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GrowthTitle:
Gold falls $200 from Tuesday's record high
(Reuters) - Gold extended losses on Thursday to fall as much as $200 from Tuesday's record high, as investors cashed in scorching gains in the metal after the CME Group hiked trading margins for the precious metal for a second time this month.
Investment appetite for gold has cooled ahead of a widely awaited central bankers' meeting at Jackson Hole, Wyoming, as speculation grows over whether or not the Federal Reserve will signal a further round of U.S. monetary easing.
More quantitative easing -- or money printing -- for the Fed could significantly lift gold, but it could have further to correct if no additional action is signaled.
Spot gold was down 2.2 percent at $1,711.99 an ounce at 7:01 a.m. EDT, having earlier touched a low of $1,702.44.
Investors have cashed in on gold's latest ...
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Forex - QE3 Announcement Unlikely At Jackson Hole
Forex News and Events:
There has been little directional impetus in FX markets ahead of Fed Chairman Bernanke’s appearance at Jackson Hole, with most investors unwilling to buy the highs or sell at the lows before knowing exactly what is going to emerge from his speech. Looking at recent gold price action (which has seen the precious metal plunge more than 9.5% from Tuesday’s all time highs), we would infer there is a diminishing belief in the market that Bernanke will announce or hint at QE3. This hardly comes as a surprise; US headline CPI hit an uncomfortably high 3.6% YoY in July and further liquidity injections would surely send this figure spiralling higher. As such, the Fed would need a pretty strong argument for initiating QE3. Whilst growth, unemployment and housing data have ...
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Growth concerns continue
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
Ahead of Friday’s Jackson Hole speech risk sentiment appears to have very little underlying momentum. Down days are immediately squared up the next. Even though fresh liquidity is by no means a given, the market is struggling to come to terms with not just whether fresh QE is on the cards, but also what kind of a signal it may send as the marginal impact of additional liquidity appears to be waning. Yesterday’s price action in gold may be a sign that some investors do not want to be excessively long QE-hedges ahead of the speech, but equities have rallied in anticipation of some relief. Nonetheless, growth concerns have not gone away – indeed our analysts have just lowered their global growth forecasts for 2012 to +3.3% from +3.8% ...
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Analysis: Vietnam inflation may have peaked; now the hard part
(Reuters) - Inflation may have finally peaked in Vietnam. Now comes the hard part for policymakers.
It is too early to start unwinding tight monetary policy but pressure to do so will no doubt rise quickly if, as some economists expect, inflation starts to ease in the next month or so.
The stability of Vietnam's beleaguered $100-billion economy and its attractiveness to investors hinge on whether policymakers stick to their guns, economists say. Also on the line is the credibility of freshly-reappointed Prime Minister Nguyen Tan Dung and his new central bank chief, Nguyen Van Binh.
"The biggest risk to the economy at this stage is a crisis of confidence in policymaking that impacts foreign exchange rates and leads to a significant deterioration in the asset quality of the banking system, ...
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Lack of economic data in Europe and state of chaos surrounds financial markets
A state of chaos is dominating financial markets after growing signals which confirms global economies growth is losing momentum, and this adds further assurances that the coming period will be more difficult especially with the escalating sovereign debt crisis in the euro area and fears surrounding the United States of losing more of its credit rating.
Fears were renewed yesterday after Moody’s cut the credit rating for Japan’s sovereign debt by one step to Aa3 with a stable future outlook which in turn increased fears that the sovereign debt crisis may spread into other global economies. In return, the Japanese government decided to release foreign-exchange reserves in order to support companies and prevent the yen from rising further as this will be reflected negatively on exports.
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New Zealand economic growth to accelerate this year as retail sales increases more than expected
Retail sales in New Zealand rose in the second quarter of last year as the domestic spending is recovering especially after monetary policy makers decided to keep the overnight cash rate at its low record, hoping to support economic recovery from natural disaster that hit the nation during the first quarter of the year.
One of the main factors that may help consumer spending to increase is the improved labor market during the period, along with the improvement in labor market will fuel income of workers, supporting the spending cycle on goods.
Moreover, the New Zealand economy confirmed that the economy has many resources to fight the negative results from the natural disaster; also it has ability to face the global events that work to slow the global growth.
The New Zealand economy has ...
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Contours of Obama jobs package coming into focus
(Reuters) - President Barack Obama is finalizing a jobs package that could include a program to refurbish school buildings nationwide and tax breaks to encourage firms to hire workers.
The package, to be unveiled in early September, is Obama's chance to convince skeptical voters he can bring down the 9.1 percent unemployment rate and steer the United States away from another recession -- ahead of next year's election.
Critics say the president, who bailed out the auto industry and spent $860 billion to revive the economy after he took office in 2009, has few jobs-boosting options and will have a hard time getting Republicans to accept any new spending plan.
But economists and advisers familiar with his strategy say Obama will argue next month that the financial crisis was worse than ...
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SunBirdFX Daily Market Analysis : 25/08/2011
www.sunbirdfx.com
Last trading day in Wall Street has been characterized by much volatility. The leading indices have changed direction several times while it seems that the macro-data that reflected a rise of 4% in the orders of sustainable merchandises, as opposed to a prediction of only 2%, has tipped the scale towards a rally at the last minutes of the trade. Other news that have contributed to volatility are fears from negative developments related to the debt crisis in Europe, as opposed to cautious optimism from the investors following the speech of the President of the Federal Bank in the USA, Ben Barnanke, as well as the probability of declaration of a third quantity easing plan. In France, the Prime Minister Francois Fillon has announced a vast package of spending cuts in order ...
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BOJ Intervenes with Hefty Fund to Curb Yen Strength
The Japanese yen (JPY) was pushed back yesterday, as the Bank of Japan (BOJ) unveiled a new fund of approximately $100 billion in order to curb the rising strength of the island currency. With Wednesday's move by the BOJ, the future of the yen's strength is as yet undetermined, but will likely adopt a bearish overture in the next few days.
Economic News
USD - USD Moderately Lower as EUR Bounces
The US dollar (USD) was seen trading moderately lower at yesterday's close after a day of mixed news from the global economy. Weak gains seen on the USD this week was offset yesterday after the stock rebounds led to minor returns of portfolio diversification. So far, this action has pushed investors back into the value of the euro (EUR), sapping safe-haven appeal from the greenback for the time ...
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