The Daily Market Report: Gold Consolidates Below $1200


19-Dec (USAGOLD) — Gold looks to be ending the week on a consolidative note, just below the $1200 level. Perhaps some uncertainty about the longer-term implications of the Fed’s non-decision this week has the market temporarily befuddled.

Make no mistake though, the age of über-accommodative monetary policy is not going away any time soon. The stock market seems to love that news. The dollar remains firm as well, because there are still expectations that the Fed will start raising rates next year.

Those two factors could be viewed as negatives for gold, and yet the yellow metal remains underpinned. I think that is the result of a general sense of unease in the markets. Something just doesn’t feel right…

The diverging monetary policy meme has been a primary driver of the dollar in the latter half of the year. The expectation is that the BoJ, ECB and PBoC will continue to ease, while the Fed moves toward tightening.

Like every other central bank though, the Fed does not want to see a stronger currency. With everyone else easing I think as hawkish as the Fed gets is to hold steady.

Jim Rickards seems to agree. He doesn’t see the Fed raising rates next year. And he goes so far as to predict QE4 in early 2016!

The logic is pretty simple: Tightening is dollar favorable. Dollar strength is deflationary. The last thing the Fed wants is deflation. In fact, they and every other central bank have been desperately trying to manufacture INflation. Therefore, tightening while negative price risks remain would be counterproductive.

The recent plunge in energy prices further complicates things by putting additional downward pressure on prices. The Japanese have been fighting the “deflationary mindset” for more than two-decades now with little to show for it beyond a massive amount of debt and a huge central bank balance sheet.

Here in the States, we’re now well past the midpoint of our first lost decade. The country is now $18 trillion in debt and the Fed’s balance sheet stands at $4.5 trillion. And still we remain below targeted inflation.

Now the ECB seems to be prepping for a journey down the same path. There is growing expectations that the ECB will announce sovereign debt purchases at their January meeting, despite outstanding questions about the legality and persistent objections from Germany.

The only thing the BoJ, BoE and Fed QE programs have succeeded in doing is buying more time. It is expensive time indeed, which will still inevitably run out.

Posted in Daily Market Report, Gold News, Gold Views |

A perfect example of why mainstream bearish coverage of the gold market is clueless

So, I read this article this morning, headline: Traders Betting Russia’s Next Move Will Be to Sell Gold

In it I read this predictive comment: “Russia is at a critical juncture and given the sanctions placed upon them and the rapid decline in oil prices, they may be forced to dip into their gold reserves,” Kevin Mahn, who oversees $150 million at Parsippany, New Jersey-based Hennion & Walsh Asset Management. “If it happens it will push gold lower.”

I wonder how Mahn is reconciling his comment today after Bloomberg reported this:

Russia Expanded Gold Reserves for 8th Month Amid Ruble Rout

“Physical volumes are increasing but their dollar value is not changing that much because the gold price has fallen,” Vladimir Tikhomirov, chief economist at BCS Financial Group in Moscow, said before the release. “Many central banks are buying gold since the price for gold has fallen.”

“I cannot imagine at all that Russia has sold gold or would sell gold, unless its foreign-exchange reserve are depleted,” Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said by phone. “Gold is the final bullet, because gold is a store of value and outside of the dollar system and not subject to sanctions.”

JK Comment: I guess in the end, the lesson here is, don’t expect an ‘Asset Management Firm’ to understand why Russia would own gold, nor what they plan to do with it. In fact, I’m guessing if given the opportunity to advise Russia, Hennion & Walsh Asset Management would probably suggest Russia sell its gold and buy stocks :)

Posted in all posts |

BOJ Keeps Record Easing as Oil Price Tumble Challenges Kuroda

19-Dec (Bloomberg) — The Bank of Japan maintained unprecedented stimulus, as Governor Haruhiko Kuroda’s bid to stoke inflation faces increasing challenges from the tumble in oil prices.

The central bank will boost the monetary base at an annual pace of 80 trillion yen ($670 billion), it said in a statement, as forecast by all 33 economists surveyed by Bloomberg News. The slide in oil could weigh on consumer price gains in the first half of the year starting in April, Kuroda said today.

Exports have shown signs of picking up, while production has started to bottom out, the BOJ said, striking a more upbeat tone in its view of the world’s third-largest economy. Oil has lost more than a quarter of its value since the central bank boosted easing on Oct. 31 to end a “deflationary mindset.”

[source]

Posted in Central Banks, Deflation, Monetary Policy, QE |

Euro heads lower to 28-month lows as ECB inches towards quantitative easing

19-Dec (Reuters) – The euro fell towards recent 28-month lows against the dollar on Friday, as the European Central Bank moved towards a fully-fledged government buying program to kickstart the economy.

