UK JOBLESS RATE
US PMI data triggers sharp decline in gold prices
Gold prices surged to a two-week high of $2,366 following a second rate cut by the Swiss National Bank and weaker US data. Traders anticipate a move by the US Federal Reserve, especially after the European Central Bank's rate cut.
Gold edges higher as weak US data lifts Fed rate-cut bets
Gold prices rose on Thursday amid expectations of a Federal Reserve interest rate cut, while investors awaited key data on retail sales, jobless claims, and inflation pressures.
Rise in UK jobless rate muddies Rishi Sunak's message to voters
In April, Britain's labour market showed signs of cooling as the unemployment rate rose to 4.4%, the highest since September 2021. Despite robust wage growth, the number of employed people fell by 207,000. Prime Minister Sunak faces challenges ahead of the July 4 election. Inactivity rates and long-term sickness are rising, prompting potential reforms. Wage growth remains strong, but the economy faces uncertainties.
Gold prices drift higher ahead of US payrolls data
Gold prices rose on Thursday as investors awaited U.S. non-farm payrolls data to determine potential interest rate cuts.
As India steps back into coalition era, uphill road for tough reforms
In the new coalition government era, India's reform agenda may prioritize job creation and factors market reforms. Balancing political sensitivities and reform priorities will be crucial for the government in navigating coalition dynamics and opposition pressures.
Gold records its worst weekly fall this year on hawkish Fed minutes
April's preliminary US economic data shows unexpected strength in durable goods orders, rising 0.70% against a predicted -0.80% decline. Even excluding transportation, the sector grew 0.4%, surpassing the 0.20% forecast. Consumer sentiment, measured by the University of Michigan, also improved to 69.10 from 67.70. However, inflation expectations for the next year and five to ten years fell slightly below predictions, at 3.30% and 3.00%, respectively.
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Longer for higher rates may dim gold’s shine next week
Next week, US CPI data will be released, which will be crucial for gold. In case of hotter-than-expected inflation data, gold will fall. The bullion rally has coincided with a rally in risk assets and bonds.
How far will BoE move away from Fed's stance? Investors await a clearer signal
A dovish shift in tone by BoE Guv Bailey and Deputy Governor Dave Ramsden in April caused some economists to reckon that the timing of BOE cuts may be closer to the European Central Bank — which is widely expected to act in June — than to the Federal Reserve, whose chief, Jerome Powell, has avoided offering a timeline for US easing.
No justifications for gold's recent rally, investors riding on Fed rate cut hope
Gold closed at a record high of $2330 amidst escalating Middle East tensions, positive US economic data, and hints of potential rate cuts by the Fed Chair. Geopolitical tensions and economic indicators will continue to drive market sentiment. . Hotter than expected CPI inflation and contained geopolitical tensions will weigh on the metal. Resistance is at $2360/$2400 and support at $2300/$2250/$2200. A short term correction won't be surprising.
Gold ekes out gains in a tumultuous week
The metal fell to close around 0.80% lower on Friday as the US dollar rallied. The 10-year US yields at 4.21% were down over 2% on the week as the yields were 1.57% lower on Friday.
Soaring abuse in UK care jobs shatters migrants' dreams
Tens of thousands of overseas carers who arrived in Britain to fill staff shortages in the social care system are being exploited and treated like slaves, according to reports. Many carers paid large sums of money to agents in India to secure jobs, only to find themselves working long hours for little pay and unable to complain for fear of deportation.
Gold hitting record highs on Fed rate cut bets
Strong buying by central banks continues to support gold prices. Total gold demand hit a record last year and is expected to expand again in 2024, according to the World Gold Council.
Dollar steady as sticky inflation dents rate cut expectations
The yen has hovered around 150 level in the last few days, prompting officials to comment on the currency moves and keeping markets on alert to a possible intervention by Japanese authorities.
Rate cut expectations to keep gold investment appeal intact
Gold prices gained +13% for the year ending 2023 after two years of lull returns- fuelled by the rising geo-political tensions during the year ( Russia-Ukraine, Israel- Gaza,) alongside the notion of toning down of the prevailing steep interest rates cycle, as policymakers have been successful in bringing down the inflation levels from four decades high of above 10% in US, to now around 3% by the end of 2023.
