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Data Smashed HopesTitle:
Gold falls on weak physical buying, soft jobs data
(Reuters) - Gold fell on Wednesday as weak physical demand and losses in equities and other commodities following disappointing U.S. private-sector jobs data extended the precious metal's decline to a second day.
The metal, which for most of the year has tracked the performance of riskier assets, came under pressure after the ADP employment report showed U.S. companies hired the fewest people in seven months in April, adding to concerns that the economy has lost some momentum.
Market watchers said the ADP data, however, was not enough to alter a view that a strong run of U.S. economic indicators have smashed hopes of further quantitative easing, or government bond purchases, by the Federal Reserve.
The gold market is looking to Friday's April nonfarm payrolls data for the latest clue ...
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Gold falls 1 percent on jobs, posts small weekly loss
(Reuters) - Gold fell 1 percent on Friday, its biggest one-day loss in over a month, after encouraging U.S. payrolls data smashed hopes of extra stimulus from the Federal Reserve, which had been priced into bullion's recent rally.
Wall Street and industrial commodities plus U.S. Treasury yields, an indicator of short-term interest rates, all rose on news the U.S. economy created jobs in January at the fastest pace in nine months.
After four consecutive weekly gains, bullion posted a small weekly loss as Friday's sell-off wiped out profits from earlier this week. It is still up 11 percent year to date.
Analysts had warned of a pullback after bullion rallied on hopes of immediate Fed actions to boost growth. The Fed said last week it would likely keep rates low until at least late 2014 ...
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Forex - FX Markets Search For Drivers
US Treasury yields traded higher yesterday triggering a bout of risk reduction and a move back into the USD. By the Asian session, FX markets settled down and the focus turned to China’s trade data. Export growth slowed to 22.9% y/y vs. 23.7% exp while import growth climbed up to 25.3% vs. 26.8% exp – illustrating that domestic demand remains healthy. However, both figures were slightly disappointing to an overly optimistic market, weighing lightly on commodity currencies and causing Shanghai’s stock index to sell off. Reuters reported this morning that the PBoC had increased the reserve requirement ratio of several large banks by 50bp; a shift estimated to freeze roughly CNY200bn in bank deposits. In addition, USDCNY was fixed 130 pips lower at 6.6450, increasing speculation that the ...
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