*U.S. Consumer Credit Jumps $18.9 Billion In October

Trading 07 déc 2019 Commentaire »

U.S. Consumer Credit Jumps $18.9 Billion In October


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

Gold Settles Lower As Riskier Assets Rise On Trade Hopes, Jobs Data

Trading 07 déc 2019 Commentaire »

Gold prices drifted lower on Friday as traders went for riskier assets such as equities thanks to upbeat U.S. monthly jobs data and rising optimism about a phase one U.S.-China trade deal.

The dollar's strong uptick contributed as well to the yellow metal's decline.

The dollar index rose to 97.84 and was last seen hovering around 97.70, up more than 0.3% from previous close.

Gold futures for February ended down $18.00, or about 1.2%, at $1,465.10 an ounce.

On Thursday, gold futures for February ended up $2.90, or 0.2%, at $1,483.10 an ounce.

Gold futures shed about 0.5% in the week.

Silver futures for March ended down $0.463 at $16.596 an ounce, while Copper futures for March settled at $2.7250 per pound, up $0.0620 from previous close.

In trade news, China said it would waive import tariffs for some soybeans and pork shipments from the United States.

The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, but didn't not specify the quantities involved.

The waiver of 25% tariffs comes two weeks before a critical decision on the fate of the December 15 tariff increases.

On Thursday, U.S. President Donald Trump said that trade talks with China were "moving right along", and that the two sides are having very major discussions".

Asked whether he will go ahead with additional tariffs in less than two weeks, Trump said, "We're not discussing that."

Meanwhile, U.S. Treasury Secretary Steven Mnuchin told reporters that trade talks with China are on track, but the United States is not bound to a deadline.

In economic news, the Labor Department's monthly employment report showed non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October.

Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month.

With the stronger than expected job growth, the unemployment rate edged down to 3.5% in November from 3.6% in October. The unemployment rate was expected to remain unchanged.

According to preliminary data released by the University of Michigan, U.S. consumer sentiment showed a much bigger than expected improvement in the month of December, with the index climbing to 99.2 from the final November reading of 96.8. Economists had expected the index to inch up to 97.0.

With the much bigger than expected increase, the consumer sentiment index reached its highest level since hitting 100.0 in May.


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

U.S. Wholesale Inventories Inch Up Less Than Expected In October

Trading 06 déc 2019 Commentaire »

Wholesale inventories in the U.S. crept up by slightly less than expected in the month of October, according to a report released by the Commerce Department on Friday.

The Commerce Department said wholesale inventories inched up by 0.1 percent in October after falling by a revised 0.7 percent in September.

Economists had expected inventories to rise by 0.2 percent compared to the 0.4 percent drop originally reported for the previous month.

Inventories of non-durable goods climbed by 0.7 percent in October after tumbling by 1.3 percent in September, but inventories of durable goods fell by 0.3 percent for the second straight month.

Meanwhile, the report said wholesale sales slid by 0.7 percent in October after edging down by 0.1 percent in September.

The continued decrease in wholesale sales came as sales of durable goods fell by 0.6 percent and sales of non-durable goods slumped by 0.9 percent.

With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers ticked up to 1.37 in October from 1.36 in September.


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

U.S. Consumer Sentiment Climbs To Seven-Month High In December

Trading 06 déc 2019 Commentaire »

Preliminary data released by the University of Michigan on Friday showed a much bigger than expected improvement in U.S. consumer sentiment in the month of December.

The report said the consumer sentiment index climbed to 99.2 in December from the final November reading of 96.8. Economists had expected the index to inch up to 97.0.

With the much bigger than expected increase, the consumer sentiment index reached its highest level since hitting 100.0 in May.

The current economic index jumped to 115.2 in December from 111.6 in November, while the index of consumer expectations rose to 88.9 from 87.3.

Surveys of Consumers chief economist Richard Curtin said nearly all of the improvement in consumer sentiment in December was among upper income households, who reported near record gains in household wealth due to record high stock prices.

"Indeed, among households with incomes in the top third of the distribution, their overall assessment of their current finances was the third highest in the past twenty years," Curtin said.

He added, "These gains were aided by declining inflation expectations, with long term inflation expectations returning to an all-time low."

The report said one-year inflation expectations edged down to 2.4 percent in December from 2.5 percent in November, while five-year inflation expectations dipped to 2.3 percent from 2.5 percent.

Curtin said impeachment was barely mentioned in response to any question in early December but noted partisanship continues to have a strong impact on economic expectations.

The average gap between Democrats and Republicans was widened to 41.6 points since President Donald Trump took office compared to 18.7 points under former President Barack Obama's administration.

Meanwhile, the views of Independents closely track the overall sentiment index, which Curtin said indicates the continuation of the economic expansion based on consumer spending.


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

Surge In U.S. Non-farm Payrolls Lifts Dollar

Trading 06 déc 2019 Commentaire »

The U.S. dollar was notably higher against its major trading partners in the European session on Friday, as the economy created much more jobs than forecast in the month of November, supporting hopes for the Federal Reserve to keep policy unchanged when it meets next week.

Data from the Labor Department showed that U.S. job growth was in a substantial acceleration in November. The report said non-farm payroll employment surged by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October.

Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month.

The unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged.

The Federal Reserve's final rate setting meeting of the year is due next week. The Central Bank is expected to keep rates on hold at 1.50-1.75 percent.

Investors focused on developments in China-U.S. trade front after President Donald Trump commented that the talks were "moving right along."

Trump's remarks came after Beijing asserted that some U.S. tariffs should be rolled back as part of an interim deal. U.S. Treasury Secretary Steven Mnuchin said that both sides are "actively working" towards a deal, but the U.S. is not bound to a deadline.

The currency held steady against its major counterparts in the Asian session, except the franc.

