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Top Daily Economic News(16/OCT/31)

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No: 127

Date: 31/October/2016

 

Daily World Economic and Financial News

(Reuters): 31/October/2016 The dollar was on the defensive on Monday as the FBI’s new probe into private email use of Democratic presidential candidate Hillary Clinton shook markets’ conviction of her victory in the U.S. presidential election. The dollar’s index against a basket of six major currencies .DXY =USD slipped to 98.369, edging down from Tuesday’s near nine-month high of 99.119.

(Reuters): 31/October/2016 Still, on the month, the dollar index is up 3.0 percent so far, matching its biggest monthly gain so far this year made in May.

(Reuters): 31/October/2016 Against the yen, the dollar slipped to 104.62 yen JPY=, down slightly from late U.S. levels and off Friday’s three-month high of 105.54, as the Japanese currency’s safe-haven status at times of uncertainty helped it weather a data showing a stalling in Japan’s industrial output. ECONJP

(CNBC): 31/October/2016 The euro EUR= traded at $1.0978, having gained almost 0.9 percent on Friday, its largest one-day rise in nearly two months and more than one percent above its 7 1/2-month low of $1.08510 touched on Tuesday.

(CNBC): 31/October/2016 Gold held steady early Monday amid a firm dollar and weaker equities following a 0.6 percent gain in the previous session, with markets eyeing the upcoming Federal Reserve meeting for insight on the timing of a U.S. interest rate hike.

(CNBC): 31/October/2016 Spot gold was virtually unchanged at $1,276.30 an ounce at 0125 GMT. The safe-haven asset has fallen about 3 percent so far this month.  Gold rose more than 1 percent at one point on Friday after the FBI revealed it reopened an investigation of U.S. Democratic presidential candidate Hillary Clinton’s use of a private email system, sparking fresh tumult in markets, just days before the Nov. 8 presidential vote.  U.S. gold futures were up 0.06 percent at $1,277.60 per ounce.

(WSJ): 31/October/2016 U.S. stocks fell Friday, ending a week dominated by quarterly earnings reports. The S&P 500 and the Nasdaq Composite fell this past week, while the Dow Jones Industrial Average posted a slight gain. The losses coincided with a selloff in government bonds that pushed yields to their highest levels in five months.

(EURONEWS): 31/October/2016 Spain’s economy continues to grow, but it expanded at a slightly slower pace in the three months to September. Gross domestic product was up by 0.7 percent compared to the previous quarter. It improved by 3.2 percent from the same period a year ago. Annualised growth in the second quarter touched 3.4 percent. #Spain #GDP rises 0.7% in Q3, down marginally from 0.8% in Q2 and in line with our #PMI. October PMI results out next week pic.twitter.com/O4gUE72NXG

(EURONEWS): 31/October/2016ets on lower WTI crude gain for first time in 5 weeks: CFTC Internal splits prevent accord with other major producers The growing list of OPEC members seeking exemptions from a planned supply cut has investors seeing future price drops

 

EURO/USD PAIR ANALYSIS

The Euro turned higher against the US Dollar as expected after finding support having hit a seven-month low below the 1.09 figure. Prices broke the series of lower highs and lows initiated in late September, implying near-term trend reversal. The longer-term bias continues to appear bearish however. Near-term resistance is now at 1.1048, the 38.2% Fibonacci retracement. A break above that on a daily closing basis opens the door for a test of the 1.1109-23 area (50% level, August 31 low). Alternatively, a move back below the 23.6% Fib at 1.0973 sees the next downside barrier at 1.0926, the 14.6% retracement.  A short EUR/USD position was triggered at 1.1207 and partial profit taken after the trade satisfied its first objective. Remaining exposure will now be unwound amid signs of a larger correction ahead. Signs up bullish exhaustion will be sought to re-enter short in the days ahead. (Yahoo)

 

NEW WORLD

  1. Status: the position of affairs at a particular time, especially in political or commercial contexts.
  2. Amid: surrounded by; in the middle of.
  3. Virtually: nearly; almost.
  4. Tumult: aloud, confused noise, especially one caused by a large mass of people.

 

 

 

 

 

Compiler: A Bank Dealing Room Section

Management of International Deputy           The Expert In Charge Of Dealing Room

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