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Market Review

The Governor of Bank of Japan Haruhiko Kuroda stated that the Central Bank would not attempt to push down long government bond yields for the reason that it is focused on controlling the yield curve for out to ten years.

The European Central Bank in a report stated that the Euro Zone Private Sector Lending remained unchanged at 1.8%, from 1.8% the month before. The Office for National Statistics in a report stated that the UK’s GDP expanded by a seasonally adjusted 0.5% in the three months ended September 30, despite the fact that forecasts expected a 0.3% growth. The Ministry of Labour indicated in a report that the unemployment rate in Spain fell to an annual rate of 18.91%, from 20.00% in the previous month. 

The Commerce Department of the US indicated that the total durable goods orders fell unexpectedly by 0.1% in September. In a report the US Department of Labor stated that the number of people who filed for unemployment benefits fell by 3,000 to a seasonally adjusted 258,000 from the previous week. The National Association of Realtors said that the Pending home sales in the US rose by a seasonally adjusted 1.5% last month encouraging optimism over the health of the housing sector.

Currencies: The dollar remained close to nine-month highs against other major currencies despite the release of mixed U.S. economic reports. The EURUSD traded lower between $ 1.0942 and $ 1.0883. The GBPUSD traded lower between $ 1.2271 and $ 1.2149. The USDJPY traded higher between ¥ 104.30 and ¥ 105.35.

Crude oil: The price of oil went up on Thursday as market players were anticipating the details of an output cut by the Organization of the Petroleum Exporting Countries.  On the ICE future Exchange, North Sea Brent crude traded higher between $ 49.86 and $ 50.90. On the New York Mercantile Exchange, U.S. light crude oil traded higher between $ 49.02 and $ 50.06.

Gold: The price of Gold inched higher on Thursday due to the continuous uncertainty surrounding the FED’s monetary policy and the unexpected fall of the US manufactured capital goods. On the COMEX division of the New York Mercantile Exchange, gold traded higher in a narrow range between $1264.90 and $1272.78 an ounce.

Indices: Asian stocks were mostly down on Thursday after disappointing earnings form technology giant Apple dragged Wall Street. At the close in Tokyo, the Nikkei 225 went down by 0.32%. At the close in China, Shanghai Composite declined 0.16%.

European Stocks were mostly up on Thursday. At the close in Frankfurt the DAX advanced 0.07%. At the close in Paris, the CAC40 declined 0.02%. At the close in Madrid, the IBEX 35 added 0.26%. Finally, at the close in London the FTSE100 advanced 0.41%.

Wall Street traded lower on Thursday as investors turned their attention towards the possibility of the Federal Reserve hiking rates this year. At the close, the Dow Jones industrial average fell 0.15%. The S&P 500 fell 0.28% and the NASDAQ composite went down 0.65%.

Economic Calendar
Friday 28th October 2016:

Time

Currency

Events

Forecast

Previous

All Day

EUR

German Prelim CPI m/m

0.10%

0.10%

7:00am

EUR

Spanish Flash CPI y/y

0.30%

0.20%

7:00am

EUR

Spanish Flash GDP q/q

0.70%

0.80%

12:30pm

USD

Advance GDP q/q

2.50%

1.40%

12:30pm

USD

Advance GDP Price Index q/q

1.30%

2.30%

12:30pm

USD

Employment Cost Index q/q

0.60%

0.60%

2:00pm

USD

Revised UoM Consumer Sentiment

88.2

87.9

Posted: 10/28/2016 7:35:30 AM by Global Administrator | with 0 comments


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