Treasury Announces Details Of This Month's Twenty-Year Bond Auction

Trading 15 oct 2020 Commentaire »

The Treasury Department announced the details of this month's auction of twenty-year bonds on Thursday.

The Treasury revealed it plans to sell $22 billion worth of twenty-year bonds, with the results due to be announced next Wednesday.

Last month, the Treasury also sold $22 billion worth of twenty-year bonds, drawing a high yield of 1.213 percent and a bid-to-cover ratio of 2.39.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.


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*U.S. Crude Oil Inventories Drop By 3.8 Million Barrels In Week Ended 10/9

Trading 15 oct 2020 Commentaire »

U.S. Crude Oil Inventories Drop By 3.8 Million Barrels In Week Ended 10/9


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Philly Fed Index Unexpectedly Indicates Significantly Faster Growth In October

Trading 15 oct 2020 Commentaire »

A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a significant acceleration in the pace of growth in regional manufacturing activity in the month of October.

The Philly Fed said its diffusion index for current activity jumped to 32.3 in October from 15.0 in September, with a positive reading indicating growth in regional manufacturing. Economists had expected the index to edge down to 14.0.

With the much bigger than expected increase, the Philly Fed Index spiked to its highest level since before the coronavirus- lockdowns.

The sharp increase by the headline index came as the new orders index soared to 42.6 in October from 25.5 in September and the shipments index surged up to 46.5 from 36.6.

On the other hand, the report said the number of employees index dipped to 12.7 in October from 15.7 in September, indicating a modest slowdown in the pace of job growth.

The prices paid index rose to 28.5 in October from 25.1 in September, while the prices received index fell to 14.0 from 18.4 in the previous month.

"Manufacturing has rebounded strongly since the peak damage phase of the crisis, but its recovery will slow as the health crisis drags on," said Oren Klachkin, Lead U.S. Economist at Oxford Economics.

He added, "Consumer and business demand for goods will soften as economic momentum weakens and lawmakers are unlikely to provide meaningful fiscal support."

Looking ahead, the Philly Fed said most future indexes increased and continue to reflect optimism among firms about growth over the next six months.

The diffusion index for future general activity climbed to 62.7 in October from 56.6 in September, reaching its highest reading since June.


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Growth In New York Manufacturing Slows More Than Expected In October

Trading 15 oct 2020 Commentaire »

Growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report on Thursday.

The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 15.0.

The bigger than expected decrease by the headline index came even though the new orders index climbed to 12.3 in October from 7.1 in September and the shipments index rose to 17.8 from 14.1.

The number of employees index also increased to 7.2 in October from 2.6 in September, indicating an acceleration in the pace of job growth.

The report also said the prices paid index crept up to 27.8 in October from 25.2 in September, while the prices edged down to 5.3 from 6.5.

"The October Empire State Manufacturing Survey signals continued, albeit softer, expansion supported by rising shipments and a gain in new orders, although employers are still hiring cautiously," said Oren Klachkin, Lead U.S. Economist at Oxford Economics.

Looking ahead, the New York Fed said firms remained optimistic conditions would improve over the next six months, although optimism was somewhat lower than last month.

The index for future business conditions fell to 32.8 in October from 40.3 in September.


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U.S. Import Prices Rise 0.3% In September, In Line With Estimates

Trading 15 oct 2020 Commentaire »

A report released by the Labor Department on Thursday showed import prices in the U.S. increased in line with economist estimates in the month of September.

The Labor Department said import prices rose by 0.3 percent in September after jumping by an upwardly revised 1.0 percent in August.

Economists had expected import prices to rise by 0.3 percent compared to the 0.9 percent increase originally reported for the previous month.

The uptick in import prices came despite a sharp pullback in prices for fuel imports, which tumbled by 2.9 percent in September after surging up by 3.9 percent in August.

Prices for non-fuel imports advanced by 0.6 percent in September after climbing by 0.7 percent in August, with the continued increase primarily driven by higher prices for non-fuel industrial supplies and materials.

