Tuesday, April 29, 2014

U.K Prelim GDP report

Sterling did not change that much when the prelim GDP report released today, 0.1% lower than forecast, Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q1 2014 compared with growth of 0.7% in Q4 2013. Output increased in three of the four main industrial groupings within the economy in Q1 2014 compared with Q4 2013. In order of their contribution, output increased by 0.9% in services, 0.8% in production and 0.3% in construction. However, output decreased by 0.7% in agriculture. In Q1 2014 GDP was estimated to be 0.6% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%. GDP was 3.1% higher in Q1 2014 compared with the same quarter a year ago.

The sterling pound fluctuated by less than 0.01% at the report time to keep morning records at 1.3879 as morning session high rising from 1.3849 the lowest rate for the same period.

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Wednesday, April 23, 2014

WTI in the longest drop in three months

West Texas Intermediate oil dropped the most in more than three months, widening the discount to Brent, on projections that a government report tomorrow will show that U.S. crude stockpiles climbed last week. WTI fell 2.1%. Crude supplies increased for the 13th time in 14 weeks, to 397.1 million barrels. WTI fell after Vice President Joe Biden expressed U.S. support for Ukraine during a visit to the capital Kiev, as an agreement with Russia to ease tension in the former Soviet republic’s east showed weakness. WTI for May delivery, which expired today, slid $2.24 to settle at $102.13 a barrel, capping the biggest drop since Jan.

The more-active June contract fell $1.90, or 1.8%, to $101.75. May’s premium to June closed at 38 cents, the smallest settlement this year for those two contracts. Trading was 35 percent above the 100-day average. Prices were little changed from the settlement after the American Petroleum Institute said U.S. crude inventories rose 519K barrels last week. June WTI traded at $101.84 in electronic trading, compared with $101.80 before the report was released.

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Monday, April 21, 2014

Gold retreat as economic indicators became lower

Gold retreated to the lowest level in more than two weeks as a technical indicator used by some traders signaled further declines. Silver also fell. Bullion for June delivery fell as much as 0.9% to $1,281.80 an ounce, the lowest since April 2, and was at $1,287.10 an ounce. Prices lost 1.9% last week to $1,293.90, closing below the 200-day moving average. The metal has pared this year’s advance to 7% as investors assessed prospects for further cuts to the Federal Reserve’s stimulus program amid signs of recovery in the world’s largest economy. While tension between Ukraine and Russia spurred gains in the past month, there has been little physical buying at current prices. The investors more than doubled bets on lower prices in the past month, while reducing wagers on a rally in six of the past seven weeks. Gold futures were traded at $1285.10 per ounce for April contract on this morning and $1,284.90 per ounce for May contract.

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Wednesday, April 16, 2014

U.K. unemployment report

Britain’s unemployment rate dropped to a five-year low in February, underscoring the strength of the economic recovery and raising the prospect of a debate among Bank of England officials about whether to raise interest rates. The jobless rate measured by International Labour Organization methods dropped more than economists forecast to 6.9% in the three months through February from 7.2% in the quarter through January, the Office for National Statistics said in London today. The report also showed that wage growth accelerated in the period to 1.7%, matching the inflation rate in February. The pound strengthened. The estimate before the report was for the unemployment rate to drop to 7.1% in the three months through February. Today’s reading was the lowest since the three months ending February 2009.

The pound jumped 0.5% to $1.6809. Jobless claims, a narrower measure of unemployment, fell 30,400 in March from the previous month, a 17th consecutive decline that was larger than forecast. In February, claims dropped 37,000, more than the 34,600 initially estimated. The ONS also said that in the three months through February, employment surged 239,000 to a record 30.4 million people. The number of unemployed fell 77,000 to 2.24 million. The acceleration in wage growth from 1.4 percent in the quarter through January signals that a squeeze on consumers’ living standards may be easing.

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Wednesday, April 9, 2014

FOMC meeting minutes.

Gold was moving bullish for the eighth day rising from seven weeks low recorded by the head of this week, which was just before the loss during the afternoon. Today we are waiting for the FOMC meeting minutes for meeting of March, so we are expecting more details bout ending the stimulus and the bond purchase plan. Janet Yellen, said last time that they are about to end the bond purchase plan by the end of 2015, and will raise the interest rates within the next autumn. the release of the meeting minutes will be at 18:30 GMT.
The precious metal gained about $40 during the week rising from $1,277 per ounce, to lose $10 during the afternoon reaching the low of $1,301.60 per ounce. It recorded a high at $1,314 earlier today.

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Tuesday, April 1, 2014

Euro got supported by the Germany data

The euro rose for the third day against the U.S. dollar after a report showed German unemployment fell more than forecasts, damping speculation the European Central Bank will boost stimulus. The shared currency advanced versus the greenback as a measure of Spanish manufacturing also increased. The euro rose 0.2% to $1.3801 after gaining 0.2% during the previous two days. 

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