November 8, 2013 - Market News Daily
Today's Hot Assets : USD , GOLD
Yesterday , many of the fundamental data was released on the market. The ECB lowered its interest rate to 0.25 % causing the euro to plummet . U.S. data was also released and was mostly positive. GDP came on expectations showing that the U.S. economy expanded by 2.8 % in the third quarter . Continuing Jobless claims were also positive . The data supported speculation that the Fed may start tapering sooner than thought . U.S. stocks fell sharply following the figures , the S & P 500 closed 1.32 % lower and the Dow Jones closed 0.97 % lower . Asian stocks also fell , the Hang Seng closed 0.6 % lower and the Nikkei closed 1 % lower . European stocks climbed yesterday but opened negative numbers after Standard and Poor's Credit Rating cut France. Investors will now focus on the NFP report will be released at 13:30 GMT .
WTI dropped yesterday and is now ranging after rebounding slightly. Prices have been falling recently as decimal supply showed a higher but lower demand. The price is also under pressure after China crude imports fell to their lowest level in a year . Gold fell yesterday after positive U.S. data . The metal fell 22 % this year driven by speculation of stimulus . Commodities traders will likely await the outcome of the nonfarm payroll figure before making any moves today.
Today's key events :
13:30 GMT : CAD - Changing Jobs - measures the change in the number of persons employed . Job creation is an important indicator of consumer spending .
13:30 GMT : USD - Nonfarm payroll - measures the change in the number of employed people during the previous month , excluding the farming industry . Job creation is the foremost indicator of consumer spending , which accounts for the majority of economic activity .
13:30 GMT : USD - Unemployment Rate - measures the percentage of the total labor force that is unemployed and actively seeking employment during the previous month .
20:30 GMT : USD - Fed Chairman Bernanke Speaks - Federal Reserve Chairman Ben Bernanke (February 2006 - January 2014 ) is to speak . As head of the Fed , which controls the short term interest rates , he has more influence on the value of the U.S. dollar than any other person . Traders watch his speeches closely as they are often used to drop hints about future monetary policy .
