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December 24, 2013

Global News December 23, 2013

Posted by: ffs @ 03:45 GMT Category: Daily Forex,Forex Market News

⇒ U.S. stocks rallied Friday, lifting the Dow Jones Industrial Average and the SandP 500 to record levels, after a government report showed the economy grew at its fastest pace in two years last quarter. The Dow rose 42.06 points, or 0.3%, to 16,221.14 and gained 3% over the week. That was its best week since September 13. The SandP 500 index ended the session off its intraday highs but still at a record closing level. The benchmark closed 8.72 points, or 0.5%, higher at 1,818.32 and recorded a 2.4% weekly gain after two straight weeks of losses. The NasdaqComposite rallied 46.61 points, or 1.2%, to 4,104.74 and added 2.6% over the week

⇒ The International Monetary Fund predicts the U.S. economy would expand at a faster pace next year, given positive economic data and some signs of compromise in Congress, the head of the Washington-based lender said on Sunday. IMF Managing Director Christine Lagarde also praised the U.S. Federal Reserve’s communication of its decision last week to start scaling back its massive monetary stimulus – Source: Reuters

⇒ The Federal Reserve will probably reduce its bond purchases in $10 billion increments over the next seven meetings before ending the program in December 2014, economists said. The median forecast in a Bloomberg survey of 41 economists matches the $10 billion reduction announced two days ago as the Fed began to unwind the unprecedented stimulus that has defined Ben S. Bernanke’s chairmanship – Source: Bloomberg

⇒ Janet Yellen’s nomination to lead the Federal Reserve advanced in the Senate on Friday, bringing her a step closer to heading the central bank. On a 59-to-34 vote, senators limited debate on her nomination, paving the way for a final vote on Jan. 6. If confirmed by the full Senate, Yellen’s term as Fed chairman would begin Feb. 1. She is expected to be confirmed easily in the upper chamber – Source: Marketwatch

⇒ Japan unveiled a record budget for the next fiscal year, as Prime Minister Shinzo Abe boosts spending on social security, defense and public works while trying to contain the growth of the world’s biggest debt burden. Government ministers and the ruling coalition adopted the 95.88 trillion yen ($921 billion) budget proposal for the fiscal year starting April 1 at a meeting yesterday in Tokyo, Finance Minister Taro Aso told reporters. Japan will issue 41.25 trillion yen of new revenue bonds, Aso said, less than the 42.9 trillion yen earmarked in this year’s initial budget – Source: Bloomberg

⇒ The dollar rose against the yen for an eighth week, the longest streak since February. The U.S. currency gained versus 14 of its 16 major peers after the central bank said it plans to cut its monthly bond purchases to $75 billion from $85 billion, taking its first step in unwinding the unprecedented program. The dollar climbed 0.9 percent to 104.10 yen this week in New York, and reached 104.64, the highest since October 2008. It was the longest period of five-day gains since Feb. 1 – Source: Bloomberg

⇒ The pound weakened for the first time in three days against the euro after reports showed the U.K. budget deficit widened and consumer confidence unexpectedly declined, damping optimism the recovery is gaining momentum. The pound dropped 0.2 percent to 83.62 pence per euro at 4:23 p.m. London time, trimming this week’s advance to 0.9 percent. The U.K. currency fell 0.1 percent to $1.6362, having gained 0.4 percent since Dec. 13 – Source: Bloomberg

⇒ Gold rose from the lowest close in more than three years to pare a weekly loss that was spurred by the U.S. Federal Reserve’s decision to begin tapering stimulus. Goldman Sachs Group Inc. said that bullion’s decline isn’t over as it heads for the biggest annual drop since 1981. The metal for delivery in February rose 0.2 percent to $1,195.70 an ounce by 7:13 a.m. on Comex in New York, bringing the drop this week to 3.2 percent. Futures fell 3.4 percent yesterday to $1,193.60, the lowest settlement since Aug. 3, 2010. The metal will drop to $1,050 by the end of next year, Goldman Sachs said – Source: Bloomberg

⇒ The U.S. economy grew at its fastest pace in almost two years in the third quarter, the government said on Friday as it revised its estimates of business and consumer spending higher. Gross domestic product grew at a 4.1 percent annual rate instead of the 3.6 percent pace reported earlier this month, the Commerce Department said in its third estimate. That was the quickest pace since the fourth quarter of 2011 and an acceleration from the April-June quarter’s 2.5 percent. Third-quarter growth was first estimated at a 2.8 percent rate – Source: Reuters

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