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Gold in tight range ahead of October NFP numbers

ecPulse
2013-11-08 08:24AM UTC
Gold was hovering in a narrow range early Friday, as market junkies anticipated one of the lowest non-farm payroll numbers of the U.S. economic recovery. The bullion market fell yesterday as the U.S. dollar jumped in the wake of the European Central Bank`s surprise cut rate, but now the precious metal is heading for a second straight weekly loss after strong U.S. economic growth fueled fears the U.S. Federal Reserve may start winding down its monthly $85 billion bond purchases this year. Spot Gold was up 0.20% around $1,310.20 in the late morning hours in Asia, little changed from yesterday`s close at $1,307.63. The day`s range is so far between $1,306.28 and $1,311.84. Fluctuations extend at the end of the week but the trading range remains quite slim ahead of the October NFP numbers, expected to to be one of the lowest of the recovery, at 120 thousand according to median forecast. However, prices continue to recover some of the losses today. Third-quarter gross Domestic Product (GDP) expanded at a 2.8% annual rate in the third quarter, up from 2.5% growth in the second quarter. The Labor Department`s infamous jobs report may show today that U.S. employers added 120 thousand workers last month after a 148 thousand gain in September. October looks to be a difficult month to sift through because the government shutdown. The ECB`s shocking rate slash yesterday as well France`s credit rating cut by Standard & Poor`s today , hurt the euro agaisnt the dollar, which fueled a selloff in the bullion market yesterday and through morning trade in Asia.

France Industrial, manufacturing production falls in September

Fx News Today
2013-11-08 08:02AM UTC

French industrial sector contracted unexpectedly in September, figures by the French Statistics Office in Paris showed on Friday.

Industrial production dropped 0.5 percent in September, worst compared with a revised 0.7 percent increase in August, missing analysts’ median estimates of 0.1 percent growth.

From a year ago, production declined 0.9 percent as expected. Industrial Production 2.9 percent revised lower to 2.0 percent drop in August.

Manufacturing output declined 0.7 percent, trailing estimates of 0.4 percent. Annual manufacturing production also declined 1.3 percent from a revised 2.7 percent originally reported at 3.8 percent decline, missing estimates for 1.1 percent drop. 

German trade surplus widens in September

Fx News Today
2013-11-08 07:31AM UTC

Germany’s trade balance rose sharply to 20.4 billion euros in September compared with a revised 13.3 billion euros originally reported at 13.1 billion euros in the previous month, missing analysts` median estimate of 15.4 billion euros.

Exports were 1.7 percent higher from 1.0 percent a month earlier, beating 0.4 percent median forecast. Imports declined 1.9 percent from revised 0.1 percent originally reported at 0.4 percent, missing 0.6 percent estimated.

More, the current account balance showed surplus widened to 19.7 billion euros, from a revised 10.1 billion euros, above median analysts` forecast of 15.0 billion euros.

Swiss unemployment rises to 3.1% in October

Fx News Today
2013-11-08 07:05AM UTC

Unemployment rate in Switzerland rose, as expected, to 3.1% in October, compared with September`s reading of 3.0%.  On a seasonal basis, Swiss unemployment stood at 3.2%, in line with forecast.