Tag Archives: forex trading

Dollar Rises On Strong Jobs Data

After exhibiting some weakness early on in the day, the U.S. dollar moved higher on Friday, riding on strong U.S. monthly jobs data and amid optimism the U.S. and China will agree on a phase one trade deal before the next hike in tariffs on Chinese imports come into effect later this month. The dollar index, which eased to 97.36 at the start, rallied to 97.84 by mid morning, and was later seen at 97.70, up nearly 0.3% from previous close. Against the euro, the dollar strengthened to 1.1061, gaining about 0.4%, from previous close of $1.1103. Against pound sterling, the dollar recovered to 1.3133 from a low of 1.3167. The Japanese yen strengthened against the dollar, rising to 108.56 a dollar, after having weakened to 108.91 yen a dollar in early trades. The dollar was down slightly against the Aussie with the AUD-USD pair trading at 0.6841. Against Swiss franc, the dollar rose to 09899, up 0.27% from previous close, while against the Loonie, it rose to 1.3257, adding more than 0.6%. In Canadian economic news, data from Statistics Canada said the Canadian economy lost 71,200 jobs in November of 2019 after shedding 1,800 jobs in the previous month….

Oil Futures Rise To Near 3-month High As OPEC Deepens Output Cuts

Crude oil prices rose sharply on Friday after Saudi Arabia and Russia agreed on further output curbs. Positive comments on the trade deal front and upbeat U.S. jobs data contributed as well to oil’s sharp rise. The OPEC and a 10-nation coalition led by Russia called OPEC+ have agreed to deepen oil production cuts in order to prevent oversupply in the market. The new deal agreed upon during the Vienna meet will apply for the first three months of 2020. The move follows the recommendation of the oil exporting countries to deepen the cuts by 500,000 barrels per day to existing 1.2 million barrels per day. The total curb of 1.7 million barrels per day would amount to 1.7% of global crude supply. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told reporters today that the kingdom’s quota would be an additional 167,000 barrels per day and that it would continue to exceed its quota by 400,000 barrels a day, thus bringing the overall production cut to closer to 2.1 million barrels a day. West Texas Intermediate Crude oil futures for January ended up $0.77, or about 1.3%, at $59.20 a barrel, the highest settlement since September 17. On Thursday,…

Treasuries Move Notably Lower On Better Than Expected Jobs Data

Extending the downward move seen over the two previous sessions, treasuries moved notably lower during trading on Friday. Bond prices came under pressure early in the session and remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 4.5 basis points to 1.842 percent. The continued weakness among treasuries came following the release of a closely watched Labor Department report showing much stronger than expected U.S. job growth in the month of November. The report said non-farm payroll employment surged up by 266,000 jobs in November after climbing by an upwardly revised 156,000 jobs in October. Economists had expected an increase of about 180,000 jobs compared to the addition of 128,000 jobs originally reported for the previous month. The Labor Department said notable job gains occurred in healthcare and in professional and technical services, while manufacturing employment also rose as General Motors (GM) workers returned from a strike. With the stronger than expected job growth, the unemployment rate edged down to 3.5 percent in November from 3.6 percent in October. The unemployment rate was expected to remain unchanged. A separate report released by the University of Michigan showed a…

U.S. Consumer Credit Jumps More Than Expected In October

Consumer credit in the U.S. increased by more than anticipated in the month of October, according to a report released by the Federal Reserve on Friday. The Fed said consumer credit surged up by $18.9 billion in October after climbing by $9.6 billion in September. Economists had expected consumer credit to increase by $16.0 billion. Revolving credit, which largely reflects credit card debt, rose by $7.9 billion in October after edging down by $0.2 billion in September. The report said non-revolving credit, such as student loans and car loans, also jumped by $11.0 billion in October after increasing by $9.4 billion in the previous month. Total consumer credit was up by 5.5 percent compared to the same month a year ago, as revolving credit spiked by 8.8 percent and non-revolving credit surged up by 4.3 percent. The material has been provided by InstaForex Company – www.instaforex.com…

