Gold prices drop to 1-month low ahead of NFP
Gold prices were once again down in Thursday's session, as markets reacted to the news that Jobless claims had fallen by more than expected.
Figures released by the Labor Department showed that initial jobless claims increased by 28,000, to 222,000 for the week that ended November 27th.
Markets had forecasted that applications for state unemployment benefits would have dropped by 240,000, following a decrease of 194,000 the week prior.
That drop, which was the lowest reading since 1969, helped to convince the Federal Reserve to taper its economic stimulus package sooner rather than later.
XAUUSD fell to an intraday low $1,761, which is its lowest level since November 3rd.
Banking shares fall, after European commission issues $390 million fine
On Thursday, it was announced that the European Commission had fined as many as five investment banks, for their role in a Forex trading scandal.
It was reported that Barclays, UBS, Credit Suisse, RBS and HSBC were fined a combined total of $390 million, for their role in the scandal.
These bank’s were found to have participated in the illegal sharing of information, and plans, for the trading of G-10 currencies.
In a statement relating to the fine, the commission said that, “Our cartel decisions to fine UBS, Barclays, RBS, HSBC and Credit Suisse send a clear message that the Commission remains committed to ensure a sound and competitive financial sector that is essential for investment and growth”.
Barclays share price was the most impacted, and was down 1.28% as of writing.
Trading any financial instrument on margin involves considerable risk. Therefore, before deciding to participate in margin trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney or accountant as to the appropriateness of an investment in margin trading is recommended. This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential. If you are not the addressee thereof or the person responsible for its delivery, please notify us immediately by telephone and permanently delete all copies of this message. Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited.
Recommended Content
Editors’ Picks
AUD/USD rises to two-day high ahead of Aussie CPI
The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table. The AUD/USD trades at 0.6488 as Wednesday’s Asian session begins.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold price on the defensive, amid soft US Dollar
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.