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Jul 6, 2012

GATA | THE GATA DISPATCH: Jim Sinclair: The war between manipulation and buying

Jim Sinclair: The war between manipulation and buying

7:58a ICT Saturday, July 7, 2012
Dear Friend of GATA and Gold:
"Anyone who does not see today's gold market as a rig is blind or brain-dead," mining entrepreneur, market analyst, and gold trader Jim Sinclair writes this week. "All the lying and conniving mean only that the price will go higher. Just as Morgan's 'whale' could not fight the market, the cartel cannot fight gold as we have a flight away from all fiat currencies." Sinclair's commentary is headlined "The War Between Manipulation and Buying" and it's posted at JSMineSet here:
http://www.jsmineset.com/2012/07/06/the-war-between-manipulation-and-buy...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT Global Update: Job Weakness Likely to Set Election Tone

Global Update


TOP NEWS

Job Weakness Likely to Set Election Tone

By CATHERINE RAMPELL
With Friday's report showing the unemployment rate stuck at 8.2 percent, what looked like a blip has become a streak, and the economy is unlikely to pick up much before November.

General's Defection Confirmed as Syria Opposition Meets

By DAN BILEFSKY, ALAN COWELL and NEIL MacFARQUHAR
The defection of Brig. Gen. Manaf Tlass, confirmed by the French foreign minister, is the first from within the gilded circle around President Bashar al-Assad of Syria since the uprising began.

Jets Are Crucial to Afghan War, Until a U.S. Exit

By C. J. CHIVERS
The crucial role played by American warplanes in Afghanistan also raises questions about the prospects for the fight against the Taliban in the future, as security responsibilities are handed to Afghan forces who have little to match them.
World

Video: A Factory Grows in Haiti

The showcase project for Haiti's earthquake reconstruction is being built far outside the disaster zone, in an area that could jeopardize the country's key conservation effort.
Opinion

Latitude

A Burmese Tug of Words

By SWE WIN
The fight over whether to call my country Myanmar or Burma may seem politically important, but it's also kind of pointless. The truth is neither name is good enough.
WORLD

Britain Arrests 7 More Terrorism Suspects

By ALAN COWELL and JOHN F. BURNS
A day after a security scare turned out to be a false alarm, British police officials reported on Friday that they had seized seven men under counterterrorism laws.

Chinese Police Officials Linked to Target in Chongqing Scandal Are Detained

By EDWARD WONG
A third police official close to Wang Lijun, the former police chief of Chongqing who set off a national political scandal after confiding secrets to American officials, has been dismissed.

Egypt's President Orders Protester Deaths Investigated

By THE ASSOCIATED PRESS
Mohamed Morsi issued a presidential decree ordering a fresh investigation into the killing of antigovernment protesters over the past 16 months.
BUSINESS
Economix Blog

Who's in Charge of Fixing This?

By BINYAMIN APPELBAUM
Those waiting for the Federal Reserve to take new action might do better to watch the inflation rate than the jobs numbers.
Economix Blog

Another (Seasonally Adjusted) Slowdown

By FLOYD NORRIS
Are job gains really withering as the recovery falters? Or is much of the reported change caused by misleading seasonal adjustments?
DealBook

British Officials Announce Fraud Investigation Into Rate Manipulation

By WILLIAM ALDEN
The Serious Fraud Office confirmed on Friday that it would pursue a fraud investigation into the manipulation of benchmark interest rates, a process that could result in criminal charges.
TECHNOLOGY

Crammed Into Cheap Bunks, Dreaming of Future Digital Glory

By BRIAN X. CHEN
Sleep next to heaps of laundry; eat ham out of the package; work till 3 in the morning. Such is life at "hacker hostels," where young digerati network and keep their expenses down.
Bits Blog

Olympus and Apple Join Google With Wearable Computing

By NICK BILTON
After Google showed off its computerized glasses last week, Olympus announced its MEG 4.0 display glasses and Apple has been awarded a patent for a display projected into a person's eye.

Apple's Retail Expansion Falls Short in China

By REUTERS
The shortage of retail stores and authorized resellers leaves room for unlicensed resellers. Bad experiences at unauthorized shops run the risk of eroding confidence in Apple's products.
SPORTS

Czech Rider Sagan Wins His Third Stage

By JON BRAND
There was no intricate celebration from Peter Sagan this time, just a primal scream and a flex of the arms as he crossed the finish line a winner for the third time in this Tour de France.

The Cradle of Modern Grand Prix Racing

By BRAD SPURGEON
No other race on the Formula One calendar is as symbolic of the story of the modern incarnation of Grand Prix racing as the British Grand Prix at Silverstone.

A Big Victory for Federer, but a First for Murray

By CHRISTOPHER CLAREY
Roger Federer defeated Novak Djokovic and will face Andy Murray, who beat Jo-Wilfried Tsonga to become the first British man to reach the Wimbledon final since 1938.
U.S. NEWS

Obama Promotes a Long View on Jobs

By MARK LANDLER
On the heels of another anemic employment report, President Obama, on the campaign trail, found himself acknowledging again that the economy was not generating enough jobs, that the recovery was not taking hold fast enough, and that too many Americans lacked basic financial security.

'No Child' Law Whittled Down by White House

By MOTOKO RICH
The Obama administration has freed schools in more than half the nation from central provisions of No Child Left Behind, raising the question of whether it has been essentially nullified.

