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Gold futures failed to hold early gains and ended roughly flat on Friday, as the dollar came off early lows due to a lack of concrete news regarding a new coronavirus stimulus bill.Continued spikes in coronavirus cases across the world and fresh lockdown restrictions in several countries supported the yellow metalThe dollar index, which had slipped to 92.66, recovered to around 93.00 by mid morning, but eased to 92.79 later, netting a loss of 0.17%.Gold futures for December ended at $1,905.20 an ounce, up $0.60 from previous close. The contract touched a high of 1,917.30 and a low of 1,895.20 in the session.Silver futures for December ended higher by $0.034 at $24.675 an ounce, while Copper futures for December settled at $3.1290 per pound, losing $0.0245.On the stimulus front, there are expectations that the lawmakers will eventually agreen on a deal. However, it looks a bill will unlikely be signed before the upcoming presidential election.House Speaker Nancy Pelosi has recently suggested negotiations with Treasury Secretary Steven Mnuchin are making progress.During the final presidential debate Thursday night, President Donald Trump accused Pelosi of stalling a new relief package until after the elections for political purposes.Trump also claimed that he could get reluctant Senate Republicans to support a broader stimulus bill if an agreement is finally reached.The material has been provided by InstaForex Company - www.instaforex.com
Crude oil prices drifted lower on Friday weighed down by worries about energy demand outlook due to the surge in coronavirus cases in several countries and fresh lockdown measures.Worries about excess supply in the market due to a surge in oil exports from Libya and data showing another increase in U.S. oil-rig count too impacted oil prices.West Texas Intermediate Crude oil futures for December ended down by $0.79 or about 1.9% at $39.85 a barrel. Brent crude futures were down by about $0.75 or 1.8% at $41.71 a barrel.According to reports, crude output from Libya has exceeded 500,000 barrels per day and it is expected to increase further by the end of this month.A report from Baker Hughes said U.S. oil-rig count rose for a fifth straight week, surging up by 6 to a total of 211 this week. Meanwhile, active U.S. rig count went up by 5 to 287 in the week ending October 23.OPEC and its allies are scheduled to increase production by 2 million barrels per day from January. However, it remains to be seen whether the group will go ahead and increase output, considering the likely demand scenario in the wake of a surge in coronavirus cases and fresh lockdown restrictions in several places across the globe.According to reports, the spread of coronavirus cases in France is getting out of control. Italy is seeing a surge in new cases, and several states across the U.S. have been reporting increases in infections.The material has been provided by InstaForex Company - www.instaforex.com
After trending lower over the past several sessions, treasuries showed a lack of direction during the trading day on Friday. Bond prices spent the day bouncing back and forth across the unchanged line before closing roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 0.841 percent.With the slight drop on the day, the ten-year yield gave back ground after ending the previous session at its highest closing level in well over four months.The choppy trading on the day came amid a lack of concrete news out of Washington regarding a new coronavirus stimulus bill.Traders have generally remained optimistic that a bill will eventually be passed, although they may be growing tired of waiting.House Speaker Nancy Pelosi has recently suggested negotiations with Treasury Secretary Steven Mnuchin are making progress, but it seems unlikely a bill will be passed before the elections early next month.During the final presidential debate Thursday night, President Donald Trump accused Pelosi of stalling a new relief package until after the elections for political purposes.Trump also claimed that he could get reluctant Senate Republicans to support a broader stimulus bill if an agreement is finally reached. A lack of major U.S. economic data may also have kept traders on the sidelines following the release of the upbeat jobless claims and existing home sales data released on Thursday.Any developments in Washington are likely to attract attention next week, although traders are also likely to keep an eye on reports on new home sales, durable goods orders, consumer confidence, pending home sales and personal income and spending.The Treasury Department is also scheduled to announce the results of its auctions of two-year, five-year and seven-year notes.The material has been provided by InstaForex Company - www.instaforex.com
Taiwan September Retail Sales Up 2.9% Y/Y; Wholesale Sales Grow 8.2% The material has been provided by InstaForex Company - www.instaforex.com
At 4.30 am ET Friday, UK composite PMI data is due. Economists forecast the indicator to drop marginally to 55.6 in October from 55.7 a month ago.Ahead of the data, the pound traded mixed against its major rivals. While it fell against the euro, it rose against the rest of major rivals.The pound was worth 1.3101 against the greenback, 137.05 against the yen, 1.1858 against the franc and 0.9038 against the euro as of 4:25 am ET.The material has been provided by InstaForex Company - www.instaforex.com
UK Oct Flash Services PMI 52.3 Vs. 56.1 In Sep, Consensus 55.0 The material has been provided by InstaForex Company - www.instaforex.com
UK Oct Flash Composite PMI 52.9 Vs. 56.5 In Sep, Consensus 55.6 The material has been provided by InstaForex Company - www.instaforex.com
UK Oct Flash Manufacturing PMI 53.3 Vs. 54.1 In Sep, Consensus 53.1 The material has been provided by InstaForex Company - www.instaforex.com
At 4.30 am ET Friday, UK composite PMI data has been published. The pound changed little against its major rivals after the data.The pound was trading at 1.3094 against the greenback, 136.99 against the yen, 1.1853 against the franc and 0.9041 against the euro around 4:33 am ET.The material has been provided by InstaForex Company - www.instaforex.com
