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POPULAR NEWS
Gold Futures Fall to 2-Week Low as Haven Demand Wanes

Gold declines to a 2-week low as demand for a haven eased amid cooling geopolitical tensions and a rally in the dollar. Bullion futures for delivery in June fell 1.1% to settle at $1,324/oz at 1:30pm on Comex in New York, its third consecutive decline. It touched $1,323.80, lowest since Apr. 6. Bloomberg Dollar Spot Index climbs to highest since Jan. 18.  œThe sell-off in gold is mainly due to the strength in the dollar index,Naeem Aslam, chief market analyst at...

Gold futures settle higher for first time in four sessions

Gold settled higher Tuesday, for the first time in four sessions, finding support as a steep decline in a benchmark U.S stock index drove haven demand for the precious metal. June gold climbed by $9, or 0.7%, to settle at $1,333 an ounce. Source: Marketwatch

Gold On The Defensive - Peter Hug

On holiday last week, I am missing the nuance of the past few trading days. We suggested that the technical picture was looking positive with the caveat that $1,355 on a close basis was necessary to create further upside momentum. Looking at last week's charts, traders were unable to push gold through this level. The weakness overnight was generated from two factors. The first was North Korea's statement that it was prepared to suspend its nuclear program. This may prove to be a ploy to get...

Dollar remains lower as 10-year Treasury yield hits 3%

The U.S. dollar on Tuesday weakened slightly against its major rivals, but remained near three-month highs, as the 10-year Treasury yield hit the psychologically important 3% level for the first time since 2014. Rising government bond yields have been a driver for the greenback over the last several sessions, though the correlation was nowhere to be found in Tuesday™s session. The ICE U.S. Dollar Index which gauges the buck against a basket of six currencies, was down 0.2% at 90.736. A...

Oil Holds Decline as Iran Deal Proposal Eases Sanctions Concern

Oil held losses near $68 a barrel after French PresidentEmmanuel Macron proposed negotiating a new deal with Iran to contain its nuclear program in a bid to keep the U.S. on board. Futures in New York were little changed Wednesday after dropping 1.4 percent on Tuesday. Macron said during a trip to Washington he wants a new Iran agreement that would curb the Mideast nation™s ballistic missile development and halt its nuclear program. U.S. President Donald Trump earlier...

SNB Bides Time on Rates as Weaker Franc Helps Inflation Outlook
Thursday, 14 December 2017 15:59 WIB | FISCAL & MONETARY |SwissBank Sentral Swiss,

The Swiss National Bank kept interest rates at a record low, remaining in wait-and-see mode as it monitors the impact of a weaker franc on inflation.

While the franc's 8 percent drop against the euro this year is boosting economic momentum and once-anemic price growth, SNB President Thomas Jordan is wary of any steps that might entice investors to pile back into the currency and fuel a rally.

Keeping its deposit rate at a rock-bottom minus 0.75 percent and reiterating a pledge to wage currency market interventions if needed, the SNB said Thursday that the franc remained œhighly valued. Jordan and his colleagues Fritz Zurbruegg and Andrea Maechler are set to elaborate on that at 10 a.m. in Bern.

œThe depreciation of the Swiss franc reflects the fact that safe havens are currently less sought after, the SNB said. œHowever, this development is still fragile.

The announcement comes amid a bevy of central bank decisions -- kicked off by the Federal Reserve™s interest rate hike on Wednesday and which continue with the Bank of England and the European Central Bank later on Thursday. Rate setters are faced with a quickening of global growth that may finally increase price pressures and allow them to move off the ultra-loose policies in place for the past years.

The SNB has already responded to the franc™s decline, tweaking its language in September to say the move had helped curb its œsignificant overvaluation, a sentiment reiterated on Thursday.

The currency is currently about 1.16 per euro, down from 1.07 a year ago.

Still, the central bank, which used a 1.20 minimum exchange rate between 2011 and 2015 to fend off haven inflows amid the euro-area debt crisis, effectively has its hands tied on policy until the ECB raises rates. It scrapped the upper limit on the franc in early 2015.

Mario Draghi™s institution is expected to only begin lifting euro-area borrowing costs in 2019, according to a Bloomberg survey of economists published this week. The SNB isn™t forecast to make any changes before then.

The Swiss central bank also updated its economic forecasts on Thursday and now sees inflation at 0.7 percent in 2018 and 1.1 percent in 2019, versus its September prediction of 0.4 percent and 1.1 percent respectively. It expects price pressures to accelerate to 2.1 percent in the third quarter of 2020.

The SNB also issued a first take on growth next year, predicting an expansion of around 2 percent after 1 percent in 2017.

Source: Bloomberg

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POPULAR NEWS
Gold Futures Fall to 2-Week Low as Haven Demand Wanes

Gold declines to a 2-week low as demand for a haven eased amid cooling geopolitical tensions and a rally in the dollar. Bullion futures for delivery in June fell 1.1% to settle at $1,324/oz at 1:30pm on Comex in New York, its third consecutive decline. It touched $1,323.80, lowest since Apr. 6. Bloomberg Dollar Spot Index climbs to highest since Jan. 18.  œThe sell-off in gold is mainly due to the strength in the dollar index,Naeem Aslam, chief market analyst at...

Gold futures settle higher for first time in four sessions

Gold settled higher Tuesday, for the first time in four sessions, finding support as a steep decline in a benchmark U.S stock index drove haven demand for the precious metal. June gold climbed by $9, or 0.7%, to settle at $1,333 an ounce. Source: Marketwatch

Gold On The Defensive - Peter Hug

On holiday last week, I am missing the nuance of the past few trading days. We suggested that the technical picture was looking positive with the caveat that $1,355 on a close basis was necessary to create further upside momentum. Looking at last week's charts, traders were unable to push gold through this level. The weakness overnight was generated from two factors. The first was North Korea's statement that it was prepared to suspend its nuclear program. This may prove to be a ploy to get...

Dollar remains lower as 10-year Treasury yield hits 3%

The U.S. dollar on Tuesday weakened slightly against its major rivals, but remained near three-month highs, as the 10-year Treasury yield hit the psychologically important 3% level for the first time since 2014. Rising government bond yields have been a driver for the greenback over the last several sessions, though the correlation was nowhere to be found in Tuesday™s session. The ICE U.S. Dollar Index which gauges the buck against a basket of six currencies, was down 0.2% at 90.736. A...

Oil Holds Decline as Iran Deal Proposal Eases Sanctions Concern

Oil held losses near $68 a barrel after French PresidentEmmanuel Macron proposed negotiating a new deal with Iran to contain its nuclear program in a bid to keep the U.S. on board. Futures in New York were little changed Wednesday after dropping 1.4 percent on Tuesday. Macron said during a trip to Washington he wants a new Iran agreement that would curb the Mideast nation™s ballistic missile development and halt its nuclear program. U.S. President Donald Trump earlier...

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