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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
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
The UK private sector growth moderated in October reflecting weaker contribution from the service economy due to tighter restrictions across the hospitality sector and the impact of local lockdowns on general consumer spending, flash survey results from IHS Markit showed Friday.The flash IHS Markit/Chartered Institute of Procurement & Supply composite output index declined more-than-expected to 52.9 in October from 56.5 in September. The score was forecast to fall to 55.6.The latest reading pointed to the weakest rise in private sector output since a return to growth was first signaled in July.The services Purchasing Managers' Index fell notably to 52.3 in October from 56.1 a month ago. The score was forecast to drop moderately to 55.0.Similarly, the manufacturing PMI came in at 53.3 versus 54.1 in the previous month. The reading was forecast to drop to 53.1.James Smith, an ING economist said the October PMIs are the latest indicator to suggest the UK's economic rebound is running out of steam. Monthly GDP is expected to contract this month and that makes further Bank of England stimulus highly likely in November, the economist said.Duncan Brock, Group Director at CIPS, said "Fears over inherent weaknesses in the UK economy materialised this month with a sudden fall in the overall index showing a sharp drop in new orders and a continuing erosion of employment opportunities.""With more lockdowns, Brexit within touching distance and new government support at weaker levels than when the pandemic hit, it is clear businesses will have figure out their own survival tactics as the economy heads back towards square one."The survey showed that total new business volumes across the UK private sector decreased in October, ending a three-month period of expansion.October data showed a steep fall in employment numbers, with another month of deep job cuts signaled in both the manufacturing and service sectors.Business expectations for the next twelve months eased again in October and the degree of confidence was the lowest since May.The material has been provided by InstaForex Company - www.instaforex.com
Pound Climbs To 1.3123 Against U.S. Dollar The material has been provided by InstaForex Company - www.instaforex.com
Gold prices rose slightly on Friday as investors remain optimistic that a U.S. stimulus package would eventually be passed.Spot gold rose 0.3 percent to $1,910.31 after falling more than 1 percent on Thursday. U.S. gold futures were up 0.4 percent at $1,912.75.The U.S. dollar weakened after a balanced presidential debate, with President Trump and Joe Biden arguing about handling Covid-19 and reopening the country, the economy, health-care reform and immigration.On the stimulus front, U.S. House of Representatives Speaker Nancy Pelosi reported progress in talks with the Trump administration for another round of financial aid despite continued opposition from the Republican-controlled Senate.But White House economic adviser Larry Kudlow cautioned that there were still "significant policy differences" unlikely to be resolved before the election.Meanwhile, there is 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
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