Reuters reported on Friday that ECB officials were considering ways to ensure weak countries that stand to gain most from money printing bear more of the risk and cost. The ECB declined to comment.

Separately, data showed combined direct and portfolio investments into the euro zone fell to 53 billion euros in October, from 62.6 billion a month ago ECONEZ, indicating another support for the euro was waning.

The euro fell to $1.2253 EUR=, close to 28-month lows of $1.2247 struck on Dec. 8.

“The current measures from the ECB, like the targeted long term refinance operations, are falling short in helping the balance sheet size increase to 1 trillion euros,” said Alvin Tan, currency strategist at Societe Generale.

“So the ECB will have to buy government bonds and we are expecting them to announce that in January.”

[source]

Posted in Central Banks, Currency Wars, Monetary Policy, QE |

Gold below $1,200/oz on dollar, shares; heads for weekly loss

19-Dec (Reuters) – Gold edged lower on Friday, struggling to rise above the $1,200 an ounce mark as the dollar firmed and investor appetite for risk increased on expectations of rising U.S. interest rates.

Spot gold was unchanged at $1,197.30 an ounce by 1040 GMT. The metal was heading for a 2.2 percent weekly fall after two weeks of gains.

U.S. gold futures for delivery in February gained 0.1 percent to $1,196.00 an ounce.

The Fed, after wrapping up a two-day meeting on Wednesday, signaled it was on track to increase rates next year but said it was taking a patient stance, keeping gold’s losses in check.

[source]

Posted in Gold News, Gold Views |

Gold steady at 1197.40 (+0.79). Silver 15.89 (+0.04). Dollar firm. Euro weak. Stocks called higher. US 10yr 2.19% (-1 bp).

Posted in all posts |

Oil tumbles after brief rebound; Brent back below $60

18-Dec (Reuters) – Global crude oil prices slumped anew on Thursday, a day after a short-covering rally, as traders placed fresh bets the market would resume a six-month rout on worries about a supply glut.

Benchmark Brent and U.S. crude tumbled $2 a barrel each in late trading after initially extending Wednesday’s short-covering, which lifted oil prices by more than $3.

With Brent back below the psychologically-key level of $60 a barrel and U.S. crude under $55, traders braced for more selling in a market that has lost about half its value since June.

“We’re continuing to search for a bottom and might even see another significant drop before the year-end,” said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut.

[source]

Posted in Markets |

The Daily Market Report: Gold Higher, but Choppy, After Fed Remains Dovish


18-Dec (USAGOLD) — Gold rallied along with stocks and the dollar overseas, reaching an intraday high of 1213.86. However, the gains could not be sustained and the yellow metal dropped back below $1200.

The SNB announced today that they would impose a negative deposit rate of 0.25% as a means to discourage safe haven inflows into the Swiss franc and defend the 1.20 cap against the euro. Interestingly, the new deposit rate goes into effect on 22-Jan, which happens to be the date of the next ECB meeting. Could this be the SNB getting out in front of — rather than reacting to — the ECB announcing full-on BoJ/Fed/BoE-style QE?

As for our own central bank: An inordinate amount of time and energy was spent speculating on the ramifications of the inclusion/exclusion of two words in the latest policy statement. Those two words are of course “considerable time.”

Everyone gets to claim they were right!

Wording from 29-Oct-14 statement:

The Committee anticipates, based on its current assessment, that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program this month, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.

 

Wording from 17-Dec-14 statement:

Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. The Committee sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.

 

“Considerable time” remains, but it’s in a slightly different spot, and is now reinforced by the word “patient”. Basically, nothing has changed and they tell you that when they say that the new guidance is “consistent” with the old guidance. Chair Yellen went further during her press conference, saying that the new wording “does not represent a change in our policy intentions.” So, what was the point then?

All-in-all, Fed policy remains quite dovish, as evidenced by the dissent of two hawks and a dove who saw it as not dovish enough. The stock market’s reaction is a pretty strong clue as well. As an added bonus, the Fed watchers got a 50% increase in the words they can debate to death ahead of the next FOMC meeting in late-January.

To sum up, The SNB is going negative in anticipation of the ECB buying sovereign bonds. The Fed will be “patient” for a “considerable time” before they consider hiking rates.

The BoJ? Well, they’ve gone all-in (and then some) in their efforts to wreck the yen. In light of the recent affirmation of Abe’s coalition, he seems to think he has some sort of mandate to debase the yen with abandon. You can be all-but assured he wont squander the opportunity.

