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Analytics, News, and Forecasts for CFD Markets: raw news — 14-02-2013.
The cost of oil fell today after data showed that the euro zone's gross domestic product declined by the end of last quarter, more than expected. In addition, the decline in oil prices has an impact constraining expectations for world economic growth and increased demand for energy.
According to preliminary data of Eurostat, in Q4. E-17 GDP has accelerated the rate of decline of -0.1% q / q in the previous quarter to -0.6% against the more moderate forecast -0.4%. The annual equivalent rate fell by 0.9% against prev. -0.6% And the forecast -0.7% y / y In addition, the report showed that the three largest economies in the euro area - Germany, France and Italy - fell more than expected. The German economy contracted by 0.6%, registering with the worst performance since the global financial crisis.
However, market sentiment improved slightly after the data, which showed a stronger-than-expected drop in the number of initial unemployment benefits in the U.S., indicating a continuation of sustained improvement of labor market conditions.
Concern for the supply of Middle East oil to limit the drop in prices after a UN Atomic Energy said that it could not back a deal in talks with Iran over its nuclear program investigation.
Investors are now awaiting the outcome of a meeting of finance ministers and central bank governors of the G20 at the end of this week, which may shed light on the future of the world economy.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose $ 0.43, and now stands at 97.44 per barrel on the New York Mercantile Exchange.
March futures price for North Sea petroleum mix of mark Brent fell $ 0.86, and is now $ 117.86 a barrel on the London Stock Exchange ICE Futures Europe.
Gold prices fell today, reaching a five-week low at the same time, and despite the short-term speculative buying, further growth was limited by the weakness of the single currency and the situation on world exchanges.
Note that analysts saw the interest of short-term investors who want to cover their positions in gold, but as the technical picture remains weak, they predict that the continued liquidation of positions to continue if no clear reason for moving up.
Note that gold so could not get support from the euro, which fell against the dollar, as well as European stocks, which started to decline after data showed that the French and the German economy shrank more than expected in the fourth quarter 2012.
Meanwhile, support for the dollar had the U.S. data, which showed that the number of initial claims for unemployment benefits fell last week, more than expected.
Note that investment in gold as a whole fell this year on signs that countries such as the United States and China are rising, while the problems of sovereign debt and the economic recession in Europe is expected to continue.
In addition, the focus of the market is still a meeting of G20, which officials of central banks should provide clues on global growth as well as their views on the situation on the currency market.
February futures price of gold on COMEX today dropped, and now is up to 1641.90 dollars per ounce.
Change % Change Last
Oil $97.09 +0.08 +0.08%
Gold $1,642.70 -2.40 -0.15%
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