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January 13, 2014

Global News January 13, 2014

Posted by: Richard @ 04:08 GMT Category: Daily Forex,Forex Market News

⇒ NASDAQ ended modestly higher on Friday, led by gains in defensive names after a weaker-than-expected payrolls report raised new questions about both the strength of the economy and the aggressiveness of Federal Reserve stimulus. For the week, the SandP 500 rose 0.6 percent, while the NASDAQ climbed 1 percent. The Dow Jones industrial average finished the week down 0.2 percent – Source: Reuters

⇒ The U.S. dollar gave up gains on Friday, pushing it to a weekly loss against major rivals, after the American economy in December saw the smallest monthly job gain in three years. The ICE dollar index, a measure of the greenback against six other currencies, fell to 80.646 from 80.978 late Thursday. The index had touched an intraday high of 81.14 just ahead of the report, according to FactSet. Friday’s move lower pushed the dollar index to a weekly loss of 0.2% – Source: Marketwatch

⇒ The dollar fell 0.7 percent to 104.18 yen this week in New York, the biggest drop since the five days eneded Oct. 18. It touched 105.44 on Jan. 2, the strongest since October 2008. The U.S. currency weakened 0.6 percent to $1.3670 per euro – Source: Bloomberg

⇒ The yen gained as futures traders trimmed bets for a second week that the currency would drop figures from the Washington-based Commodity Futures Trading Commission show. The difference in the number of wagers by hedge funds and other large speculators on a decline in the yen compared with those on a gain — so-called net shorts — was 128,868 on Jan. 7, compared with net shorts of 135,228 a week earlier – Source: Bloomberg

⇒ Gold gained the most in a week after payrolls in the U.S. climbed less than projected, increasing speculation that the Federal Reserve will slow the pace of cuts to economic stimulus. Silver also jumped. Gold futures for February delivery rose 1.4 percent to settle at $1,246.90 at 1:47 p.m. on the Comex in New York, the biggest advance since Jan. 2. Earlier, the metal fell as much as 0.2 percent – Source: Bloomberg

⇒ The United States added just 74,000 jobs in December to mark the smallest gain in three years, a disappointing number likely influenced by poor weather. Yet the weaker pace of hiring could also be a sign of slowing momentum in the up-and-down U.S. economy as it entered 2014. The unemployment rate fell three ticks last month to 6.7%, the first time it’s dropped below 7% in 60 months, the Labor Department said Friday. The decline mainly occurred because more people dropped out of the labor force – Source: Marketwatch

⇒ U.S. wholesale inventories rose a bit more than expected in November, suggesting that restocking would probably contribute to economic growth in the fourth quarter. The Commerce Department said on Friday wholesale inventories increased 0.5 percent after a revised 1.3 percent rise in October. Economists polled by Reuters had expected stocks at wholesalers to rise 0.4 percent in November after a previously reported 1.4 percent increase in October – Source: Reuters

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