Gold ends with weekly gains on dovish FOMC outcome
The US Federal Reserve unexpectedly turned dovish at its December 13 FOMC monetary policy meeting. Although the US Fed left the Fed Fund rate unchanged at 5.25%-5.50% as expected, the Central Bank projected three rate cuts in 2024 as Fed officials did not foresee rates being higher by the end of 2024 than their current levels
Global rate-cut standoff looms in 2023 policy finale
Policymakers from fully half of the Group of 10 jurisdictions of most-traded currencies are scheduled to meet in the coming days, and interest rates for 60% of the world economy will be set in a whirlwind 60-hour window. Most notable will be the US Federal Reserve on Wednesday, followed on Thursday by central banks including those of the euro zone and the UK.
Gold prices firm as US jobs data fuels rate-cut bets
U.S. job openings fell to a 2-1/2-year low in October, and U.S. private payrolls increased less than expected last month, signalling a gradual cooling of the labor market.
Gold prices rally on Fed peak rate speculation. What’s next?
Gains in gold have come on the notion that the Federal Reserve is done with hiking interest rates as the recently released CPI inflation data lagged the forecast, while jobless claims jumped to the highest level in the last two years.
Gold gains as dollar, yields slip after Fed keeps rates steady
The Fed held interest rates steady on Wednesday as policymakers struggled to determine whether financial conditions may be tight enough already to control inflation, or whether an economy that continues to outperform expectations may need still more restraint.
UK labour market loses more steam as BoE mulls rates stance
Data from the Office for National Statistics (ONS) shows that employment in the UK fell by 82,000 in the three months to August, while the unemployment rate remained steady at 4.2%. The new figures take into account the falling response rate to the Labour Force Survey (LFS) and suggest that the labor market has more slack than previously predicted.
Gold likely to remain range-bound next week
US employers added 336k jobs versus the forecast of 170k jobs in September as a two-month payroll net revision was noted at +119k. The unemployment rate came in at 3.8%, which was slightly higher than the estimate of 3.70%.
World adapts to Fed’s rate order in 36-hour sequence
A series of central bank rate decisions over the course of 36 hours will set the tone for the global economy for the rest of the year. With the US pushing to keep interest rates high, central banks in advanced economies will be closely watched as they adapt to the expectation that rates will remain higher for longer. Weak global trade and a potential stagflationary scenario in Europe highlight the resilience of the US economy. The Federal Reserve may keep rates on hold but could signal another increase later in the year.
FII action, Jio Financial listing among top 10 factors to dictate D-Street mood this week
"Macroeconomic indicators, trends in global stock markets, and Foreign Institutional Investors' (FIIs) activities will be pivotal in shaping market trends in the coming days," said " Pravesh Gour, Senior Technical Analyst, Swastika Investmart, while highlighting the movement of rupee against the dollar along with the listing of Jio Financial Services on Monday, August 21.
UK economic growth unrevised at 0.1% in first quarter of 2023
The UK economy grew by 0.1% in the first quarter of 2023, according to the Office for National Statistics. This figure remained unchanged from the initial estimate. However, compared to the final quarter of 2019 before the COVID-19 pandemic, the economy was 0.5% smaller. Experts have expressed concerns that the economy may tip into a recession in the second half of the year. The current account deficit stood at £10.8 billion for the first quarter of 2023.
Gold steady as investors eye economic data
China will seize the time window to implement policy measures to support the economy, aiming for an improvement in growth in early 2023, state media on Wednesday quoted the cabinet as saying.
UK jobless rate rises to 3.7%, but pay growth speeds up again
Regular pay rose by a stronger-than-expected 6.1% in the August-to-October period, the biggest increase since records began in 2001 excluding jumps during the COVID-19 period which were distorted by lockdowns and government support measures.
UK economy: As financial crisis continues to torment, unemployment rate rises to 3.6%
The rate of UK unemployment rose to 3.6 per cent as Britain faces recession.
UK jobless rate rises, vacancies fall again
With finance minister Jeremy Hunt set to raise taxes and cut spending on Thursday to fix the public finances, potentially deepening an expected recession, the jobless rate rose to 3.6%, pushed up by a rate of 3.8% in September alone.
UK unemployment hits 48-year low but inflation squeezes pay
The jobless rate dropped to 3.7% from 3.8% - below forecasts in a Reuters poll for the unemployment rate to hold steady - and the 1.257 million people out of work was less than the 1.295 million job vacancies on offer for the first time on record.
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