But when might we see monetary policy normalization? I’m afraid the current state IS the new normal. After all, Japan is the ZIRP/QE standard-barer and they’ve been stuck in this trap for more than twenty-years.

Posted in Daily Market Report, Gold News, Gold Views |

US Philly Fed index tumbled to 24.5 in Dec, below expectations of 27.0, vs 40.8 in Nov.

Posted in Economic Data |

US leading indicators +0.6% in Nov, above expectations of +0.4%. vs negative revised +0.6% in Oct.

Posted in Economic Data |

US Markit services PMI fell to 53.6 in Dec, below expectations of 56.3, vs 56.2 in Nov. Weakest print since Feb.

Posted in Economic Data |

Gold rallies as Fed takes patient stance on rate hike

18-Dec (Reuters) – Gold climbed back above $1,200 an ounce on Thursday after the Federal Reserve said it would take a patient approach toward raising interest rates, lifting stock markets and commodities while dampening the dollar.

Fed Chair Janet Yellen said the Fed was unlikely to hike rates for “at least a couple of meetings”, meaning April of next year at the earliest.

Rising U.S. interest rates increase the opportunity cost of holding non-interest bearing assets such as gold, and also lift the dollar, in which the metal is priced. The dollar eased against a basket of currencies on Thursday.

Spot gold was up 1.5 percent at $1,206.10 an ounce by 1247 GMT. On Wednesday, it fell as far as $1,183.73, its lowest since Dec. 1.

[source]

Posted in Gold News, Gold Views |

Europeans want their gold back, and why that’s bad for the euro


18-Dec (MarketWatch) — Right across Europe, over the course of the last year, a series of European countries have been demanding that their gold reserves, which are often stored in different nations, are bought back home.

On the surface, that seems very odd. After all, gold has no meaningful role in the financial system any more. After a two-year bear market, it is not even worth as much as it was. It hardly seems worth the logistical or diplomatic hassle of bringing it back home.

What it reflects, however, is a growing public unease with the single currency. The euro crisis might have seemed patched over for much of the last two years. But austerity and recession are taking a mounting toll.

The point about having gold on your own soil is that it is an insurance policy against a chaotic return to national currencies. The fact that so many countries seem to want that insurance tells you something important about the euro — and it is hardly comforting. They still think there is a real possibility of collapse.

[source]

Posted in Gold News, Gold Views |

Swiss National Bank Starts Negative Interest Rate of 0.25% to Stave Off Inflows

18-Dec (Bloomberg) — Switzerland imposed its first negative deposit rate since the 1970s and threatened further action to stem a tide of money flowing from Russia’s financial crisis.

Swiss National Bank President Thomas Jordan cited the Russian turmoil as a “major contributory factor” for the decision to introduce a charge of 0.25 percent on sight deposits, the cash-like holdings of commercial banks at the central bank. The SNB also lowered its target range for the three-month Libor in an attempt to push the rate below zero. It fell to minus 0.046 percent today.

The SNB move hints at the investment pressures that resulted after Russia’s surprise interest-rate increase this week failed to stem a run on the ruble. Swiss officials acted as the turmoil, along with the imminent threat of quantitative easing from the ECB, kept the franc too close for comfort to its 1.20 per euro ceiling.

[source]

Posted in Central Banks, Monetary Policy |

US initial jobless claims -6k to 289k in the week ended 13-Dec, below expectations of 293k, vs upward revised 295k in previous week.

Posted in Economic Data |

Gold higher at 1206.00 (+15.67). Silver 16.08 (+0.335). Dollar higher. Euro lower. Stocks called higher. US 10yr 2.17% (+4 bps).

Posted in all posts |

Things That Make You Go Hmmm… Signing Off

17-Dec (MauldinEconomics) — In his last complimentary addition (he’s moving to a subscription based model) of Things That Make You Go Hmmm…, Grant Williams of course touches on the topic of gold:

Say what you want about the gold price languishing below $1200 (or not, as the case may be, after this week), and say what you want about the technical picture or the “6,000-year bubble,” as Citi’s Willem Buiter recently termed it; but know this: gold is an insurance policy — not a trading vehicle — and the time to assess gold is when people have a sudden need for insurance. When that day comes — and believe me, it’s coming — the price will be the very last thing that matters. It will be purely and simply a matter of securing possession — bubble or not — and at any price.

That price will NOT be $1200.

[source]

Posted in all posts, Gold News, Gold Views |

Gold Wavers After Fed Announcement

17-Dec (The Wall Street Journal) — Gold prices shuffled between gains and losses in electronic trading Wednesday after the Federal Reserve made few changes to its statement at the end of its monetary-policy meeting.

