While relations between President Obama and Russian President Putin seem worthy of a story on TMZ or E Entertainment Tonight, the simmering tensions between the two are taking a relative back seat to news of central bank interest rate moves out of Asia and first time unemployment claims released earlier this morning. Indonesia’s central bank raised its key policy rate .25% and moved a couple more key interest rates higher in what is being labeled a “surprise” move in an attempt to cushion the downward momentum of the counbtry’s currency. Meanwhile the central banks of New Zealand, the Philippines and South Korea indicate that their respective interest rates will likely hold steady into at least 2014. We’ll see what happens after the FOMC meeting next week. First time unemployment claims are giving a false sense of an improving labor market. First time claims fell by 31,000 last week according to the Labor Department. However, due to “technical issues” some states were unable to report making this morning’s report rather useless. The precious metals complex is down sharply to start the day. Gold closed the previous session at $1363.80 but now trades nearly 2.5% lower at $1330.50. Silver is off roughly 4% while platinum trades $1447 after having closed Wednesday’s session at $1473. Palladium continues to be the exception as it has moved little from yesterdays close of $691. Have a great day!
Posted on: Thu, 12 Sep 2013 13:54:35 +0000
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