Gold Settles Lower As Riskier Assets Rise On Trade Hopes, Jobs Data

Gold prices drifted lower on Friday as traders went for riskier assets such as equities thanks to upbeat U.S. monthly jobs data and rising optimism about a phase one U.S.-China trade deal. The dollar’s strong uptick contributed as well to the yellow metal’s decline. The dollar index rose to 97.84 and was last seen hovering around 97.70, up more than 0.3% from previous close. Gold futures for February ended down $18.00, or about 1.2%, at $1,465.10 an ounce. On Thursday, gold futures for February ended up $2.90, or 0.2%, at $1,483.10 an ounce. Gold futures shed about 0.5% in the week. Silver futures for March ended down $0.463 at $16.596 an ounce, while Copper futures for March settled at $2.7250 per pound, up $0.0620 from previous close. In trade news, China said it would waive import tariffs for some soybeans and pork shipments from the United States. The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, but didn’t not specify the quantities involved. The waiver of 25% tariffs comes two weeks before a critical decision on the fate of the December 15 tariff increases. On…

U.S. Wholesale Inventories Inch Up Less Than Expected In October

Wholesale inventories in the U.S. crept up by slightly less than expected in the month of October, according to a report released by the Commerce Department on Friday. The Commerce Department said wholesale inventories inched up by 0.1 percent in October after falling by a revised 0.7 percent in September. Economists had expected inventories to rise by 0.2 percent compared to the 0.4 percent drop originally reported for the previous month. Inventories of non-durable goods climbed by 0.7 percent in October after tumbling by 1.3 percent in September, but inventories of durable goods fell by 0.3 percent for the second straight month. Meanwhile, the report said wholesale sales slid by 0.7 percent in October after edging down by 0.1 percent in September. The continued decrease in wholesale sales came as sales of durable goods fell by 0.6 percent and sales of non-durable goods slumped by 0.9 percent. With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers ticked up to 1.37 in October from 1.36 in September. The material has been provided by InstaForex Company – www.instaforex.com…

*U.S. Dollar Rises To 2-day High Of 1.1069 Against Euro

U.S. Dollar Rises To 2-day High Of 1.1069 Against Euro The material has been provided by InstaForex Company – www.instaforex.com…

Germany Industrial Production Declines Most In 6 Months

Germany’s industrial production declined at the fastest pace in six months in October, led by a sharp decrease in capital goods output in October, data from Destatis revealed on Friday. Industrial production decreased 1.7 percent on a monthly basis in October, much bigger than the 0.6 percent fall logged in September. Output decreased at the fastest pace in six months, while economists had forecast a 0.1 percent growth. On a yearly basis, industrial output declined 5.3 percent, following a revised 4.5 percent decrease in September. Production was expected to decline moderately by 3.6 percent in October. Excluding energy and construction, production was down by 1.7 percent. Energy output advanced 2.3 percent, while construction output decreased 2.8 percent. Production of intermediate goods increased 1.0 percent and that of consumer goods gained 0.3 percent. Meanwhile, output of capital goods showed a decline of 4.4 percent. The economy ministry said the downturn in the industry continues in October. However, recent developments in new orders and business expectations indicate that a stabilization trend could emerge in the coming months, the ministry noted. Data released on Thursday showed that factory orders declined 0.4 percent in October on weak domestic demand. Looking ahead, both soft…

Austria Wholesale Prices Fall For Sixth Month

Austria’s wholesale prices fell for the sixth straight month in November, data from Statistics Austria showed on Friday. The wholesale price index fell 2.7 percent year-on-year in November, following a 2.8 percent decline in October. Prices for waste and residual materials declined by 25.0 percent and other petroleum products fell 13.7 percent. Meanwhile, prices for live animals, and watches and jewelry grew by 18.7 percent and 10.0 percent, respectively. On a monthly basis, wholesale prices remained unchanged in November, after a 0.4 percent fall in the preceding month. The material has been provided by InstaForex Company – www.instaforex.com…