The greenback appreciated to 108.92 against the yen, up by 0.4 percent from a 2-day low of 108.50 set at 8:30 am ET. The pair was worth 108.76 when it ended deals on Thursday. Should the greenback strengthens further, it is likely to face resistance around the 111.00 region.

Data from the Cabinet Office showed that Japan's leading index fell to the lowest level in nearly ten years in October.

The leading index, which measures the future economic activity, came in at 91.8 in October, down from 91.9 in September.

The greenback spiked up to a 3-day high of 0.9918 against the franc, representing a 0.5 percent rise from a 2-day low of 0.9865 it touched at 3:15 am ET. At Thursday's close, the pair was valued at 0.9868. The greenback is seen finding resistance around the 1.01 level.

After falling to a 2-day low of 1.1110 at 3:00 am ET, the greenback turned higher against the euro, rising 0.4 percent to a 2-day high of 1.1068. The pair had closed Thursday's deals at 1.1078. Continuation of the greenback's uptrend may lead it to a resistance around the 1.09 region.

Data from Destatis showed that German industrial production declined unexpectedly in October.

Industrial production decreased 1.7 percent on a monthly basis in October, bigger than the revised 0.6 percent fall logged in September. Economists had forecast output to recover 0.1 percent.

The greenback reached as high as 1.3111 against the pound, after having dropped to 1.3165 at 1:45 am ET. The pound-greenback pair had finished yesterday's trading session at 1.3157. Next key resistance for the greenback is possibly found around the 1.30 level.

Data from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices increased at the fastest pace in seven months in November.

House prices increased 2.1 percent on a yearly basis in three months to November, following a 0.9 percent rise in three months to October. Economists had forecast an annual growth of 1 percent.

The greenback staged a brief rebound to 0.6833 against the aussie, from a 2-day low of 0.6857 it recorded at 8:15 am ET. Further rise in the currency could test resistance around the 0.67 area.

Data from the Australian Industry Group and Housing Industry Association showed that Australia's construction sector contracted further in November.

The Performance of Construction Index fell 3.9 points to 40.0 in November. A score below 50 indicates contraction in the sector.

Following a 4-month low of 0.6574 seen at 8:15 am ET, the greenback recovered modestly against the kiwi, with the pair trading at 0.6560. At yesterday's trading close, the pair was quoted at 0.6543. The greenback is likely to face resistance around the 0.64 region, if it rallies again.

The greenback was up 0.7 percent at a 2-day high of 1.3258 against the loonie, bouncing off from a low of 1.3171 it logged at 4:00 am ET. The greenback was trading at 1.3174 per loonie at yesterday's close. The greenback is poised to challenge resistance around the 1.35 mark.

Looking ahead, U.S. wholesale sales and consumer credit for October and University of Michigan's preliminary consumer sentiment index for December will be featured in the New York session.


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

*U.S. Wholesale Inventories Inch Up 0.1% In October

Trading 06 déc 2019 Commentaire »

U.S. Wholesale Inventories Inch Up 0.1% In October


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

*U.S. Consumer Sentiment Index Climbs To 99.2 In December

Trading 06 déc 2019 Commentaire »

U.S. Consumer Sentiment Index Climbs To 99.2 In December


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

Malta Economic Growth Slows In Q3

Trading 06 déc 2019 Commentaire »

Malta's economic growth slowed further in the third quarter, preliminary data from the National Statistics Office showed on Friday.

Gross domestic product grew 5.5 percent year-on-year following a 7.1 percent increase in the previous quarter. The pace of growth has been slowing since the fourth quarter of last year.

In chain-linked volume terms, the economy grew 3.4 percent year-on-year after a 4.9 percent expansion in the second quarter. The rate of growth slowed for a third straight quarter.

Total final consumption expenditure increased 2.5 percent in volume terms, led by a 2 percent growth in household expenditure and a 4 percent rise in government expenditure.

Gross fixed capital formation rose 0.2 percent. Exports of goods and services increased by 3.6 percent and imports increased 1.0 percent.


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

U.S. Employment Soars Amid Return Of Striking GM Workers

Trading 06 déc 2019 Commentaire »

Job growth in the U.S. showed a substantial acceleration in the month of November, according to a closely watched report released by the Labor Department on Friday.

The report said non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October.

Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month.

The much stronger than expected job growth was partly due to a rebound in manufacturing employment, which climbed by 54,000 jobs in November after falling by 43,000 jobs in October amid the return of striking General Motors (GM) workers.

The Labor Department also pointed to notable job gains in the healthcare and professional and technical services industries.

With the stronger than expected job growth, the unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged.

The unexpected decrease pulled the unemployment rate back down to the nearly 50-year low originally hit in September.

The drop by the unemployment rate came as a muted 83,000-person rise in the household survey measure of employment outpaced an even weaker 40,000-person increase in the size of the labor force.

"Despite today's blowout number, the US economy is experiencing a slowdown and we expect this to be reflected in weaker payrolls gains in coming months," said ING Chief International Economist James Knightley.

He added, "The weak global growth environment, as underlined by disappointing German industrial numbers, the strong dollar and the ongoing trade tensions with China, has prompted a more cautious attitude from US business and already resulted in two consecutive quarters of falling capital expenditure."

Knightley said capital spending is likely to continue to contact in the fourth quarter as uncertainty and softening demand growth sap confidence.

The Labor Department said average hourly employee earnings rose $0.07 or 0.2 percent to $28.29 in November. Annual wage growth slowed to 3.1 percent in November from an upwardly revised 3.2 percent in October.


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

*U.S. Dollar Advances To 3-day High Of 0.9918 Against Franc

Trading 06 déc 2019 Commentaire »

U.S. Dollar Advances To 3-day High Of 0.9918 Against Franc


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