Investors rushed to the safe-haven currency, U.S. Dollar, after the minutes of the April 30-May 1 Federal Reserve policy meeting released on Wednesday revealed that a growing number of Fed officials favored tapering the $85 billion per month asset purchase program as early as the June meeting should the incoming economic data continued to reflect momentum in the economic recovery.
The minutes followed Fed Chairman Ben Bernanke's testimony to Congress, in which he said that the U.S. central bank could decide to scale back the pace...
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Fundamental Analysis
US Dollar continue gaining across the board
May 20, 2013 - 18:38
US Dollar maintained its strength against major currencies supported by speculations that US Federal Reserve would start trimming their monetary measures by this summer. FOMC member and San Francisco Fed President John Williams commented that considering improvements in economic growth and gains in the job market, Fed could begin reducing its $85 billion monthly monetary easing “as early as this summer”. US Retail Sales gave a surprise rise and University of Michigan Consumer Sentiment rose to the highest level since July 2007...
Gold prices continue to Drift Lower
May 17, 2013 - 13:52
Gold prices continue to drift lower as improving economics at US and continuous dip in gold holdings of exchange-traded funds (ETFs) outshined strong physical demand. Prices rallied nearly sevenfold in the past 12 years and entered a bear market last month by losing 23% from September 2011 high of $1921. Prices declined 7% so far in the month of May by trading near $1376.
As per the recent release by World Gold Council, gold demand fell 13% to 963 tons in Q1 2013, the lowest in three years due to strong selling by ETFs. Central...
US Dollar gained across the board
May 13, 2013 - 15:18
Last week US Dollar gained against major currencies as Jobless Claims fell for the third consecutive week indicating improvement in US labor market after the previous week’s release of Unemployment Rate and Nonfarm Payrolls indicated the same. It gained the third weekly rise in last four weeks against Euro with heavy gains against the AUD, JPY and GBP. ECB President continued showing readiness for further interest rate cut in his speech on May 6th. In his speech on Friday, Federal Reserve Chairman remained silent regarding the...
Global Central Banks in action
May 10, 2013 - 12:46
Credit crisis at developed world forced global economies to witness pessimism in terms of lesser growth and higher unemployment rate. World output declined to 3.2% in 2012 from 4% in 2011 and it is expected to rise with the same amount of 3.3% projection for 2013. (Source: IMF). Central Bankers around the globe are active fuelling their economies with record monetary measures to return to growth and higher employment levels. Recently held monthly meetings of major central bankers kept on following the same rule. The US Federal Reserve, the...
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