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Thursday 6 October 2011

Forex| Markets Remained Agitated : Traders Awaited ECB Interest Rates

The markets remained agitated mood Wednesday traders awaited today's call ECB interest rates and Friday nonfarm payroll reading, reacting to the info of days. The Eurozone retail sales disappointed, USA ISM services PMI was in line with expectations, whereas the ADP employment reading was stronger than expected, showing the addition of jobs compared to 76k 91k prognosis.

Gold and silver recovered from initial weakness yesterday to shut with modest gains of zero.6% and 0.3%. The PGM closed negative, however once platinum traded to its lowest level since December '09 and palladium a minimum of thirteen months because the background and therefore the liquidation of the ETF continued, closed 0.5% platinum and palladium one.2 %. A a lot of platinum 5koz were cut ETF Securities Fund and U.S. fund 6.3kozs ETFs.

In general stock markets ended completely with the answer of four.2% Stoxx fifty, the Dow Jones up one.2% and 1.8% S & P500, within the currencies of the euro ended up zero.1% compared to dollar and therefore the yen.

Advances have continued in Asian trading this morning amid expectations the EU / IMF debt problems contain regions, the Nikkei rose one.3% at the time of writing and therefore the MSCI Asia Pacific three.3% . The euro has seen a sleek begin with the currency very little modified against the dollar and therefore the yen, the pound has lost ground with the cable down regarding zero.3%.

The current expectation is that the ECB can keep rates unchanged at one.5%, though some predict a twenty five bp cut thanks to the slowdown within the region. Economic knowledge nowadays includes German factory orders and U.S. Claims unemployment.

The firmer tone within the actions up to now has taken its pressure on the advanced precious metals this morning with a network of one.2%. Given the magnitude of the settlement created through metals at current levels last week could also be viewed favorably by investors within the future, however the metal is probably going to stay volatile within the short term thanks to debt problems facing the euro zone and reaction to payrolls knowledge tomorrow with a weak reading might cause increased pressure.

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