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Gold turns higher after U.S. ADP jobs data

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Wednesday, 01 October 2014 20:49

Gold futures turned modestly higher on Wednesday, despite data showing that U.S. non-farm private employment rose more-than-expected in September.

On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,214.30 a troy ounce during U.S. morning hours, up $2.70 from a closing price of $1,211.60 on Tuesday.

Gold traded at $1,209.70 ahead of the employment data. Prices fell to a ten-month low of $1,204.30 on Tuesday.

 
 

U.S. ADP non-farm payrolls rise by 213,000 in September

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Wednesday, 01 October 2014 19:59

USD ADP Employment Change (SEP): 213K actual vs 205K estimated; 204K prior.

U.S. non-farm private employment rose more-than-expected in September, fuelling optimism over the strength of the U.S. labor market, industry data showed on Wednesday.

In a report, payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 213,000 last month, above expectations for an increase of 210,000. The economy created 202,000 jobs in August.

While not viewed as a reliable guide for the government jobs report due on Friday, October 3, it does give guidance on private-sector hiring.

 
 

GBP/USD: Pound Slides Below $1.62 as Factory Data Disappoint

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Wednesday, 01 October 2014 16:17

gbp00The British pound dived to the lowest level in two weeks after the country's manufacturing data showed activity in the sector weakened in September.

Sterling fell 0.27% and traded at $1.6169 against the US dollar after the release of UK PMI data, sliding further below the $1.62 threshold around which the currency was hovering earlier in the session.

The UK manufacturing PMI declined to 51.6, down from last month's 52.2 points, and failed to meet analysts predictions of a slight improvement to 52.7.

The reading confirms the view expressed by analysts from Lloyds Bank who predicted the political uncertainty surrounding the Scottish referendum would be felt in today's reading.

In the previous session, the final estimate of UK gross domestic product showed the country's economy kept its pace of growth in the second quarter, advancing 0.9% on a monthly basis, slightly outpacing analysts expectations of 0.8% growth.

Later today, more volatility for the currency pair is expected to be seen after the US labor data release, with economists predicting the world's largest economy added 207,000 new people to its workforce.

 
   

Activity in UK Factories at 17-Month Low in September

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Wednesday, 01 October 2014 16:06

gbpflagBusiness activity in the UK manufacturing sector has cooled slightly in the second half of this year, driven down by political uncertainties both at home and abroad. Still, output remains solid and manufacturing was the largest upward driver in overall industrial production output in the second quarter.

At the end of the third quarter, the manufacturing Purchasing Managers' Index (PMI) slowed to51.6 in September compared to the reading of 52.2 in August. The September reading is the weakest in 17 months and so sent the pound lower as a result.

Commenting on the report, Rob Dobson, senior economist at Markit said "the strong upsurge in UK manufacturing sector at the start of the year appears to have run its course, with the September PMI at a 17-month low and growth of new orders easing to near-stagnation. Inflows of new work slowed in both domestic and export markets. Overseas demand was reined in mainly by the ongoing lethargy of the eurozone and the appreciation of sterling against the euro."

Moreover, he stated that "the weakening of the manufacturing PMI data in August was cited as a major concern among the Bank of England’s Monetary Policy Committee. September’s disappointing reading will therefore add to the air of caution as to whether the economy is ready for higher interest rates."

 
 

French Factories Remain in Contraction: PMI

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Wednesday, 01 October 2014 14:58

Manufacturing activity in France contracted at slower pace in September and booked a slightly better result when compared to the previous month, a survey by Markit Economics showed on Wednesday. However, any optimism is still misplaced for the euro zone's second largest economy as the gauge remained below the 50-mark in contraction territory.

The final manufacturing Purchasing Managers' Index (PMI) in France booked 48.8during the ninth month of the year, the same as the 48.8 seen in the preliminary print,and matching expectations.

The sector has now been in contraction since May this year.

"Although the rate of contraction eased in September, the French manufacturing sector continued to struggle, with output, new orders and employment falling further. There seems to be no end in sight to the persistently weak demand environment, and the PMI data suggest that the manufacturing sector will have weighed on GDP throughout the third quarter," according to Jack Kennedy, senior economist at Markit.

The manufacturing PMI polls about 450 purchasing managers on the general level of business conditions, including employment, production, prices and new orders. The indicator is a key gauge of overall economic health because businesses have to respond quickly to changing market conditions.

Services PMI releases are scheduled for Friday, with analysts expecting the preliminary figure of 49.4 to be confirmed, the same as August and also suggesting contraction in the sector.

 
   

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Date Curr Event Importance Actual Forecast Previous
Wed Oct 1 12:15 GMT USD USD ADP Employment Change Medium 213K 205K 202K
Wed Oct 1 13:30 GMT CAD CAD RBC Canadian Manufacturing PMI Medium 53.5 54.8
Wed Oct 1 14:00 GMT USD USD ISM Manufacturing High 58.5 59
Wed Oct 1 14:00 GMT USD USD ISM Prices Paid Medium 57 58
Wed Oct 1 14:00 GMT USD USD Construction Spending (MoM) Medium 0.5% 1.8%
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