The Euro traded at $1.3424 after sliding to $1.3367 on July 30th,
As a refinery fire decreased demand the West Texas Intermediate fell to its lowest point in six months. The Coffeyville refinery could be shut down for as long as four weeks with the downward pressure on the prices continuing. Furthermore, this added to the largest fall in more than two years for the WTI as it fell 6.8% in July.
The Commerce Department reported today that U.S. consumer expenditure grew for the fifth month in a row in June having jumped 0.4%. Spending is being supported by the firm growth in income, which increased 0.4% in June, owing to the recovering labour market. Despite the gains in expenditure, inflation slipped in June.
During the month of July 209,000 jobs were added in the US. Compared to the previous month and the current month's forecast, 298,000 and 230,000 respectively, the number was disappointing. However, being the six month in a row to increase by over 200,000 jobs, it represents a sign of increasing optimism regarding the economic view. Adding to this, the unemployment