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POPULAR NEWS
Gold prices recoup some of their recent losses ahead of U.S. jobs data

Gold futures finished higher Thursday, recouping much of the losses suffered a day earlier, as traders awaited monthly domestic employment data due at the end of the week, which may influence haven demand for the precious metal. Gold for February delivery on Comex added $2.90, or 0.2%, to settle at $1,483.10 an ounce, following a loss of 0.3% on Wednesday. March silver rose 14.3 cents, or 0.9%, to $17.059 an ounce, on the back of a 1.9% loss a day earlier. January platinum declined 0.1% to...

Oil Sputters After OPEC+ Fails to Nail Down New Output Target

Oil sputtered near $58 a barrel as the OPEC+ coalition failed to pin down the details of an agreement to adjust its official output target even after six hours of talks in Vienna. Futures were little changed in New York after gyrating throughout the previous session. While the Organization of Petroleum Exporting Countries is nearing a deal to cut production targets by 500,000 barrels a day, ministers left the cartel™s headquarters on Thursday without cementing an agreement....

Gold Steady as Investors Weigh Trade Hopes, U.S. Jobs

Gold was little changed after see-sawing this week as investors assessed the latest optimism surrounding progress on a trade deal between the U.S. and China, and a lower-than-expected U.S. jobs report. The two countries are moving closer to a phase-one pact despite tensions over Hong Kong and Xinjiang, according to a report Wednesday. That revived risk-on sentiment, which had been curbed earlier this week after President Donald Trump downplayed the urgency of an...

Gold edges lower after fall in U.S. weekly jobless claims

Gold futures lost ground Thursday, turning slightly lower after a fall in weekly U.S. jobless claims underpinned support for stocks and other risky assets, dulling the yellow metal's haven appeal. Gold for February delivery on Comex was off 70 cents, or less than 0.1%, at $, 479.50 an ounce, while March silver rose 1.4 cents, or 0.1%, to $16.93 an ounce. The Labor Department said the number of Americans who applied for first-time unemployment benefits fell to the lowest level in seven months...

Oil futures end mixed as traders await confirmation of deeper production cuts

Oil futures ended on a mixed note Thursday, with U.S. prices settling unchanged for the session and global prices higher, as traders awaited a decision on output from major oil producers, following reports that OPEC and its allies have recommended cutting production by another 500,000 barrels a day. West Texas Intermediate crude for January delivery on the New York Mercantile Exchange settled flat at $58.43 a barrel on the New York Mercantile Exchange. Prices climbed 4.2% on Wednesday to mark...

BOE Says Brexit Uncertainty Skews Forecasts, Keeps Rate on Hold
Thursday, 1 August 2019 18:26 WIB | FISCAL & MONETARY |BOE

The Bank of England said it™s less confident than usual about the outlook for the economy because of Brexit and offered little new insight into the impact of no deal.

The comments are the first from the bank since Boris Johnson became prime minster on a mission to leave the European Union on Oct. 31 with or without new trading arrangements in place. If there™s no deal, the BOE merely noted again that the pound will fall, inflation will accelerate and growth will slow.

In its new forecasts Thursday, it specifically excluded the possibility of no deal. It assumes a smooth Brexit and reiterated that interest rates will need to gradually rise to bring inflation to target.

While that means Governor Mark Carney avoids a political headache, it will disappoint others who are looking for more clues as to how the BOE might respond to no deal.

That communications problem has dogged the governor for some time. To account for the market currently pricing in a rate cut because of the greater chance of a bumpy departure from the EU, it gave some stylized forecasts based on higher pound and interest rates. They show much slower inflation than the central scenario.

œThe increased uncertainty about the nature of EU withdrawal meant that the economy could follow a wide range of paths over coming years, the BOE said. œThe appropriate path of monetary policy would depend on the balance of the effects of Brexit on demand, supply and exchange rate.

The bank™s rate-setting committee voted unanimously to hold the key rate at 0.75% and to keep asset purchases unchanged.

As Brexit keeps the BOE in wait-and-see mode, the world™s biggest central banks are turning dovish as global growth cools and trade tensions persist. The Federal Reserve on Wednesday delivered a quarter-point cut and suggested there™s more to come. The European Central Bank is looking at adding more stimulus as early as September.

Investors expect the next BOE move to be a cut rather than a hike.

Acknowledging the weaker global backdrop, the BOE lowered its forecast for economic growth this year, sees slower export growth and weak business investment persisting into 2020.

In the stylized forecasts, one quarter-point rate hike over the next three years brings inflation below the 2% target.

That compares with a central forecast, based on the market™s expectation of a quarter-point cut, for inflation to pick up to 2.4%. The forecast also sees excess demand at a whopping 1.75%.

In normal circumstances, that would imply that the BOE should be raising rates soon. But given the uncertainty around Brexit, all nine policy makers deemed the current stance appropriate.

Source : Bloomberg

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POPULAR NEWS
Gold prices recoup some of their recent losses ahead of U.S. jobs data

Gold futures finished higher Thursday, recouping much of the losses suffered a day earlier, as traders awaited monthly domestic employment data due at the end of the week, which may influence haven demand for the precious metal. Gold for February delivery on Comex added $2.90, or 0.2%, to settle at $1,483.10 an ounce, following a loss of 0.3% on Wednesday. March silver rose 14.3 cents, or 0.9%, to $17.059 an ounce, on the back of a 1.9% loss a day earlier. January platinum declined 0.1% to...

Oil Sputters After OPEC+ Fails to Nail Down New Output Target

Oil sputtered near $58 a barrel as the OPEC+ coalition failed to pin down the details of an agreement to adjust its official output target even after six hours of talks in Vienna. Futures were little changed in New York after gyrating throughout the previous session. While the Organization of Petroleum Exporting Countries is nearing a deal to cut production targets by 500,000 barrels a day, ministers left the cartel™s headquarters on Thursday without cementing an agreement....

Gold Steady as Investors Weigh Trade Hopes, U.S. Jobs

Gold was little changed after see-sawing this week as investors assessed the latest optimism surrounding progress on a trade deal between the U.S. and China, and a lower-than-expected U.S. jobs report. The two countries are moving closer to a phase-one pact despite tensions over Hong Kong and Xinjiang, according to a report Wednesday. That revived risk-on sentiment, which had been curbed earlier this week after President Donald Trump downplayed the urgency of an...

Gold edges lower after fall in U.S. weekly jobless claims

Gold futures lost ground Thursday, turning slightly lower after a fall in weekly U.S. jobless claims underpinned support for stocks and other risky assets, dulling the yellow metal's haven appeal. Gold for February delivery on Comex was off 70 cents, or less than 0.1%, at $, 479.50 an ounce, while March silver rose 1.4 cents, or 0.1%, to $16.93 an ounce. The Labor Department said the number of Americans who applied for first-time unemployment benefits fell to the lowest level in seven months...

Oil futures end mixed as traders await confirmation of deeper production cuts

Oil futures ended on a mixed note Thursday, with U.S. prices settling unchanged for the session and global prices higher, as traders awaited a decision on output from major oil producers, following reports that OPEC and its allies have recommended cutting production by another 500,000 barrels a day. West Texas Intermediate crude for January delivery on the New York Mercantile Exchange settled flat at $58.43 a barrel on the New York Mercantile Exchange. Prices climbed 4.2% on Wednesday to mark...

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