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Gold slips after U.S. jobless claims slide
(Reuters) - Gold prices fell 1 percent on Thursday after data showing a slide in U.S. weekly jobless claims last week boosted expectations that Friday's non-farm payrolls report will beat forecasts, offsetting a rebound in the euro.
A strong reading of the U.S. employment market on Friday would likely further curb speculation that the Federal Reserve would take fresh measures to shore up the economic recovery, a prospect that had been seen as gold-friendly.
Spot gold was down 0.9 percent at $1,638.51 an ounce at 1318 GMT (5.18 am EDT) , having earlier touched a low of $1,625.89. U.S. gold futures for June delivery were down $15.10 an ounce at $1,638.90.
"The focus for the next 24 hours will be the jobless report tomorrow," SAxo Bank vice president Ole Hansen said. "The (jobless) claims ...
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Euro weighed by sour economic data; ECB meeting in focus
Forex Morning Briefing : Euro weighed by sour economic data; ECB meeting in focus
What’s new:
Forex: Euro hurt by downbeat euro zone data; forex investors brace for more dovish ECB
Global Markets: Asian shares weighed by sour data from both sides of Atlantic
New Zealand: Sharp rise in jobless rate to 6.7% from 6.3% drives kiwi lower
Euro zone: Spanish bond sale, ECB meeting in focus
Euro zone: Unemployment rate edges to 15-year high
United States: Treasury Secretary Geithner repeats call for stronger Chinese yuan
United States: ADP employment report shows lowest gain in 7 months
Rates in Asia and Indices:
EUR/USD 1.3135 1.316 -0.07 %
USD/CHF 0.913 0.9148 -0.08 %
GBP/USD 1.6171 1.6203 -0.04 %
USD/JPY 80.1 80. ...
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Market Drivers - Currencies : 03/05/2012
Today's Comment
Yesterday, the PMI data from the euro zone showed signs of weakness as practically all data surprised by showing declines. The indicators showed that unemployment in Europe has worsened relative to the preceding month. Even the otherwise strong German labour market showed signs of weakness. Overnight China added to risk aversion as PMI data (service) showed a steeper fall than feared. Given all the negative events over the past 24 hours, it is not strange that the safe havens, USD, JPY and GBP, were among the investors' favourites.
Today will see two very important economic events: the ECB has its interest-rate meeting and ISM service will be released in the US. ISM offers a status for about 88% of the US economy, and therefore a weak figure in this respect will be a hard ...
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Asia Session: NZD Is Unexpectedly Hit Hard
The kiwi took a hammering on the back of a huge surge in the NZ unemployment rate, with the rate blowing most estimates out of the water with the 6.7% print from a revised 6.4 %. Also, whist employment growth increased slightly more than expected at 0.4% q/q (exp. 0.3%) it is still a fairly soft showing, thus it highlights the problems facing the NZ labour market as the country attempts to regain its footing after the financial crisis and the earthquakes around Christchurch.
There was also a significant jump in the participation rate as workers flooded back into the labour force, both those looking for work and people currently working. Overall, we expect conditions in the labour market will improve during 2012 as a result of reconstruction efforts and a generally improving economic ...
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Euro falls 3rd day as weak data weighs before ECB
(Reuters) - The euro slid for a third straight day against the dollar on Wednesday after dismal European manufacturing data added to fears about a broadening slowdown in the region ahead of a European Central Bank meeting and key elections in France and Greece.
The euro came off its lows, however, on speculation the European Central Bank may provide euro zone banks with more liquidity in a third long-term refinancing operation after the euro zone data, in both indebted and core nations, confirmed a worsening economic outlook.
Italy's manufacturing sector shrank more than expected, while data from Germany, Spain and France also showed factory activity falling significantly.
Political uncertainty also looms large, with upcoming elections in France and Greece this weekend having the ...
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Euro falls for third day, pressured by Europe data
(Reuters) - The euro fell for a third straight session against the dollar on Wednesday after soft European data fueled fears about a deep and broader slowdown in the region ahead of key elections in France and Greece.
The euro, however, briefly trimmed losses after a report showed the U.S. economy created fewer private-sector jobs than expected last month. It also came off its lows after speculation the European Central Bank could provide euro-zone banks with more liquidity in another long-term refinancing operation.
Wednesday's weaker euro zone data, not just in indebted smaller regional economies but in core nations too, raised speculation over possible policy signals at Thursday's ECB monetary policy meeting.
Italy's manufacturing sector shrank more than expected, with new orders ...
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Copper slips on weak euro, China demand concerns
(Reuters) - Copper fell on Wednesday after weaker EU and Chinese manufacturing data and a slump in new orders for U.S. factory goods raised fresh concerns about economic slowdown and prospects for demand.
A weaker euro also took its toll as a stronger dollar puts pressure on metals prices as it makes commodities priced in the U.S. unit more expensive for holders of other currencies.
The euro fell against the dollar after data showed the euro zone manufacturing sector slipped further into decline last month as a downturn that started in the periphery appears to be taking root among core members France and Germany.
Benchmark copper on the London Metal Exchange (LME) was at $8,295 a metric ton (1.1023 tons) by 1502 GMT, from Tuesday's close of $8,440.
It hit a session low of $8,275 a ...
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Oil slips to $119 on economy worries, U.S. supplies
(Reuters) - Oil eased to around $119 a barrel on Wednesday as weak economic data in Europe and the United States hit the outlook for demand, and a rise in weekly U.S. crude inventories underlined ample supplies.
The euro zone's manufacturing sector slipped further into decline last month, a survey showed on Wednesday. U.S. private employers added fewer jobs than expected in April and new orders for U.S. factory goods in March fell.
Brent crude for June slipped 60 cents to $119.06 a barrel by 1451 GMT, after settling 19 cents higher on Tuesday. U.S. crude for June was down 76 cents at $105.40.
"It does feel a bit like we are in a negative death spiral," said Bjarne Schieldrop, chief commodity strategist at SEB in Oslo. "Austerity measures over an extended period are showing up in ...
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Japanese Yen Gains Ground on Risk Aversion
A degree of risk aversion is afflicting financial markets today, and that is resulting in a higher Japanese yen. Yen is gaining against its high beta counterparts the euro and the UK pound, while falling against the US dollar. Concerns about the eurozone are, once again, taking precedence in global financial markets.
Japanese yen is heading higher today against the euro and the UK pound, thanks to the latest round of data. Further contraction in eurozone manufacturing data indicates that the 17-nation currency region might be in recession. The news isn’t helping the UK pound, either, which is dropping as well. Yen is finding support as a safe haven, as Forex traders look for currencies considered stable.
Yen is down against the US dollar, though. News out of the United States is showing ...
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