Author: djo45sdf

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The half a trillion dollar British money transfusion that may not be enough

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Gold treads water as focus shifts to Sino-U.S. talks, Fed minutes

Three key issues dominated the market in the US session: The FOMC minutes for the September meeting, Janet Yellen got official nomination of the next Fed Chairman and increased hopes that a short-term plan to raise the debt ceiling would be reached as Congressional GOP and Democrat leaders meet. The FOMC minutes indicated that most members continued to expect tapering to begin later this year although economic data remained the key factor determining the move.

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Fed Members Believed Tapering would Begin this Year

The US employment report for July carried on the dovish sentiment brought about by central banks. The number of payrolls increased +162K (consensus: 185K) after a downwardly revised addition of 188K in June. The jobless rate slipped -0.2% to 7.4% in July, due to contraction in the labor force.

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Weekly Fundamentals – Dovish Comments from Central Banks Lift Sentiment