Since topping out at $1,800 earlier this month, gold has been retreating with a possible triple top scenario. The confirmation of this technical triple top has not materialized because the $1,700 support has been holding for the past 7 sessions. Resistance levels are at $1,740 and $1,766. Euro/USD support held at 1.2880. The currency pair [...]
Friday, the Labor Department is expected to report the economy added 125,000 jobs in September and unemployment increased to 7.9 percent.
Most U.S. markets are closed today as the biggest storm in a century is hitting the East coast of United States. The Europeans are still dealing with their own financial storm. The latest unemployment in Spain was 25 percent, which means one out of four people is out of work, the data is beyond “bad”, [...]
Hurricane Sandy will have a devastating impact on life and property. However, gauging its ultimate impact on an economy-still struggling to overcome the Great Recession but with substantial resources to overcome adversity-is far more complex than merely adding up insurance payouts and uninsured losses.
Here are the forecasts for upcoming economic data.
The Hong Kong Monetary Authority has been intervening to keep the HKD within the bottom of the established band of 7.75. In recent days, the strengthening of the RMB is causing a lot of hot money flow into the HKD. The interest rate in Hong Kong is basically at zero, which in theory would make [...]
No surprises coming out of the two days of FOMC meetings. The Federal Reserve will continue to keep rates low and stimulus in place. At the time of this article, there was little reaction to the Fed’s decision. The Euro/USD was slightly lower from previous day because of poor German data; gold is testing the [...]
Obama’s Economic Giveaways Good Politics but Risk Recession Friday, economists expect the Commerce Department to report the economy grew 1.9 percent in the third quarter, continuing a subpar recovery that began in July 2009.
Markets are moving lower on the continuing contraction of Spain’s economy. The nation’s credit rating is just one grade above junk status. Despite the worsening conditions in Spain, the country has not yet requested a bailout, which the markets are waiting for.
The latest round of third quarter corporate earnings reports have been disappointing the markets both in failing to beat estimates and lower future outlooks. The S&P 500 is on pace for a three day decline and is about to test support at 1,420. Besides corporate earnings concerns, the United States Presidential election and the uncertainties [...]