MCX Research Report : ways2capital.com - 20 May 2015

Most emerging Asian currencies rose on Friday to see weekly gains on growing expectations the US Federal Reserve will delay interest rate hikes after soft economic data.Malaysia's ringgit hovered near a two-week high as the econom
By: Ways2Capital
 
INDORE, India - May 20, 2015 - PRLog -- ✍MCX - WEEKLY NEWS LETTERS

INTERNATIONAL NEWS

Fed rate hike doubts

Most emerging Asian currencies rose on Friday to see weekly gains on growing expectations the US Federal Reserve will delay interest rate hikes after soft economic data.Malaysia's ringgit hovered near a two-week high as the economy grew at a faster-than-expected pace in the first quarter and its current account surplus almost doubled. The US dollar stayed around a four-month low against a basket of major currencies as softer-than-expected US producer prices deepened concerns over slowing growth in the world's top economy.

✍ China cuts interest rates

China's central bank cut its benchmark lending rates by 25 basis points to 5.1 percent on Sunday, the third reduction since November, as it seeks to lower borrowing costs and support the slowing economy. The People's Bank of China (PBOC) also reduced one-year benchmark deposit rates by 25 basis points, it said in a statement on its website, adding that the reductions would be effective on May 11. China launched a scheme to insure bank deposits from May 1, ushering in a reform seen as vital for freeing up a highly-protected banking sector.

China factory output

China's factory output rose 5.9 percent in April compared with the same period last year, slightly below forecasts and reinforcing expectations that the government will have to step up its efforts to boost the cooling economy. A weak reading had been expected after the central bank cut interest rates early this week for the third time in six months to lower companies' borrowing costs and boost activity as the economy heads for its worst year in a quarter of a century.Analysts polled by Reuters had forecast a 6.0 percent rise, up from 5.6 percent in March, which was the weakest reading since the global financial crisis. Fixed-asset investment, a crucial driver of the world's second-largest economy, rose 12 percent in January-April from the same period a year ago, the National Bureau of Statistics showed on Wednesday.

✍ BULLION

Gold
On the Comex division of the New York Mercantile Exchange, gold future for June delivery inched up $1.00 cents, or 0.08%, to trade at $1,189.90 a troy ounce during U.S. morning hours. Futures held in a tight range between $1,183.20 and $1,190.90.
On Friday, gold rose $6.70, or 0.57%, to close at $1,188.90. Prices were likely to find support at $1,168.40, the low from May 1, and resistance at $1,199.30, the high from May 5.Also on the Comex, silver future for July delivery tacked on 5.2 cents, or 0.32%, to trade at $16.51 a troy ounce. Silver jumped 16.8 cents, or 1.03%, to end at $16.46.
Greece and the euro zone were to hold a fresh round of talks later Monday as Athens scrambles to reach an agreement on a package of economic reforms in order to access fresh bailout funds.Ahead of the talks, Greece’s government indicated that it was still hopeful that progress would be made, but euro zone officials have indicated that too many issues still remain unresolved.
The Labor Department reported Friday that the U.S. economy added 223,000 new jobs in April, just below expectations for jobs growth of 224,000. March’s figure was revised down to just 85,000 from a previously reported gain of 126,000.The unemployment rate fell from 5.5% to a near seven-year low of 5.4% last month, broadly in line with forecasts.The mixed data underlined speculation that the Federal Reserve may hold off raising interest rates in the immediate future. However, investors conceded that higher rates still remain on the horizon.
In the week ahead, investors will be focusing on Wednesday's U.S. retail sales report for April, for fresh indications on the strength of the economy and the timing of a U.S. rate increase.


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