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Tag Archives: currency

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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US Again Declines to Label China as a Currency Manipulator

The United States on Tuesday declined to name China as a currency manipulator although it remained critical of the Chinese government’s economic policies ahead of a planned visit to Beijing by President Donald Trump. The semi-annual U.S. Treasury currency report said no countries deserved the currency manipulator label, but it kept China on a currency “monitoring list” despite a fall in China’s global current account surplus since 2016. China’s currency, the renminbi or yuan...

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Gold Punches Past $1300 as CPI Misses Estimate

Gold prices have posted gains in Friday’s North American session. Currently, the spot price for an ounce of gold is $1300.97, up 0.57% on the day. On the release front, CPI gained 0.5%, short of the estimate of 0.6%. Core CPI posted a small gain of 0.1%, shy of the forecast of 0.2%. Retail sales data was a mix, as Core Retail Sales gained...

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DAX Quiet as German Final CPI Matches Estimate

The DAX is showing little movement in the Wednesday session. Currently, the index is at 12,988.50, up 0.04% on the day. On the release front, there is only one event out of the eurozone. German Final CPI posted a small gain of 0.1%, matching the forecast. The ECB will hold a critical policy meeting on October 26, but any hopes of a rate hike were dashed on Thursday by Mario Draghi. The ECB President...

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Pound Starts Week Higher, UK Manufacturing Production Next

The British pound has posted gains in the Monday session. In North American trade, GBP/USD is trading at 1.3134, up 0.46% on the day. In the US, banks are closed for Columbus Day and there are no US events on the schedule. Later in the day, the UK releases the sole event of the day, BRC Retail Sales Monitor. On Tuesday, the UK will publish Manufacturing Production, which is expected to...

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USD/JPY – Yen Edges Higher as Abe Calls Snap Election

USD/JPY has started the week quietly. In Monday’s North American session, the pair is trading at 111.75, down 0.22% on the day. On the release front, Japanese Flash Manufacturing PMI edged lower to 52.6, short of the forecast of 53.4 points. Later in the day, the BoJ releases the minutes of its monetary policy meeting, and Japan publishes the Services Producer Price Index, which...

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USD/CAD Canadian Dollar Flat Ahead of Geopolitical Weekend Risk

The Canadian dollar was flat on Friday as the US dollar rally triggered by the hawkish economic projections published on Wednesday by the Fed were offset by rising risk concerns about North Korea. Canadian data was mixed on Friday putting in question a third rate hike in 2017. Canadian inflation underperformed in July rising by only 1.4 percent and retail sales rose by 0.4 percent but a decline in the volume of goods ...

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US Trade Representative Says NAFTA Negotiations Moving Quickly

U.S. trade envoy Robert Lighthizer said on Monday negotiations with Canada and Mexico on modernizing NAFTA were moving quickly, but it was too soon to know whether the sides will reach a conclusion before elections in Mexico and the United States. “We’re moving at warp speed but we don’t know whether we’re going to get to a conclusion,” Lighthizer told...

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Gold Slips to 2-Week Low, US Housing Data Next

Gold has lost ground in the Monday session. In North American trade, the spot price for an ounce of gold is $1306.68, down 1.03%. In economic news, there are no major releases on the schedule. On Tuesday, the US releases Building Permits and Housing Starts. Gold prices jumped 4.3% in August, much of which can be attributed to investor jitters ...

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USD/JPY – Dollar Shrugs off Soft U.S. PPI, Pressures Yen

USD/JPY has posted gains in the Wednesday session. In North American trade, the pair is trading at 110.63, up 0.45% on the day. The pair has posted two straight winning days, and is up 2.0% this week. On the release front, Japanese data beat expectations, but this was not enough to stem the dollar’s rally. The BSI Manufacturing Index jumped 9.4 points in the second quarter, its strongest reading in two years. Japanese PPI improved to 2.9%, just shy of ...

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