The most actively traded gold contract, for February delivery, was recently up 0.3% to $1,198.70 a troy ounce. The contract was nearly flat at $1,194.50 an ounce at the end of floor trading.

The Fed kept language saying rates will remain near zero for a “considerable time” in its statement, a move investors saw as a positive for gold, which would struggle to compete with yield-bearing investments when interest rates rise. Many traders had believed the Fed would remove the statement to account for a burgeoning recovery in the U.S.

“This is a reprieve for gold, in the near term,” said George Gero, a senior vice president at RBC Capital Markets Global Futures.

In the longer term, however, the Fed’s announcement doesn’t do anything to change the trajectory of U.S. monetary policy, which is on the path to tightening liquidity and raising interest rates, said Adam Klopfenstein, a senior market strategist with Archer Financial Services LLC in Chicago.

[source]

PG View: I’ll believe we’re on a ‘path to tightening’ when the Fed actually pulls the trigger. Until then, I’ll view the Fed’s fostering of this ridiculous debate over the in/exclusion of two words in the statement as nothing more than a distraction; likely designed to prevent the over-inflation of asset bubbles.

Posted in Gold News, Gold Views |

WSJ: Stocks jump, gold rises, dollar falls in wake of Fed statement

Posted in Gold News, Markets |

Considerable time remains in FOMC statement…they just moved it.

PG View: It is indeed all quite silly.

Posted in Central Banks, Monetary Policy |

Fed Policy Statement

Information received since the Federal Open Market Committee met in October suggests that economic activity is expanding at a moderate pace. Labor market conditions improved further, with solid job gains and a lower unemployment rate. On balance, a range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow. Inflation has continued to run below the Committee’s longer-run objective, partly reflecting declines in energy prices. Market-based measures of inflation compensation have declined somewhat further; survey-based measures of longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced. The Committee expects inflation to rise gradually toward 2 percent as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate. The Committee continues to monitor inflation developments closely.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. The Committee sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. However, if incoming information indicates faster progress toward the Committee’s employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated. Conversely, if progress proves slower than expected, then increases in the target range are likely to occur later than currently anticipated.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Stanley Fischer; Loretta J. Mester; Jerome H. Powell; and Daniel K. Tarullo.

Voting against the action were Richard W. Fisher, who believed that, while the Committee should be patient in beginning to normalize monetary policy, improvement in the U.S. economic performance since October has moved forward, further than the majority of the Committee envisions, the date when it will likely be appropriate to increase the federal funds rate; Narayana Kocherlakota, who believed that the Committee’s decision, in the context of ongoing low inflation and falling market-based measures of longer-term inflation expectations, created undue downside risk to the credibility of the 2 percent inflation target; and Charles I. Plosser, who believed that the statement should not stress the importance of the passage of time as a key element of its forward guidance and, given the improvement in economic conditions, should not emphasize the consistency of the current forward guidance with previous statements.

Posted in Central Banks, Monetary Policy |

Greece Fails to Gather Support to Elect New President

17-Dec (Bloomberg) Greek Prime Minister Antonis Samaras’s bid to elect a new head of state faltered in parliament after he failed to gather enough support from lawmakers for his nominee in the first of three attempts.

With voting ongoing in Athens, more than 100 lawmakers in the country’s 300-seat chamber withheld their backing for Samaras’s candidate, Stavros Dimas, ensuring that he falls short of the 200 votes required for his election as president. Samaras has 155 lawmakers in his governing coalition.

Attention now turns to the second vote on Dec. 23, when Samaras again needs a two-thirds majority to win. If he fails in the third attempt, set for Dec. 29, parliament is dissolved and early elections called.

[source]

PG View: One step closer to a political crisis in Greece that could reignite concerns over a “Grexit”.

Posted in all posts, Politics |

Deflation Stalks the Globe

17-Dec (Bloomberg) — Crude oil trading at less than $60 a barrel for the first time in five years means lower gasoline prices and more money in consumer’s pockets, right? And the knock-on effect of driving down consumer prices is great for everyone, correct? And the global economy needs all the help it can get as it drags itself out of recession, so what’s not to love about lower inflation?

Plenty of people are alarmed by the prospect of deflation, which can snuff out growth by making consumers reluctant to spend and companies unwilling to invest. Many of them work at the world’s central banks. Most of their opponents subscribe to the Austrian school of economics, which is allergic to central banks’ manipulating markets and asset values, and embraces the current trend. Next year may prove which view is correct.

[source]

Posted in Deflation |

The Daily Market Report: Gold Consolidates Ahead of Fed


17-Dec (USAGOLD) — Gold is narrowly confined as markets await Fed policy. A more stable oil market and a rebound in the Russian ruble have returned at least a temporary sense of calm to global markets.

