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Gold gains after slide, sees worst week since May rout
(Reuters) - Gold edged up on Friday from losses of as much as 2 percent in the previous session, supported by a softer dollar versus the euro after Greece won approval for a five-year austerity plan.
But after the steep losses on Thursday bullion is headed for its worst week since a commodity-wide rout in early May.
The euro rebounded in Asia following news Greece has agreed with international lenders on an austerity plan that would bring it one step closer to securing much-needed financial aid.
But with fears of a potential Greek debt default still in the air and the global economy in a patchy state, gold will remain well supported, analysts say.
"We still are in very uncertain times and it's likely to continue until we see greater signs of economic growth globally, particularly in ...
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US Jobless Claims rise above forecasts
The number of Americans filing for unemployment benefits in the previous week rose gloomily and surprisingly above the market forecasts as reported today by the US Labor Department, confirming once again to which extent the labor market remains deteriorated and how far it is to witness a full revival to actually continue on weighting on overall economic activities of the superpower and postpone its full healing from the economic predicament.
No wonder that yesterday the FOMC members and Bernanke attested once again that the prior growth lost strength and was weak as well as the labor market despite of the slender signs of enhancement seen this past period since that jobless levels remain high and crucial and keep on limiting the overall improvement and progress of the economy's sectors ...
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Jobless claims point to weak labor market
(Reuters) - The number of Americans filing new claims for unemployment benefits rose last week, suggesting little improvement in the labor market this month after employment stumbled in May.
Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said on Thursday. Economists had expected claims to come in at 415,000.
The report covers the survey period for the government's closely watched data on nonfarm payrolls for June, which will be released on July 8.
Claims increased 15,000 between the May and June survey periods, implying another soft month for jobs in June after a modest 54,000 increase in payrolls in May.
"Again no quick rebound in employment. We're still in the soft patch that we have had for a couple of months now," ...
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Perpetual Investor Confidence
Yesterday, the Dow rose 109 points. Gold went up $4. The 10-year US note is still trading below 3% yield and oil is still below $95.
So, what’s new? The markets seem still to be wondering…waiting…watching to see what happens – just as we are.
The Greek premier won a confidence vote in parliament. That seemed to give investors some confidence. The idea is that if the Greeks can act like they know what they’re doing, the rest of Europe can give them some more money.
Meanwhile, Japanese officials appear to be taking a direct approach. They are said to be intervening in the stock market, buying when the market heads down. That must give investors confidence too.
And back in the USA, everyone seems to be waiting to see what happens when QE2 comes to an end. If stocks and bonds go down, the ...
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Narrowing current account deficit in New Zealand indicates the nation is on the track
Today’s fundamental data about the New Zealand economy confirmed that the economy is on the curve of recovery, after the current account in New Zealand showed a narrowing deficit during the first quarter of the year. The NZ economic recovery boosts profits at companies, which forecasts to grow further on purchases of imported building materials to assist with the recovery of Christchurch from devastating earthquakes.
The New Zealand economy has released today its current account reading for the first three months of the year, where the indicator released with an actual reading of NZ$-0.097 billion, which came better than the previous drop of NZ$3.524 billion a quarter earlier, while expectations referred to NZ$-0.900 billion.
On the other hand, New Zealand’s current-account deficit ...
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Weekly Economic and Financial Commentary : 17/06/2011
Weekly Economic and Financial Commentary
U.S. Review
Soft Patch Is Here
The U.S. economy got off to a rough start in the second quarter, but just how rough is only now emerging from the economic data. Not only were May employment gains disappointing, but retail sales actually contracted in May for the first time since last summer.
At the same time, the manufacturing slowdown that began to emerge in the May data appears to have intensified in June as the Empire State and Philly Fed surveys indicate contracting manufacturing activity in their regions for the first time since last fall.
How Strong Is the Bounce Back?
The string of disappointing economic data continued this week, but there were a few signs of resilience, which suggest growth could rebound a bit over the next few ...
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The U.S depressed housing sector released some cheerful data today along with better labor figures
Today unlike the past days some optimism got spread throughout the world's leading economy as the continuous deteriorated and depressed housing sector posted out cheerful data regarding the housing starts and building permits while that fewer Americans filed application for unemployment benefits last week confirming gains in hiring and an ease of overall firings across the country.
If truth be told today's "New Residential Construction Report" that is released by the US Census Bureau jointly with the Department of Housing and Urban Development (HUD) gave out cheerful data that is actually derived from compiled results from survey to homebuilders nationwide; housing starts and building permits.
Consequently on one hand the housing starts for May rose up cheerfully to 3.5 percent or 560 ...
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New Zealand economy shows some signs of picking up
Today's fundamental data given some positive signs about the New Zealand economy after the natural disaster that hit the economy this week, where the NZ retail sales soared during the first quarter, adding that the economic recovery starts its rebounding curve.
New Zealand retail sales ex. inflation index has increased to 0.9% during the first three months of this year, after a drop by 0.4% a year earlier, while the actual reading came inline with the analysts' expectations that referred to 0.9%.
Retail Sales index is one of important indicators that indicating to consumers spending, where we can see that the improvement in New Zealand retail sales index in May will help the economy to recovery and fight negative results that caused by natural disaster, along with the keeping borrowing ...
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A week affirming the weakness of the present U.S economic conjuncture
This week similar to the previous one confirmed once again that the present economical conjuncture of the superpower has lost strength even if the overall revival the country remains on track but at a gradual pace with gloomy jobless claims, a pessimistic Fed's Beige Book and speech by the Fed's Chairman while that the trade deficit narrowed unexpectedly.
In fact, the only cheerful data released this past week was the trade deficit of the superpower as it narrowed in April as imports of oil and auto could have plummeted in front of higher exports to actually show a deficit of 43.7 billion, which is defiantly better than the projected deficit of 48.9 billion and prior deficit of 48.2 billion; the lowest since December, a sign that auto and oil imports plunged to a certain extent while that ...
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