The ZEW indicator of economic sentiment in Germany turned positive in December, rising to the highest level in 21 months. The ZEW registered a reading of 10.7 points, up from -2.1 in November. "This hope results from a higher than expected German foreign trade surplus in October, alongside relatively robust economic growth in the EU in the third quarter and a stable German labor market. The rather unfavorable figures for industrial production and incoming orders for October, however, show that the economy is still quite fragile," said ZEW President Professor Achim Wambach in a statement.
U.K. GDP was flat in the three months ending October, the Office for National Statistics said Tuesday. There were increases across the services sector, offset by falls in manufacturing with factories continuing the weak performance seen since April, the statistics agency said. The ONS also reported a 1.3% drop in industrial production in the 12 months ending October, and a 2.1% drop in construction output in the 12 months ending October. The British pound was at $1.3152 vs. $1.3143 on Monday.
Investing.com - Gold prices steadied on Tuesday in Asia ahead of a closely watched U.S. Federal Reserve meeting. Sino-U.S. trade tension were cited as supportive for gold today as more tariffs on Chinese goods are scheduled to be imposed this week.
Gold prices made a timid attempt at a rally on Monday, following a sharp decline on Friday in the wake of the better than expected US jobs numbers. US yields edged slightly lower, which the dollar was nearly unchanged, giving gold traders little room to move the yellow metal. It appears that the US economy is stronger than expected according to the latest Fed models.
Investing.com - Stocks moved lower on Monday ahead of a Federal Reserve meeting this week and on worries about U.S.-China trade talks.
Gold markets rallied slightly during the trading session on Monday, showing signs of stability after a major selloff on Friday. That being said, the market is likely to see massive support underneath though based upon structure.
In Thursday’s elections, Boris Johnson has a decent shot at winning a workable majority in Parliament to pull the U.K. out of the European Union. This could be a turning point for Europe—rather than enabling consolidation of the continental bloc, Brexit will provide the contrast that blows it apart. The Conservative Party is running on a platform to push through a transition agreement to leave the European Customs Union and accomplish simple free trade.
(Bloomberg) -- Mexico’s peso led emerging-market gains on growing optimism that approval is close for USMCA, the trilateral trade accord to replace Nafta.Latin America’s most-traded currency rose 0.4% to a three-week high of 19.23 to the dollar after President Andres Manuel Lopez Obrador said the trade pact can be approved soon and people familiar with the negotiations said the Trump administration and House Democrats are on the verge of announcing a handshake deal. It has key support from AFL-CIO President Richard Trumka, the Washington Post said.“A ratification of the USMCA in the United States can allow an appreciation of the Mexican peso to levels between 19.00 and 19.10 per dollar,” said Jesus Lopez, a strategist at Banco Base in Monterrey. The peso hasn’t reached 19 since July, and a gain to that level would represent a 1.2% increase.The USMCA deal, which was negotiated under President Donald Trump, had run into opposition in the U.S. over Democrats’ demands for stronger labor protection. In Mexico, the Senate is ready to approve the needed changes, according to majority leader Ricardo Monreal.“Union leadership has been the main obstacle to passage on the U.S. side,” said Ilya Gofshteyn, a strategist at Standard Chartered in New York, who says an agreement is largely priced in already. “Trumka sounding a more positive tone suggests that the sides are indeed very close at this point.”To contact the reporters on this story: Justin Villamil in Mexico City at firstname.lastname@example.org;George Lei in New York at email@example.comTo contact the editors responsible for this story: Carolina Wilson at firstname.lastname@example.org, Alec D.B. McCabe, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The US dollar has pulled back a bit during the trading session on Monday, reaching towards the ¥108.50 level. This is an area that of course will attract a certain amount of attention due to the fact that it is a large, round, midcentury figure. Beyond that, we have several technical factors here as well.
The British pound rallied a bit during the trading session on Monday, as we continue to see the traders of the British pound wait for the election. The election on Thursday will decide where we go next.
