The value of gold has increased after the announcement of results of the Asian trading session. COMEX, Department of Commodity Exchange in New York, provides the following numbers on gold futures for December delivery: $1 148.40 per troy ounce, which rose 0.17%.
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One of the major Japanese financial company Nomura does not believe in increasing the growth of the Chinese economy. Its forecast for 2015 now amounts to 6.8% versus 6.9% previously expected. The forecast for next year also has changed from 6.7% to 5.8%, according to the Bloomberg agency.
At today's morning session in Europe, gold futures fell to a minimum of three weeks. This is due to the fact that attention of traders focused on the upcoming data on changes in number of people employed in the non-agricultural sector of the US, meanwhile, promises to increase rates this year are supporting the US currency.
Gold is still under pressure of the Fed's rates expectations. On Monday, prices for the precious metal continued to decline, traders and investors are preparing for today's speech from the Three Fed officials: Tarullo, Evans, Williams. At today's tradings on the Mercantile Exchange Comex in New York, gold futures for December delivery fell by 0.72% to $1137.30.
In his recent speech, board member of the ECB Vitas Vasiliauskas recommended the policy to follow on coming out macroeconomic forecasts at the end of 2015, and then to make the right decision about the increase of pulses. "I think we need to wait for December, I have doubts that we will be ready in October," - believes Vasiliauskas, head of the Bank of Lithuania, in his interview in the UK yesterday, he also adds that in October, it is not worth discussing anything too, short period of time.
At the beginning of today's trading session, European stocks were again under pressure: DAX index has failed by 285 points, or 2.9% at the time of news release. Next decline in commodity prices continued more by inertia, however, it is strongly influenced on concerns of market due to the crisis in Asia. According to the Asian Development Bank GDP forecast this year will fall by 0.5%, from 6.3% to 5.8%. Market participants are predicting the Chinese growth at lowest levels of 1990.
"Majors" of the currency market - US dollar, euro and Japanese yen - have taken a wait position with a minimum dynamics against the background of the future Fed meeting. All market participants are looking forward whether will be there an increase of interest rate by the Fed for the first time in 9 years. Euro shows slight fluctuations around $1.1340, trying to hold a position of growth, obtained last week. The US dollar now is now cost 120.65 yen, the euro is sold for 136.80 yen.
Chief minister of central banks of emerging markets are beginning to lose patience with the Fed and their policy of ambiguity. Officials are urging Fed for an early raise interest rates, and finally to clarify the situation, which exerts strong pressure on the currency and stock markets in recent years. First assistant of head of the Indonesian central bank, Mirza Adityasvara, believes that uncertainty of Fed creates problems, and it is time to decide with a plan of action.
Release of data by the level of employment in the United States did not bring any surprises for main participants and experts of the financial market. Their previous forecasts from the first increase of interest rates by the Fed are fully justified. Chris Rupki, chief economist at Bank of Tokyo-Mitsubishi, points out in his Friday report that the reducing unemployment has reached the lowest value for the last seven years, thus such data confirm the increase of rates by the Central Bank summit on September 16-17.
On Monday, the oil continued its growth, and showing one of the longest rally for last 15 years on distrust of traders who believe that the global oversupply of oil will continue as long as planned. Over the past three sessions has been set a growth at 27%, which was triggered by a number of factors, including downward revision of estimates of production in the United States and statistics, which caused the talk about considering the reduction of oil production by OPEC.