The pound slumped to a 15-month low against the euro after Bank of England minutes showed more officials voted to expand asset purchases at this month’s meeting, a policy that that typically debases a currency. Sterling dropped to the lowest level since June versus the dollar after minutes of the central bank’s Feb. 7 meeting [...]
Market news – Sugar Bulls Strongest In Six Months On Brazil Rain: Commodities
Sugar traders are the most bullish in six months after prices moved to within three percentage points of exiting a year-long bear market as rain delayed cane processing in Brazil, the biggest producer. Nine of 11 analysts surveyed by Bloomberg said they expect raw sugar to keep rallying next week and two were bearish, the highest proportion [...]
Market News – Payrolls In U.S. Rose 80,000 In June; Jobless Rate 8.2%
Employers in the U.S. hired fewer workers than forecast in June, showing the labor market is making scant progress toward reducing joblessness. Payrolls rose 80,000 last month after a 77,000 increase in May, Labor Department figures showed today in Washington. Economists projected a 100,000 gain, according to the median estimate in a Bloomberg News survey. [...]
Market news – U.S. Economy Grows at 2.2% Annual Rate, Less Than Forecast.
The U.S. economy expanded less than forecast in the first quarter as a smaller contribution from inventories overshadowed the biggest gain in consumer spending in more than a year. Gross domestic product, the value of all goods and services produced in the U.S., rose at a 2.2 percent annual rate after a 3 percent pace, Commerce Department figures showed [...]
Market News – U.S. Jobless Claims Increase to 380,000, Higher Than Forecast
More Americans than forecast filed claims for jobless benefits last week, a sign the pace of improvement in the labor market is slowing. Jobless claims increased 13,000 in the week ended April 7 to 380,000, the highest since Jan. 28, the Labor Department reported today in Washington. The median forecast in a Bloomberg News survey called for 355,000 [...]
Market news – Gold Falls for Second Day on Fed Stimulus Stance
Gold dropped to a 12-week low in New York as the dollar strengthened on signs the Federal Reserve may refrain from providing more monetary stimulus for the U.S. The Fed plans to hold off quantitative easing unless economic expansion falters or prices rise at a rate slower than its 2 percent target, according to minutes of a [...]
Market News – Dollar Bulls Beat Bears in Futures for Longest Since 1999
Not since 1999 have currency traders been bullish on the dollar for so long, a sign that the market sees the U.S. resuming its role as the engine of global economic growth. Futures anticipating a stronger dollar against its developed-market peers have outnumbered those predicting a drop for 26 consecutive weeks through the five days [...]
Payrolls in U.S. Climb 227,000; Jobless Rate Holds at 8.3%
Employers in the U.S. boosted payrolls more than forecast in February, indicating companies are growing more optimistic about the expansion. The jobless rate held at 8.3 percent. The 227,000 increase in payrolls followed a revised 284,000 gain in January that was bigger than first estimated, Labor Department figures showed today in Washington. Job growth over [...]
Market News -Canada Dollar Gains to Strongest Level Since September on Global Prospects
Canada’s dollar gained to a five- month high against its U.S. counterpart on optimism demand for raw materials will accelerate as the global economy expands. The currency advanced for a fourth day, the longest string of gains in more than a month, as jobless claims in the U.S., Canada’s biggest trade partner, fell to the lowest level [...]
Market news – Dollar Falls Versus Higher-Yield Currencies on Strong Manufacturing Data
The dollar depreciated against all but one of its most-traded counterparts as reports showed manufacturing from China to the U.S. expanded in February, increasing speculation that global growth is on the mend. Mexico’s peso and the Australian dollar were among the biggest winners of the 16 major currencies on demand for higher- yielding assets. Brazil’s real rebounded after [...]