Gold Prices Fall as The Fed Signals Another Rate Hike This Year
Gold Prices Fall as The Fed Signals Another Rate Hike This Year
US stocks open higher in rebound from recent dip
28 September, 2017, 00:32
As of late Wednesday morning, spot gold was around $1,286 an ounce.
Ellen Zentner, chief economist at Morgan Stanley, says her biggest takeaway from the Cleveland speech was Yellen's confidence that "a strong US labor market would ultimately drive inflation closer to the Fed's two percent goal over the next few years".
According to Yellen, this uncertainty surrounding inflation "reflects the influence of unexpected movements in oil prices and the foreign exchange value of the dollar, as well as that of idiosyncratic developments unrelated to broader economic conditions".
On the economic front, USA new orders for manufactured durable goods in August increased 3.9 billion us dollars, or 1.7 percent, to 232.8 billion dollars, beating market consensus, the Commerce Department announced Wednesday.
Rabobank strategists say that if the tax reforms raises the chances of the USA sustaining a 3 percent growth rate, then it will be a significant boost for the dollar which has suffered this year and is poised for its biggest annual drop since 2004. The tax reform plans are set to be announced on Wednesday.
Hopes were also raised of lower United States corporation and individual taxes after President Donald Trump hosted a bipartisan round table discussion on tax policy at the White House.
US stocks ended mixed overnight as housing and consumer confidence data disappointed investors and Fed Chair Yellen cautioned against moving too slowly on interest rates.
Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the greenback.
-Spanish Prime Minister Mariano Rajoy will meet U.S. President Donald Trump in Washington Tuesday while his team back in Madrid attempts to turn the screws on a secessionist push in Catalonia.
Traders of short-term interest-rate futures see about a 76 percent chance of a December rate hike, but are betting on only one rate hike next year. The S&P 500 closed a fraction of a point higher at 2,496.84, with eight of the 11 main sectors ending lower.
The Euro-to-Dollar rate pared a 0.68% loss overhanging from the London session to trade just 0.52% down at 1.1794.
"The divergence between USA and euro zone data surprises is closing rapidly and while the once popular dollar parity forecasts still look ridiculous, the euro looks past its peak", said Sean Maher, an independent macro-strategist based in London.
-The MSCI Emerging Market index sank 0.8 percent to the lowest in more than a month. The euro fell to $1.1788 from $1.1791. German 10-year benchmark yields rose 6 basis points to 0.47 percent.
The dollar was higher against the yen, trading at 112.34.
In other commodities, the Brent crude oil spot price gained 0.14% to $58.61 per barrel as of 04:35 BST.
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It rebounded to 9.35 million barrels per day in the prior week, but was still below the 9.53 million bpd rate before Harvey hit. Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S.
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However, Alaves got the equalizer and their first goal of the season in the 40th minute through their captain Manu Garcia . Ceballos received a pass from Marco Asensio , fought through a tackle, and shot just inside the post for the opener.
The treaty, which would ban the developing, stocking and threat of use of nuclear weapons, will apply only to signatory States. Nuclear-armed countries also declined to participate in the entire treaty process, from its negotiations to its adopting vote.
A mere tie to a USA company or organization, such as a past relationship or a speaking invitation, might not be enough to qualify. The matter will be ultimately decided when the Supreme Court hears arguments on the merits of the executive order in October.
We still know very little about CTE as a degenerative disease, and we know even less about how to prevent it or treat it. A defining feature is abnormal deposits of tau, a protein that occurs naturally in the brain but is displaced in CTE.
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Students at the Mormon university pushed to get caffeinated soft drinks sold on campus, reported the Associated Press . Brigham Young University announced Thursday that it will start to sell caffeinated soft drinks on campus.
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