Good morning #traders, These are the #IronFX Main Points for Today: • U.S. nonfarm payrolls increased by 148,000 workers in September below forecast of 180,000, the weakest since June 2012. The report suggested that the #economy was losing momentum even before the 16-day partial shutdown of the #government. Disappointing job data cemented expectations that the #Federal Reserve will not start cutting its current $85 billion a month #bond buying until March. • The #dollar touched a fresh eight-month trough against a basket of #currencies. On Tuesday the euro rose to as high as $1.3792, its strongest level since mid-November 2011. It last stood at $1.3780. AUD/USD has hit new five-month high after higher than expectations inflation data was released and reduced expectations for another interest rate cut by the central bank. • Weaker than expected U.S. job data boosted the precious metal’s safe haven edge. Gold was at $1,339.55 an ounce, having risen to a four-week high. On the #commodities front, U.S. crude prices fell to $98.24 after the U.S. Energy Information Administration reported higher inventories of #oil. Benchmark Brent crude oil out of Europe edged higher following news of a deterioration in relations between the United States and key OPEC oil producer Saudi Arabia. • Today, the European morning starts with news from #UK. The Bank of England publishes the minutes of the monetary policy committee’s meeting of 8th-9th Oct, when it left its key rate at a record low 0.5% and its bond-purchase program at GBP 375bn. Later in the day, the US releases its weekly MBA mortgage applications for Oct. 18 (no forecast is available) and its house price index for August. The index is expected to have risen by 0.8% mom, a slowdown from an increase of 1.0% mom in July. After a couple of hours, #Eurozone consumer confidence advance figure for October is expected to rise slightly (-14.5 est. vs -14.9 prv.). At the same time, Bank of Canada publishes its rate decision. The rate is expected to remain unchanged at 1.00%. A press conference by governor #Poloz will follow to discuss the monetary policy report. Overnight, New Zealand publishes its trade balance data for September. The figure is estimated to show a narrowed deficit of #NZD 680mn from a previous release of NZD 1191mn. #China’s preliminary PMI data for October are also coming out. The figure is expected to slightly rise from 50.2 to 50.4. Join us to get more #IronFX daily analysis: bit.ly/1aqAsOw
Posted on: Wed, 23 Oct 2013 06:09:38 +0000
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