Binary Options News : August 30, 2012
Overnight Asian trading saw the greenback fall against most major currencies as investors moved out of the USD, stocks and commodities in preparation for the annual symposium at Jackson Hole, Wyoming on Friday.
Yesterday saw the release of GDP figures in the US which showed that its economy expanded at an annualised rate of 1.7% from April to June, higher than the 1.5% previously estimated, but a slowdown from 2% in the first three months of the year.
The release of strong housing data and an upward revision to the U.S. GDP figures yesterday sparked talk that the Fed will possibly hold off any further stimulus measures. The Federal Reserve’s Beige Book showed that manufacturing is still struggling a bit but continues to show signs of recovery. The National Association of Realtors announced that its pending home sales index increased by 2.4% in July, better than the expected 1.0% increase.
For the last 2 years Bernanke has used the conference of the world’s central bankers Jackson Hole, Wyoming, to indicate the Fed’s intentions and investors are expecting much of the same having sold positions last night in preparation.
The USD was down against most major currencies; falling 0.11% against the EUR, dropping 0.01% against the GBP, down 0.12% against the JPY, and down 0.16% against the AUD. The US Dollar index which measures the USD against a basket of 6 weighted currencies was down 0.09%, trading at 81.50.
In the commodities markets, Gold was down 0.19%, Silver down 0.57% and Crude Oil down 0.50%. At the time of writing Hong Kong’s Hang Seng Index was down 1.47%, Australia’s S&P/ASX200 was down 1.19%, whilst Japan’s Nikkei 225 Index was down 1.21%.
Although investors are awaiting the Jackson Hole tomorrow; there is a raft of market moving data released today with German unemployment figures released in the morning along with GB mortgage data and Italian 5 and 10 year debt auctions. Jobless numbers in the US released in the afternoon and Japanese CPI and unemployment figures published later in the evening make this a potentially busy day on the trading front with European stocks indicating a lower opening.
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