The British pound has initially tried to rally during the trading session on Monday but has pulled back a bit to show signs of choppiness. Quite frankly, the British pound is going to be waiting on the elections.
The Euro rallied a bit during the trading session on Monday, showing signs of life at the 50 day EMA. At this point, the market remains relatively range bound, but likely to pull back a bit.
The Australian dollar pulled back slightly during the trading session on Monday which of course has been relatively quiet in general. That being the case, the market is likely to continue to see the market being pushed around back and forth due to the US/China trade war.
The Canadian dollar is steady on Monday, after weak Canadian job numbers sent the currency lower on Friday. EUR/GBP has dropped to its lowest level since May 2017, as the pound continues to gain ground.
Risk ON mode is back on the market. Prices of riskier assets are climbing up and safe heavens are drowning. This can especially be seen on gold, when Friday was one of the worst days in the past few weeks.
Investing.com - Gloomy Chinese data ahead of the crucial do-or-die week for the U.S.-China trade deal helped gold prices steady on Monday, despite virtually zero prospects for a Fed rate cut in December.
The Conservative Party lead over the Labour Party has narrowed to 6 percentage points for the Dec. 12 general election in the U.K., according to the latest ICM poll published by Reuters. The Conservatives, led by Boris Johnson, stayed at 42%, while Labour moved up 1 point to 36%. The general rule of thumb is that a 7-point margin of victory is needed to avoid a hung Parliament. The pound traded at $1.3151, from $1.3138 on Sunday.
Originally created by former Google employee and later CTO of Coinbase Charlie Lee, Litecoin (LTC) was one of the first serious altcoin projects developed with an actual purpose. While Bitcoin was seen as “digital gold” and a potential long-term store of value, Litecoin was created to be “silver” and used for everyday purposes. In essence, Litecoin possesses many of Bitcoin’s features, but is “lighter” to carry and faster to transact. Lee believes the goal and mission of Litecoin is to be a live testnet for Bitcoin. LTC has had a turbulent time in 2019, but how will Litecoin fare in 2020? Will higher volumes and fresh cash spur a new bull run after the disappointment of the halving? Essentially, forThe post What's the outlook for Litecoin in 2020? appeared first on Coin Rivet.
Tullow Oil shares lost more than half their value on Monday, after the oil and gas company cut guidance and its chief executive resigned, in otherwise-sluggish London markets. The FTSE 100 index (UK:UKX) slipped 0.2% to 7,225.56, weighed down as the British pound continued to rise. The pound (GBPUSD) gained 0.2% to $1.3169, as a weekend poll from the Financial Times showed a 10 percentage-point lead for the ruling Conservative Party over the Labour Party ahead of the Dec. 12 general election.
Invesing.com – The U.S. dollar fell on Monday amid uncertainty over whether the U.S. and China will be able finalize a partial trade deal and avoid a ramp-up in trade tensions before a deadline set for the end of this week.
The COT report covering the week to December 3 found speculators selling pro-cyclical and trade war impacted commodities. This after Trump blurted a trade deal could be delayed until after the November US Presidential election. Hardest hit were crude oil, natural gas, copper and soybeans while gold, corn, sugar and wheat were bought
Overcoming 1.1079 will indicate the buying is getting stronger. This could trigger a further rally into a price cluster at 1.1101, 1.1102 and 1.1109. The inability to overcome 1.1079 will signal the presence of sellers. This could trigger a break into the uptrending Gann angle at 1.1041.
The pound is on the rise ahead of the United Kingdom’s general elections taking place on Thursday, with investors believing Boris Johnson could secure a parliamentary majority. Yahoo Finance’s Editor in Chief Andy Serwer, Adam Shapiro, Julie Hyman, Brian Sozzi and Oscar Williams-Grut discuss on On The Move.
The issue of Brexit may have prompted the upcoming general election in the UK, but Duncan Edwards, British-American Business CEO says the referendum has become a side show in a fight between two very contrasting visions of the future for the UK. Edwards joined Yahoo Finance's On The Move to discuss.