Initial Jobless Claims Drop Unexpectedly in March
The number of Americans filing for unemployment benefits dropped by 3,000 to 223,000 in the week ending March 02, according to an announcement made on Thursday by the US Department of Labor.
The drop was unexpected, with market consensus predicting a flat reading of 225,000.
ECB Leaves Interest Rates Unchanged as Expected Amid Economic Uncertainty
The European Central Bank has left interest rates unchanged according to ECB President Mario Draghi, a decision that is in line with market expectations. Destabilizing factors like debt crisis in Italy and the ongoing uncertainty surrounding the UK’s exit from the EU most likely informed monetary policy.
ADP Employment Shows Fewer Jobs Than Expected, Gold Price Rises
Gold rose to an intra-day high following the report that non-farm private employment growth was below expectations in February at 183,000 vs 189,000 predicted. January figures were revised upward by 87,000.
Price of Gold Ticks Downward With Unexpected Rise in December Home Sales
The number of new homes sold in the US in December surpassed expectations after November’s downwardly revised figure painted a bleak outlook for the struggling housing market. Lower mortgage rates and downwardly-adjusted home prices have increased affordability.
Gold Price Trims Losses After Disappointing ISM Manufacturing Report
Spot gold has shot upward directly following a poor ISM manufacturing report, trimming losses of 0.53% to -0.23% at the time of writing. The ISM dropped to 54.2% in February following January’s 56.6% vs 55.6% expected.
Gold Price Falls as PCE Data Indicates Rate Hikes Unlikely
Spot gold is testing support at $1,300 in the midst of the latest data from the Commerce Department which shows that Personal Consumption Expenditure rose above expectations in December, although the annual core-PCE remained flat.
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