FOREXYARD: Forex News Blog | |
- US Dollar Strengthens Further After Jobless Figures
- Bullion Market Update
- Sterling At Two-Month High Over Euro
| US Dollar Strengthens Further After Jobless Figures Posted: 05 Apr 2012 07:12 AM PDT
The mighty greenback has been trading up against most of its currency counterparts this week, the Japanese Yen being the only Major to show some fight. Claims for U.S unemployment dropped last week to reach its lowest level in four years, showing further indication of a strengthening economy.Jobless Claims dropped 6,000 to the figure of 357,000 for the week ended March 31, this happens to be the fewest since April 2008. 70 percent of the economy relies on Consumer spending, and there have been a number of reports and positive figures that have boosted consumer confidence in the U.S. Rising stock prices,improvements to the labor market and easier credit are responsible for boosting consumer confidence in the United States. The most highly anticipated report on the economic calendar, the Non-Farm Payrolls report will be released on Friday.The forecast figure for the report is 211,000 whilst the previous outcome was 227,000. |
| Posted: 05 Apr 2012 06:44 AM PDT
Both gold and silver showed sharp falls during yesterday’s trading largely due to the outcome of the FOMC Meeting Minutes. The two metal’s prices should also be affected by the results of the Non-farm payrolls coming out tomorrow after the ADP non-farm rose by 209,000 for March. A number of reports were released today including the Swiss National Bank Foreign Exchange Reserves, GB Bank Rate and the U.S Department of Labor Jobless Claims Weekly Update.A number of important news events are still due to come out today including the Canadian Ivey PMI. So far in the month of April we have seen the two metals take a hit , largely due to a rising U.S Dollar. Another event influencing the price of the yellow metal remains to be the Strikes in India over Jewellery Tax, which moved into their 19th day on Wednesday. India is the world’s second largest consumer of Gold , so the metal will react to such news out of the gold-loving nation. Friday’s highly anticipated Non-Farm Payrolls could possibly have an effect on the commodities markets if we happen to see unexpected figures. |
| Sterling At Two-Month High Over Euro Posted: 04 Apr 2012 11:17 AM PDT
Unexpected results went in favour of the British currency as the Pound reached a two-month high against the Euro. Financial reports showed that services growth increased in the previous month as well as house prices having the same outcome. The British Pound also made gains against 16 of its currency counterparts today prior to the anticipated Bank of England’s Monetary Policy meeting which will be held tomorrow. The U.S Dollar was the one Majors holding its ground against the Sterling as the British currency weakened as a result of a decline in worldwide stocks pushing demand for the safe have Greenback. The Sterling further extended its gains over the 17- nation currency after ECB President Mario Draghi claimed that the economic outlook remained subject to downside risks. There are a number of key events on the economic calender for tomorrow including: the Bank of England’s Monetary Policy Meeting, U.S Initial Jobless Claims and the Canadian Ivey PMI |
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