The euro area private sector returned to negative territory for the first time since June as accelerating growth of manufacturing was offset by a sharp deterioration in the service sector amid rising Covid-19 worries, flash survey data from IHS Markit showed Friday. The composite output index fell to a four-month low of 49.4 in October from 50.4 in September. A score below 50 indicates contraction. The reading was above economists' forecast of 49.3.The renewed decline raised the possibility that the region could see the economy contract again in the fourth quarter, Markit said.Manufacturing output growth accelerated to the fastest since February 2018, while the service sector output fell for a second successive month, deteriorating at the sharpest rate since May.The manufacturing Purchasing Managers' Index rose to a 26-month high of 54.4 from 53.7 a month ago. The score was expected to fall to 53.1.Meanwhile, the services PMI declined to 46.2 from 48.0 in the previous month. This was the lowest reading in five months and below economists' forecast of 47.0.At composite level, output dropped for the first time in four months. At the same time, new orders decreased moderately in October. Employment was cut across the euro area as a whole for an eighth successive month, though the rate of job losses moderated further.On the price front, the survey showed that deflationary pressures moderated in October. Average prices charged for goods and services fell for an eighth month running. Meanwhile, input costs increased both in manufacturing and services. Looking ahead, business expectations about the coming twelve months slumped to the lowest since May.Germany was the only bright spot, as France and the rest of the region as a whole fell deeper into decline, the survey showed.Germany's flash composite index dropped merely to 54.5 from 54.7 in September, to register a solid expansion for the fourth month running. Economists had forecast the index to fall to 53.2.The services PMI dropped to 48.9 from 50.6 in the previous month amid new restrictions and heightened uncertainty due to a second wave of coronavirus cases. The expected reading was 49.2.Meanwhile, the manufacturing PMI advanced unexpectedly to a 30-month high of 58.0 from 56.4 in September. The score was forecast to fall to 55.1.On the other hand, France saw business activity deteriorate for the second month running. The flash composite PMI was down more-than-expected to 47.3 from 48.5 to signal an increased rate of contraction. The expected level was 48.0.The manufacturing PMI fell marginally to 51.0 in October from 51.2 in September. At the same time, the services PMI decreased to 46.5 from 47.5 in the previous month. Chris Williamson, chief business economist at IHS Markit said, "While the overall downturn remains only modest, and far slighter than seen during the second quarter, the prospect of a slide back into recession will exert greater pressure on the ECB to add more stimulus and for national governments to help cushion the impact of COVID-19 containment measures, which not only tightened across the region in October but look set to be stepped up further in November."The material has been provided by InstaForex Company - www.instaforex.com
Russia Central Bank Holds Key Rate At 4.25% As Expected The material has been provided by InstaForex Company - www.instaforex.com
Oil prices edged higher on Friday after European factory figures beat expectations, helping offset lingering demand concerns amid a continuous surge in Covid-19 cases. Benchmark Brent crude rose 28 cents, or 0.7 percent, to $42.74 a barrel, while U.S. crude futures were up 22 cents, or half a percent, at $40.84.While the euro area private sector returned to negative territory for the first time since June, manufacturing output growth accelerated to the fastest since February 2018 in October, flash survey data from IHS Markit showed today. Oil's upside remain capped by worries about the outlook for fuel demand amid increasing evidence that the coronavirus pandemic is worsening in Europe.According to a Reuters tally, the coronavirus cases reported in Europe more than doubled within 10 days and exceeded 200,000 daily infections for the first time on Thursday.Both Germany and France saw their daily Covid-19 infections hit new highs on Thursday. A curfew has been imposed from 12:30 a.m. until 5:00 a.m. in Greece.The U.K., Ireland and other nations have extended their restrictions in a bid to contain the spread of the pandemic.Spain's Health Minister Salvador Illa said the spread of coronavirus is out of control in certain parts of the country. Elsewhere, U.S. hospitalizations for Covid-19 have reached a two-month high.The material has been provided by InstaForex Company - www.instaforex.com
Poland's jobless rate remained stable in September, data from Statistics Poland showed on Friday.The registered jobless rate was 6.1 percent in September, same as seen in August. This was in line with economists' expectation.In the same month last year, the unemployment rate was 5.1 percent.The newly registered unemployed persons decreased to 131,400 in September from 137,500 in the same month last year. In August, the number of unemployed persons was 99,200.The number of youth unemployed persons, which is applied to below 25 age group, fell to 124,900 in September from 134,900 in the previous month.On a seasonally adjusted basis, the registered unemployment rate remained unchanged at 6.3 percent in September.The material has been provided by InstaForex Company - www.instaforex.com
Taiwan's industrial production rose sharply in September and retail sales increased, data from the Ministry of Economic Affairs showed on Friday.Industrial production rose 10.73 percent year-on-year in September, following a 3.60 percent increase in August.Manufacturing output increased 11.32 percent annually in September, following a 4.06 percent rise in the previous month.Production in mining and quarrying gained 21.85 percent. Output of water supply and electricity and gas supply grew 0.95 percent and 4.10 percent, respectively.On a monthly basis, industrial production rose 2.18 percent in September, after a 2.62 percent increase in the preceding month. Data showed that retail sales rose 2.9 percent annually in September, after a 8.17 percent growth in August. This was the third consecutive rise in sales.Wholesale trade grew 8.2 percent in September and sales of food and beverages trade rose 0.3 percent.The material has been provided by InstaForex Company - www.instaforex.com