- Dollar boosted by strong US growth
The dollar pushed higher against other major currencies on Wednesday helped by a stronger-than-expected initial estimate for second-quarter US economic growth. The Commerce Department reported the economy rebounded to a 4.0 per cent growth pace in the April-June period after the sharp contraction of the first quarter, caused largely by extremely severe winter weather across most of the eastern half of the country. That sent the dollar up to $1.3367 per euro, its highest level since November, before settling at $1.3395. It also jumped to 103.09 yen, and to $1.6890 per pound, before slightly paring those gains. Hours after the economic growth report the Federal Reserve issued a fresh monetary policy statement that, as expected, made no fundamental changes to its course on tapering the stimulus and held the federal funds rate at its near-zero level. The Fed expressed continued concern about weaknesses in the labor market, but in a slight change in language it acknowledged the rise in inflation, but saw no major threat. Jens Nordvig of Nomura said the Fed's statement suggests possible changes to policy that would be bullish for the dollar if jobs data strengthens and inflation picks up as expected in the coming months.
- Sterling stuck at six-week lows against dollar
Sterling was rooted to its lowest in six weeks against the dollar on Wednesday, with events in the United States later in the session expected to be the best bet for fresh direction after two weeks of solid gains for the US currency. The pound is in negative territory for a fourth straight week, adding to a sense that its year-long rally, against the dollar at least, has stalled after hitting strong resistance at $1.71. The pound touched a new six-week low of $1.6928 in European morning trade, off less than 0.1 per cent on the day. The International Monetary Fund ( IMF) this week joined a chorus of voices questioning the value of sterling. After an 11 percent gain against a basket of currencies over the past year, it said the pound was overvalued by 5 to 10 per cent. With the domestic data calendar light, whether the British currency falls further this week is likely to depend chiefly on US numbers, starting with second quarter gross domestic product and the ADP jobs report on Wednesday. "I've thought the market was over-egging the chances of a UK rate hike this year and I'm probably in a minority in thinking they could even wait until after the second quarter of next year," said Neil Mellor, a strategist with BNY Mellon in London. "The fact that the Bank of England is concerned that wage growth is lagging the recovery is something the market is taking note of. I still think sterling goes higher. But this is a case of disappointment just for the moment.
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DAILY BUZZ GOLD Gold futures ended lower in the domestic market on Tuesday after data revealed both consumer prices and existing home sales are on the rise in the U.S., which should prompt the Federal Reserve to do away with loose monetary policies that have supported the commodity for years. Sentiment weakened further as the dollar strengthened in the midst of the outlook for higher U.S. borrowing costs, countering haven demand that was fueled by tension in Ukraine and Gaza. Stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus raising demand. Gold futures may fall today as investors will be watching as the U.S. is to release data later this week. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,895 per 10 grams, down by 0.68 per cent, after opening at Rs. 28,070, against the previous closing price of Rs 28,087. It touched an intra-day low of Rs 27,812. Register yourself for free Comex Tips , Equity Tips , Free Nifty Tips, Nifty Option Tips, Stock Option Tips, Stock Options Tips, Nifty Options Tips , Share Tips , Free Ncdex Tips , Free Mcx Tips , Free Commodity Tips, Domestic Forex Tips , Nifty Options Calls , Mcx Bullion Tips , Bank Nifty Tips , Mcx Gold Tips , Mcx Crude Tips , Comex Silver Trading Tips . Click here to get free trial http://www.researchvia.com/free-trials/ or reply your no. along with your trading segment. India Indices-Friday Nifty Index opened +19.20 points up at 7254.85 in positive from the previous day closing at 7235.65 and closed in negative at 7229.95. In the morning Nifty opened up and we saw buying in Nifty and near 10.45 o’clock Nifty made a day high of 7272.50 and from there full day Nifty slipped down with hyper selling and near the closing of the market Nifty made a day low of 7118.45 and closed in negative at 7229.95 with -0.08%, -5.70 points down from the previous day closing at 7235.65 and the full day Nifty Index traded between 7272.50-7118.45. At the end of the day Nifty futures Loosed -0.49%, -35.70 points down to close at 7230.00 from the previous day closing at 7223.10 with the daily premium of 0.05 points and percent change in open interest of 11.69%.
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