The FOMC policy statement will be released at 2:00PM ET, along with the Fed’s forecasts. Chairwoman Yellen will then meet the press.

Wall Street Journal Fed watcher Jon Hilsenrath is pretty convinced that the “considerable time” language will be dropped from the statement. As we’ve discussed previously this week, those two words are really not all that significant, but I maintain the Fed is unlikely to rock the boat at this juncture, amid recent market volatility and persistent negative price risks.

U.S. CPI for November came in at -0.3%. It was the biggest monthly drop since 2008, in the heart of the global financial crisis.

Respected analyst and author Jim Rickards does not believe the Fed will raise rates next year. In fact, on Bloomberg TV yesterday he reiterated his expectation that the Fed will implement QE4 in early-2016. He didn’t mention the “considerable time” verbiage specifically, boy I suspect he too views those words as irrelevant.

Posted in Daily Market Report, Gold News, Gold Views |

Fed Will Implement QE4 in Early 2016: Rickards

16-Dec (Bloomberg) — On today’s “The Roundup,” James Rickards, author of “Currency Wars,” Bloomberg’s Trish Regan, Lisa Abramowicz and Douglas Lavanture break down some of the day’s top market stories on “Street Smart.”

A couple key quotes from Rickards:

“I don’t see the Fed raising interest rates next year.”

“We’ll have QE4 in 2016 in the U.S.”

“This is a major potential collapse of the international monetary system. Not tomorrow, but kinda a year, year-and-a-half from now.”

[video]

Posted in Economy, Markets |

Hilsenrath Analysis: A ‘Strong Possibility’ Fed Will Drop ‘Considerable Time’

17-Dec (The Wall Street Journal) — My colleague Sudeep Reddy and I discussed the big Federal Reserve question in a video chat this afternoon: Will officials drop their assurance that short-term interest rates will remain near zero for a “considerable time?”

For several reasons, we described it as a strong possibility.

• Fed Chairwoman Janet Yellen is a methodical central bank leader who has been building toward a language change for several months.

• It makes sense tactically because Ms. Yellen has a press conference Wednesday afternoon to explain the decision and soften the blow for markets. Waiting until the next press conference in March might be too late.

• Fed officials have been signaling their interest in finding alternatives to the “considerable time” guidance, which they now see as a handcuff to policy action when needed.

• Despite turbulence in markets and uncertainties about economic developments overseas, Ms. Yellen and Fed Vice Chairman Stanley Fischer have signaled in recent months a focus on taking care of business at home and signaling their plans clearly and transparently so as not to disrupt markets any more than necessary. That implies they’re not inclined to vary their course unless the U.S. economic backdrop has substantially shifted. On net, they see dropping oil prices as a plus for the U.S. economy.

[source]

Posted in Central Banks, Monetary Policy |

Consumer Prices in U.S. Decline by Most in Six Years on Fuel

17-Dec (Bloomberg) — The cost of living in the U.S. fell in November by the most in almost six years, depressed by falling energy prices that signal inflation will stay below the Federal Reserve’s goal well into 2015.

The consumer-price index dropped 0.3 percent, the most since December 2008, after being little changed the prior month, a Labor Department report showed today in Washington. The median forecast of 84 economists surveyed by Bloomberg called for a 0.1 percent fall. Costs rose 1.3 percent over the past year, the least since February. Excluding volatile food and fuel, the so-called core measure rose at a slower pace than in October.

Persistently low inflation allows Fed policy makers, scheduled to end a two-day meeting today, to exercise patience in raising the benchmark interest rates that they’ve held near zero since 2008 to spur growth and trim unemployment. Plunging fuel costs also will free up money that households can spend on other goods and services, bolstering the economic expansion.

There really aren’t any inflationary pressures, even outside of energy,” Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh, who is among the most accurate CPI forecasters over the past two years, according to data compiled by Bloomberg. “Time is still on the Fed’s side.”

[source]

PG View: Seems like there is no incentive at all for the Fed to even do a subtle shift in guidance.

Posted in Deflation, inflation |

US current account gap widened to -$100.3 bln in Q3, outside expectations of -$95.0 ban, vs -$98.4 bln in Q2.

Posted in Economic Data |

US CPI -0.3% in Nov, below market expectations of -0.1%, vs vs unch in Oct; +1.3% y/y. Core +0.1%, in line with expectations; +1.7% y/y.

Posted in Economic Data |

Gold steady at 1198.41(+0.80). Silver 15.87 (+0.119). Dollar higher. Euro lower. Stocks called higher. US 10yr 2.10% (+4 bps).

Posted in all posts |