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Gold falls 1 percent, U.S. nonfarm payrolls eyed
(Reuters) - Gold fell 1 percent on Thursday as tumbling crude oil prices and weak U.S. service-sector data sent bullion prices to their biggest one-day drop in a month ahead of a key U.S. nonfarm payrolls report.
The metal, which for most of the year has tracked the performance of riskier assets, accelerated losses after data showed the ISM services index fell to 53.5 last month from 56.0 in March, while the employment gauge slipped to the lowest level since December.
Analysts said the weak ISM data, however, was not enough to change the view that the Federal Reserve might hold off on additional quantitative easing, or government bond purchases, following a recent string of strong U.S. economic indicators.
Some investors reduced their bullish bets in gold as hopes for U.S. monetary ...
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Oil drops sharply on U.S. economic data, technicals
(Reuters) - Crude oil futures dropped for a second straight day on Thursday as more signs of slowing U.S. economic growth and swelling U.S. inventories sparked a wave of selling that sent prices crashing through key support levels.
U.S. crude ended 2.6 percent lower, the biggest one-day percentage loss since December 14, while Brent crude finished down 1.8 percent, racking up a 3 percent loss in two straight days, its biggest two-day percentage loss since February 28.
Slower-than-expected growth in the massive U.S. service sector dragged on markets as traders awaited the April U.S. payrolls data on Friday. Oil markets have been balancing supply concerns stemming from a string of disruptions across the globe and the potential loss of Iranian crude due to Western sanctions against fuel ...
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Oil drops two percent on economic woes, awaits U.S. jobs data
(Reuters) - Crude oil futures tumbled 2 percent on Thursday as more signs of slowing U.S. economic growth encouraged investors to book profits on prices that had hit near the top of the current range, and as markets awaited a key U.S. jobs report on Friday.
The U.S. jobs market likely rebounded in April with hirings forecast to have increased, but optimism about that outlook was dented after data showed a slower-than-expected expansion in the vast service sector and retail sales fell.
Adding to bearish sentiment, an OPEC official said the producers' group was working hard to bring down oil prices to prevent demand from sliding and that total OPEC output was far in excess of its official target.
"Crude prices hit the top of their trading range recently and so people are selling and are ...
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European shares gain as ECB eyed, euro steady
(Reuters) - European shares rose while the single currency languished near 10-day lows on Thursday as investors waited to see if a gloomier economic outlook would prompt the European Central Bank to hint at further stimulus measures at a policy meeting.
Fears in the debt market that the deepening euro zone recession and a two-notch downgrade would hit Spain's ability to fund itself eased after the government sold new three- and five-year debt although its borrowing costs rose sharply.
But the spotlight is on the world's major central banks after surprisingly weak economic data from the United States and across the European Monetary Union (EMU) rekindled concerns about the strength of the global economic recovery.
"Given the recent weakness in the EMU economy indicators, we suspect the ...
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Dukascopy Morning Forex Overview : 03/05/2012
Fundamental Analysis
EUR
"The grim unemployment figures for March will likely encourage talk about a long overdue ‘growth pact’ for the euro zone"
- Martin van Vliet, an economist at ING Group
Euro area unemployment rose to the highest level since 1997 in March and manufacturing contracted in April, adding to signs the economy is still far from out of the woods.
USD
"Employment growth is slowing"
- David Sloan, an economist at 4Cast Inc.
The number of Americans, who have found a job in the private sector fell to 119,000 in April from a revised 201,000 in March, the ADP Employer Services said on Wednesday.
GBP
" points to clear, decent construction expansion in April"
- Howard Archer, chief UK economist at IHS Global Insight
U.K. construction sector expanded slower in April, compared ...
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YouTradeFX Daily Market Analysis : 03/05/2012
Fundamental News
Today’s highlights:
· Initial Jobless Claims + Nonfarm Productivity (QoQ) (U.S., 13:30 GMT)
· Interest Rate Decision (EUR., 12:45 GMT)
· ECB Press Conference (EUR, 13:30 GMT)
· ISM Non-Manufacturing Index (U.S., 15:00 GMT)
U.S. Factory Orders fell 1.5 Percent in March to $460.5 billion following a 1.1 percent increase in February, according to figures released Wednesday by the Commerce Department. While, ADP said that U.S private sector employment increased by 119,000 jobs in April following a downwardly revised increase of 201,000 jobs in March.
The euro remained lower following a three-day decline on bets that European Central Bank President Mario Draghi will hint at further stimulus measures to counter the region’s debt crisis after ...
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SunBirdFX Daily Market Analysis : 05/03/2012
www.sunbirdfx.com
The ADP Non-Farm Employment Change significantly missed the analysts' expectations yesterday and this might suggest on the official NFP data on Friday. However, in spite the disappointing data, the US indices managed to close on mixed territory as they made long tails candlestick, which indicated for the strength of the buyers. The S&P 500 gets a strong support at 1395 points and as long as it stays above this level, it will have an upside.
EUR/USD
Before the most important data is published tomorrow, the investors will focus on the ECB press conference today, in which the interest rate level is expected to remain at 1.0%. We analyzed the pair on the beginning of the week and mentioned that it was moving in an uptrend channel and expected it to move between the support ...
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Global shares, euro slip as data casts doubt on recovery
(Reuters) - Asian shares slipped on Thursday and the euro languished near a 2-week low after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.
Commodities and the Australian dollar - all sensitive to growth expectations - also struggled as the data put investors on the defensive and limited appetite for riskier assets.
The euro had fallen nearly 1 percent to $1.3122 on Wednesday, and European stocks also dropped, after a survey showed euro zone factories sank further into decline last month, with the downturn hitting Italy and Spain hard and appearing to take root among core members France and Germany. .EU
With recently-downgraded Spain looking to raise funds in the bond market on Thursday, the European Central Bank will ...
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Stocks, euro slip after weak data
(Reuters) - Global stocks and the euro fell on Wednesday after data showed U.S. companies hired the fewest people in seven months in April and the euro zone's factory sector slipped further.
The reports came a day after an index of U.S. factory activity posted its strongest growth rate in 10 months and sent the Dow Jones industrial average to its highest close in four years.
The S&P 500 and the Dow declined as investors turned cautious ahead of Friday's U.S. nonfarm payrolls report for April, while government debt prices advanced on safe-haven demand.
U.S. companies added only 119,000 jobs last month, well short of expectations of 177,000, a worrisome sign of a labor market that has struggled to gain traction.
"If fewer and fewer people are participating in this recovery it suggests ...
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