by Jrg Bernhard
According to yesterday’s Fed minutes, the US central bankers are expecting another one at the Fed meeting in three weeks rate hike by 50 or 75 basis points. Investors barely reacted to this news. The flood of data announced for the afternoon US job market now attracts a lot of attention. It kicks off at 1.30pm with the Challenger job cuts report, followed by the monthly ADP jobs report (2.15pm). At 2:30 p.m., the market players will then find out how the weekly initial claims for US unemployment benefits have developed. According to a survey of analysts published by Trading Economics, the number of new unemployed has fallen marginally from 231,000 to 230,000. The number has fluctuated in a narrow range between 231,000 and 233,000 for four weeks.
On Thursday morning the price of gold presented itself with somewhat higher quotations. By around 9:25 a.m. (CEST), the most actively traded futures on gold (August) had risen by 4.60 to 1,741.10 dollars per troy ounce.
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Rohl: Stable trend
Oil prices continue to move lower in volatile trading, hitting a 12-week low yesterday Wednesday. There is still a great deal of uncertainty on the markets, which is particularly evident in the strong fears of a recession. Although the American Petroleum Institute’s report, released Tuesday evening, showed inventory gains of 3.83 million barrels, oil prices were unaffected. The fossil energy source could experience new impetus in the afternoon when the US Energy Information Administration (5:00 p.m.) will publish its weekly report on the development of storage reserves and production figures.
On Thursday morning, the oil price presented itself with slightly recovered quotations. As of around 9:25 a.m. ET, the WTI futures next-dated future was up 0.21 to $98.73, while its Brent counterpart was up 0.30 to $100.99.
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