The report also said export prices climbed by 0.6 percent following the 0.5 percent advance seen in August. Export prices were expected to increase by 0.4 percent.

The stronger than expected export price growth came as prices for agricultural exports jumped by 2.7 percent in September after slumping by 2.3 percent in August.

Higher prices for soybeans, corn, fruit, cotton, wheat, nuts, and meat more than offset lower prices for dairy products and egg, leading to the biggest increase in prices for agricultural exports since December 2018.

Prices for non-agricultural exports also rose by 0.3 percent in September after climbing by 0.8 percent in the previous month.

Despite another monthly increase, import prices in September were down by 1.1 percent compared to the same month a year ago. Export prices were down by 1.8 percent year-over-year.


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U.S. Weekly Jobless Claims Unexpectedly Climb To 898,000

Trading 15 oct 2020 Commentaire »

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended October 10th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims climbed to 898,000, an increase of 53,000 from the previous week's revised level of 845,000.

Economists had expected jobless claims to edge down to 825,000 from the 840,000 originally reported for the previous week.

With the unexpected increase, jobless claims reached their highest level since topping 1 million in the week ended August 22nd.

The Labor Department said the less volatile four-week moving average also inched up to 866,250, an increase of 8,000 from the previous week's revised average of 858,250.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, tumbled by 1.165 million to 10.018 million in the week ended October 3rd.

The four-week moving average of continuing claims also slumped to 11,481,750, a decrease of 682,250 from the previous week's revised average of 12,164,000.

Despite the continued decline in continuing claims, Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics noted that "positive trend continues to be partly offset by a rise in the number of individuals who have exhausted regular benefits."

"Failure to pass additional fiscal relief measures poses considerable downside risk to the economy, particularly as Covid-19 cases are on the rise and would likely lead to further job losses," Vanden Houten said.

She added, "Failure to provide more relief raises the risk that some individuals will lose benefits altogether at the start of 2021."


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Philly Fed Index Unexpectedly Jumps To 32.3 In October

Trading 15 oct 2020 Commentaire »

A report released by the Federal Reserve Bank of Philadelphia on Thursday showed a significant acceleration in the pace of growth in regional manufacturing activity in the month of October.

The Philly Fed said its diffusion index for current activity jumped to 32.3 in October from 15.0 in September, with a positive reading indicating growth in regional manufacturing. Economists had expected the index to edge down to 14.0.

Looking ahead, most future indexes increased and continue to reflect optimism among firms about growth over the next six months.


The material has been provided by InstaForex Company - www.instaforex.com

New York Manufacturing Index Drops More Than Expected In October

Trading 15 oct 2020 Commentaire »

Growth in New York manufacturing activity slowed by more than expected in the month of October, the Federal Reserve Bank of New York revealed in a report on Thursday.

The New York Fed said its general business conditions index slid to 10.5 in October from 17.0 in September.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 15.0.

Looking ahead, the New York Fed said firms remained optimistic conditions would improve over the next six months, although optimism was somewhat lower than last month.


The material has been provided by InstaForex Company - www.instaforex.com

U.S. Import Prices Rise In Line With Estimates In September

Trading 15 oct 2020 Commentaire »

A report released by the Labor Department on Thursday showed import prices in the U.S. increased in line with economist estimates in the month of September.

The Labor Department said import prices rose by 0.3 percent in September after jumping by an upwardly revised 1.0 percent in August.

Economists had expected import prices to rise by 0.3 percent compared to the 0.9 percent increase originally reported for the previous month.

The report also said export prices climbed by 0.6 percent following the 0.5 percent advance seen in August. Export prices were expected to increase by 0.4 percent.


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Dollar Little Changed After U.S. Jobless Claims, Import And Export Prices

Trading 15 oct 2020 Commentaire »

The U.S. weekly jobless claims for the week ended October 10 and import and export prices for September have been published at 8:30 am ET Thursday. After these data, the greenback changed little against its major counterparts.

The greenback was trading at 105.20 against the yen, 0.9141 against the franc, 1.1706 against the euro and 1.2915 against the pound around 8:33 am ET.


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