September 3, 2013 - Daily Market News
The economic fundamentals have shown the global economy to recover recently as U.S. Fed can reduce monetary stimulus. The dollar has been gaining and the yen is weak as a result. This has caused Asian stocks to rise. U.S. stocks gain but markets can be quiet until the data are released later today. The ISM Manufacturing Index will probably determine where the market will go today. European stocks up after data showed that the Spanish unemployment rate remained unchanged in August and Government Budget Balance of them were below expectations.
Gold has been all but is still trading lower driven by improvements in the global economy and a stronger dollar. The potential strike in Syria seems less imminent and investors are selling the metal. The decline of quantitative easing appears likely and gold could be set to see further decline. WTI is also lower also due to easing the situation in Syria. NFP Friday is going to be a big driver products as it will determine the direction of the U.S. dollar - a great opportunity for binary options trading.
Highlights of today:
13:30 GMT: CAD - RBC Manufacturing PMI - measures the activity level of purchasing managers in the services sector. A reading above 50 indicates expansion in the manufacturing sector, a reading below 50 indicates contraction.
14:00 GMT: USD - ISM Manufacturing Index - prices relative level of business conditions including employment, production, new orders, prices, supplier deliveries and inventories.
The data are compiled from a survey of approximately 400 purchasing managers in the manufacturing industry.
On the index, a level above 50.0 indicates industry expansion, below indicates contraction.
