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Analytics, News, and Forecasts for CFD Markets: raw news — 02-01-2013.
Today the price of oil rose to its highest level in three months, which was due to the fact that, despite all the difficulties, U.S. lawmakers still passed a bill that cancels the automatic tax increases and spending cuts, as well as to prevent the impending recession in the largest country of the world for the consumption of oil.
Futures climbed 2.2% after the House of Representatives approved a measure to abolish the Senate raising taxes for 98% of households. U.S. President Barack Obama said he would sign the bill.
Economists say that the action of the Congress has allowed people to feel much more optimistic about the U.S. economy, which was expressed in the rise in oil prices. Note that oil prices fell by 7.1% last year, while showing the first decline since 2008.
Also today, the support of oil have published data on the U.S., according to which it was noted the expansion of industrial production in the U.S. in December. Note that the manufacturing index from the Institute for Supply Management rose to 50.7 last month, up from 49.5 in November, which was the weakest level since July 2009.
February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) vіrosla to 93.22 dollars a barrel on the New York Mercantile Exchange.
February futures price for North Sea petroleum mix of mark Brent rose $ 1, or 0.9 percent, to $ 112.26 a barrel on the London Stock Exchange ICE Futures Europe.
In today's trading, gold prices rose by more than 4%, which was caused by the successful adoption of the budget deal by U.S. lawmakers. The news had a positive impact on market sentiment, which immediately took to increase their investment in the precious metal, which they avoided the end of last year due to the looming uncertainty.
Note that the most actively traded gold contract today for delivery in February, which increased by $ 11.90, or 0.7%, to $ 1,687.70 per troy ounce.
Against the background of the situation, experts say that the short-term budget deal could attract U.S. gold buyers who are betting on continued fiscal imbalances and suggest the fall in the U.S. currency. Recall that gold is denominated in U.S. dollars, has an opposite trend compared to the movement of the currency. They also added that, according to their forecasts, gold will continue to rise over the next few weeks
At the same time, many analysts expect the increase in gold prices during the whole of 2013, as the world's central banks will continue to pursue a policy of "easy money" in an attempt to rekindle growth. This policy can also bring concerns about the weakness of the paper currency, raising the demand for precious metals as an alternative wealth.
However, buying physical gold has disappointed some investors, which brings to the increase in the last year, and may have further resistance, since, according to rumors it is likely that India, which is the largest consumer of gold in the world, are considering imposing a tax on the import of metal to reduce the trade deficit of the country. Two officials of the Ministry of Finance reported that the government may raise the import tax to 5% from 4% for the week, and up to 6% of the federal budget, which is usually provided at the end of February. Recall that gold is the second value of imported goods the country after oil.
February futures price of gold on the COMEX is now 1690.50 an ounce.
Change % Change Last
Oil$91.03+0.16+0.18%
Gold$1,664.60+0.90+0.05%
00:00Japan Bank holiday-
00:00China Bank holiday-
00:00Switzerland Bank holiday-
05:30Australia Commodity Prices, Y/YDecember -11.6%
08:50France Manufacturing PMI(finally)December 44.644.6
08:55Germany Manufacturing PMI(finally)December 46.346.3
09:00Eurozone Manufacturing PMI(finally)December 46.346.3
09:30United Kingdom Purchasing Manager Index ManufacturingDecember 49.149.2
13:00Germany CPI, m/m(preliminary)December -0.1%+0.7%
13:00Germany CPI, y/y(preliminary)December +1.9%+1.9%
14:00U.S. Manufacturing PMI(preliminary)December 54.253.2
15:00U.S. ISM ManufacturingDecember 49.550.2
15:00U.S. Construction Spending, m/mNovember +1.4%+0.6%
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