Phil Carr
The Gold & Silver Club
Summary
This week Gold prices hit a fresh weekly high of $1274 an ounce from the previous week’s close of $1242 an ounce before retreating back down to the key support level of $1250. This week Gold has been supported by an outflow of capital from Equities and Emerging Markets amid global economic concerns. This week's mix of U.S data has added to the trend. As the Federal Reserve continue to taper – a wave of currency declines are hurting a number of Emerging Market economies, ranging from Brazil, Russia, India and South Africa. This is prompting local investors to move their capital away from depreciating currencies and into safe-havens like gold. January Non-Farm Payroll cam in weaker-than-expected. US non-farm payrolls rose by 113K last month, missing estimates of a 180,000 rise, based on the report released by the Bureau of Labour Statistics. In the previous month, the number of new employees rose by the surprisingly low figure of 74K. The unemployment rate dropped to 6.6% in January, down from 6.7% in the previous month.Latest Live Videos
Editors’ Picks
EUR/USD hold comfortably above 1.0750 as USD recovery loses steam
EUR/USD clings to small daily gains above 1.0750 in the early American session on Monday. In the absence of high-tier data releases, the US Dollar finds it difficult to gather recovery momentum and helps the pair hold its ground.
GBP/USD struggles to find direction, holds near 1.2550
GBP/USD stays under modest bearish pressure and trades near 1.2550 on Tuesday. The neutral risk mood, as reflected by the mixed action seen in US stocks, doesn't allow the pair to make a decisive move in either direction. The Bank of England will announce policy decisions on Thursday.
Gold eases toward $2,310 amid a better market mood
After falling to $2,310 in the early European session, Gold recovered to the $2,310 area in the second half of the day. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% and helps XAU/USD find support.
Ripple lawsuit develops with SEC reply under seal, XRP holders await public redacted versions
Ripple lawsuit’s latest development is SEC filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
The impact of economic indicators and global dynamics on the US Dollar
Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory.