Tag Archives: trade

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Dollar Moves Sideways Against Peers

The U.S. dollar stayed quite sluggish against most of its rivals on Friday, amid a slew of economic data. Data released by the Commerce Department showed retail sales rose by 0.3% in January after edging up by a downwardly revised 0.2% in December. Economists had expected retail sales to climb by 0.3%, matching the increase originally reported for the previous month. Excluding sales by motor vehicles and parts dealers, retail sales still rose by 0.3% in January after climbing by 0.6% in December. Ex-auto sales were also expected to increase by 0.3%. A report released by the Labor Department showed U.S. import prices were unchanged in January after rising by a downwardly revised 0.2% in December. Economists had expected import prices to dip by 0.2% compared to the 0.3% increase originally reported for the previous month. Meanwhile, the report said export prices climbed by 0.7% in January after slipping by 0.2% in December. Export prices had been expected to edge down by 0.1%. A report from the University of Michigan showed the consumer sentiment index rose to 100.9 in February from the final January reading of 99.8. The uptick surprised economists, who had expected the index to edge down…

Gold Futures Settle Higher Again On Safe-haven Demand

Gold futures ended higher on Friday, extending gains from previous session, as continued worries about the coronavirus and its impact on the global economy prompted traders to seek the safe haven asset. A report from China’s National Health Commission showed an additional 121 deaths in China and nearly 5,100 new cases of the virus across the mainland on Thursday. Till Thursday, the virus has killed about 1,380 people in mainland China, according to the commission’s report. The dollar was quite sluggish against most of its rivals. The dollar index was little changed at 99.08 around mid afternoon. Gold futures for April ended up $7.60, or about 0.5%, at $1,586.40 an ounce. On Thursday, gold futures for April ended up $7.20, or 0.5%, at $1,578.80 an ounce. Silver futures for March ended up $0.115 at $17.734 an ounce, while Copper futures for March settled at $2.6130 per pound, gaining $0.0130. In U.S. economic news, a report from the Commerce Department said retail sales rose by 0.3% in January after edging up by a downwardly revised 0.2% in December. Economists had expected retail sales to climb by 0.3%, matching the increase originally reported for the previous month. Excluding sales by motor vehicles…

U.S. Consumer Sentiment Unexpectedly Improves In February

Reflecting an improvement in expectations, the University of Michigan released a report on Friday showing an unexpected increase in U.S. consumer sentiment in the month of February. Preliminary data showed the consumer sentiment index rose to 100.9 percent in February from the final January reading of 99.8. The uptick surprised economists, who had expected the index to edge down to 99.5. The unexpected increase by the headline index came as the index of consumer expectations climbed to 92.6 in February from 90.5 in January. On the other hand, the report said the current economic conditions expected slipped to 113.8 in February from 114.4 in January. “Net gains in household income and wealth were reported more frequently in early February than at any prior time since 1960,” said Surveys of Consumers chief economist Richard Curtin. However, Curtin added, “These gains in consumers’ economic assessments have also been accompanied by a faint stirring of two powerful sources of uncertainty.” Curtin said just 7 percent of respondents mentioned the coronavirus when asked to explain their economic expectations, while only 10 percent mentioned some aspect of the upcoming presidential election. On the inflation front, the report said one-year inflation expectations were unchanged at 2.5…

U.S. Industrial Production Drops Slightly More Than Expected In January

As unseasonably warm weather led to another steep drop in utilities output, the Federal Reserve released a report on Friday showing a continued decrease in U.S. industrial production in the month of January. The Fed said industrial production fell by 0.3 percent in January following a revised decrease of 0.4 percent in December. Economists had expected industrial production to dip by 0.2 percent compared to the 0.3 percent drop originally reported for the previous month. The slightly bigger than expected decrease in production came as utilities output plunged by 4.0 percent in January after plummeting by 6.2 percent in December. Manufacturing output also edged down by 0.1 percent in January after inching up by 0.1 percent in December, as Boeing (BA) significantly slowed production of civilian aircraft amid the grounding of its troubled 737 Max. The Fed noted manufacturing output increased by 0.3 percent when excluding the production of aircraft and parts. Meanwhile, the report said mining output jumped by 1.2 percent in January after surging up by 1.5 percent in December. “Looking ahead, the supply chain challenges posed by the coronavirus and Boeing production halt will combine with the steadfast headwinds from weak global growth and protectionist trade policies…

U.S. Import Prices Unexpectedly Show No Change In January

A report released by the Labor Department on Friday showed U.S. import prices came in flat in the month of January, while export prices unexpectedly showed a notable rebound. The Labor Department said import prices were unchanged in January after rising by a downwardly revised 0.2 percent in December. Economists had expected import prices to dip by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month. Import prices came in unchanged in January as a 2.2 percent nosedive in prices for fuel imports was offset by a 0.2 percent uptick in prices for non-fuel imports. While natural gas prices showed a substantial pullback, prices for non-fuel industrial supplies and materials and foods, feeds, and beverages increased. Meanwhile, the report said export prices climbed by 0.7 percent in January after slipping by 0.2 percent in December. Export prices had been expected to edge down by 0.1 percent. The unexpected rebound in export prices came as prices for agricultural exports surged up by 2.0 percent due to rising prices for vegetables, soybeans, wheat, and corn. Prices for non-agricultural exports also increased by 0.7 percent amid higher prices for non-agricultural industrial supplies and materials, finished goods, and non-agricultural…

Dollar Little Changed After U.S. Industrial Production

Fed’s Industrial Production for January has been released at 9:15 am ET Friday. The greenback changed little against its major rivals after the data. The greenback was trading at 1.0856 against the euro, 109.81 against the yen, 0.9808 against the franc and 1.3022 against the pound around 9:20 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Dollar Retreats Vs Most Majors Ahead Of U.S. Industrial Production

Fed’s Industrial Production for January will be released at 9:15 am ET Friday. The consensus is for a decline of 0.3 percent, unchanged from the prior year. Ahead of the data, the greenback traded mixed against its major rivals. While the greenback rose against the pound, it eased off from its early highs against the rest of major counterparts. The greenback was worth 1.0853 against the euro, 109.79 against the yen, 0.9808 against the franc and 1.3020 against the pound as of 9:10 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Finland Economy Shrinks In Q4

Finland’s economy contracted in the final three months of 2019, preliminary estimates from Statistics Finland showed on Friday. Seasonally adjusted gross domestic product decreased 0.4 percent from the previous quarter, the agency said. In the three months to September, the economy expanded 0.7 percent. On a working-day adjusted basis, GDP grew 1.4 percent from the fourth quarter of 2018. In the third quarter, growth was 2.2 percent. The statistical office also reported that the number of employed rose by around 0.6 percent from the previous year during the fourth quarter. In December, the output of the national economy grew by a working day adjusted 0.5 percent year-on-year after a 1.6 percent increase, which was revised from 2.3 percent. Primary production decreased by around 3.3 percent and secondary production grew by about 0.8 percent. Services output rose by around 0.3 percent from December 2018. On a seasonally adjusted basis, output fell 0.4 percent from the previous month. The material has been provided by InstaForex Company – www.instaforex.com…

*CORRECTION: U.S. Import Prices Unchanged In January, Export Prices Climb 0.7%

CORRECTION: U.S. Import Prices Unchanged In January, Export Prices Climb 0.7% The material has been provided by InstaForex Company – www.instaforex.com…