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Gold Moves Higher Despite Strong Employment, Mfg. Data

Gold has rebounded on Thursday, after three straight losing sessions. In the North American session, the spot price for an ounce of gold is $1287.74, up 0.54% on the day. On the release front, unemployment claims fell to 222 thousand, well below the estimate of 240 thousand. Manufacturing data was also strong, as the Philly Fed Manufacturing Index jumped to 27.9, crushing the estimate of 21.9 points. On Friday, the US publishes Existing Home ...

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GBP/USD – Pound Shrugs Off Dismal UK Retail Sales

The British pound is showing slight losses in the Thursday session. In North American trade, GBP/USD is trading at 1.3175, down 0.22% on the day. On the release front, British retail sales declined 0.8%, well below the forecast of -0.1%. In the US, unemployment claims plunged to 222 thousand, well below the estimate of 240 thousand. Manufacturing data was also strong, as the Philly Fed Manufacturing Index jumped to 27.9, crushing the estimate of 21.9 points. On Friday, the UK releases ...

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USD/JPY – Yen Improves Despite Strong US Data

The Japanese yen has gained ground on Thursday, erasing most of the losses which marked the Wednesday session. In the North American session, USD/JPY is trading at 112.41, down 0.45% on the day. In economic news, unemployment claims plunged to 222 thousand, well below the estimate of 240 thousand. There was more good news, as the Philly Fed Manufacturing Index jumped to 27.9, crushing the estimate of 21.9 points. On Friday, the US will release Existing Home Sales and...

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Dollar lacks conviction

Dollar lacks conviction The lack of conviction and some questionable US economic data had all but stalled the USD dollar rally against most G-10. The exception being USDJPY where the election tail risk premium is being priced out and speculators are adding long positions anticipating a decisive Abe victory on Sunday. In reality, the latest USD dollar rally was always suspect at best based solely on optimism surrounding the possibility of Taylor’s Fed Chair appointment...

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