In Close Vote, Presbyterian Church Rejects Divesting in Firms That Aid Israeli Occupation

By LAURIE GOODSTEIN
The Presbyterian Church (U.S.A.) voted to replace the divestment measure with a resolution to encourage "positive investment" in the occupied territories.
OPINION
Op-Ed Contributor

Billions Down the Afghan Hole

By HUGUETTE LABELLE
Corruption in Afghanistan is nothing new, but it is worsening. Donors and the Afghan government need a comprehensive, believable and enforceable plan to tackle the issue. They don't need more words.
Op-Ed Columnist

Off and Out With Mitt Romney

By PAUL KRUGMAN
All the talk of offshoring and outsourcing has Mitt Romney on the defense. But what was good for Bain Capital definitely would not be good for America.
Op-Ed Columnist

Honor Code

By DAVID BROOKS
It's no longer debatable that boys are lagging in school. Serving them effectively is going to require some scrambling of educational culture.

DealBooK | DealB%K Afternoon Edition: Yahoo and Facebook Said to Settle Patent Lawsuits


Friday, July 6, 2012
TOP STORY
Yahoo and Facebook Said to Settle Patent Lawsuits
Yahoo and Facebook Said to Settle Patent Lawsuits Yahoo and Facebook have agreed to settle an increasingly bitter legal fight over their patent holdings, according to a person briefed on the matter, ending what could have been one of the nastier court battles in Silicon Valley in some time.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    British Officials Announce Fraud Investigation Into Rate Manipulation The Serious Fraud Office confirmed on Friday that it would pursue a fraud investigation into the manipulation of benchmark interest rates, a process that could result in criminal charges.
    Dynegy Files for Bankruptcy as Part of Settlement Dynegy files for Chapter 11 bankruptcy protection, the latest step to restructure the ailing energy company and settle with creditors who hold more than $2.5 billion in claims over one of its subsidiaries.
    Uproar Over C.E.O.'s Ouster at Merged Energy Giant
    Uproar Over C.E.O.'s Ouster at Merged Energy Giant A former director involved in the merger that formed the nation's largest electric utility is lashing out at an abrupt leadership change at the combined company.
    LOOKING AHEAD
    International Negotiators from nine Pacific Rim countries, including the United States, are meeting through July 10 on the latest round of talks on a trade pact in San Diego, Calif.
    DealBook Video
    Business Day Live: The Corporatization of Organic Food
    Business Day Live: The Corporatization of Organic Food What a lackluster jobs report means for the economy. | How the food industry turned a niche product into Big Organic.

     

BIV Today's Business News: Methanex boosts methanol production in New Zealand



Mining and Energy

Bruce Aitkin Methanex

Methanex boosts methanol production in New Zealand

Methanol demand prompted Methanex Corp. (TSX:MX) to restart production July 5 at its second methanol plant at its Motunui site in New Zealand.

Lupaka and Andean merge to create Peru-focused miner

Vancouver gold miner Lupaka Gold Corp. (TSX:LPK) announced July 5 that it plans to merge with Oakville, Ontario-based Andean American Gold Corp.

Politics and Policy

 

Labour board finds ICBC bargaining in bad faith: union

The BC Labour Relations Board has ruled that the Insurance Corporation of B.C. (ICBC) is bargaining in bad faith with its unionized employees and ordered the parties to return to the table to discuss monetary items, the union said this morning.

Real Estate

Vancouver building permit gains lead country in May

The total value of Vancouver building permits issued in May spiked 112% year over year and 39% since April to $781.8 million, according to Statistics Canada figures released this morning.

Transportation

   

Wireless electric streetcar on display at Granville Island

A new electric-powered streetcar that requires no overhead wires or third-rail connection will be on display at Granville Island Public Markettoday through Sunday.

Economy and Finance

Canadians among world’s most optimistic about economy: survey

Canada is one of the most optimistic nations about its economy, according to a survey released this morning by the Brussels-based International Trade Union Confederation.

Money Show Investors Daily Alert: 3 ETFs for Tactical Allocation,

Investors Daily Alert


The Daily Guru

Jim Jubak on MoneyShow.com

Today's Top Pros' Top Picks

Today's Gurus' Views & Strategies

Today's Charts in Play

MoneyShow.com Exclusive Interviews
Is the Commodity Boom Over?, Nicholas Vardy

Investor Clinic

Ideas from Around the World
Is Barclays the BP of Banking Stocks?, Staff at Motley Fool UK

Today's Featured Videos & Exclusive Interviews
Surviving the Equity Ice Age, Anthony Mirhaydari

ADVFN World Daily Markets Bulletin:

ADVFN III World Daily Markets Bulletin  
Daily world financial news

US Market Reports
Stocks See Further Downside Following Early Sell-Off
7/6/2012 11:01 AM ET
After moving sharply lower at the start of trading on Friday, stocks have seen some further downside over the course of the morning. The major averages have slid firmly into negative territory, pulling back further off Tuesday's highs.
Much of the weakness on Wall Street stems from a negative reaction to the Labor Department's report on U.S. employment in the month of June. While the report showed a continued increase in employment, the pace of job growth fell well short of economist estimates.
The Labor Department said non-farm payroll employment rose by 80,000 jobs in June compared to economist estimates for an increase of about 100,000 jobs. The report also showed that the unemployment rate remained unchanged at 8.2 percent.
Software stocks have shown a substantial move to the downside on the day, resulting in a 3.1 percent loss by the Dow Jones Software Index. With the loss, the index is pulling back further off the two-month closing high that it set on Tuesday.
Within the software sector, business software developer Informatica (INFA) has tumbled by 28.8 percent after forecasting weaker than expected second quarter results.
Networking, semiconductor, and computer hardware stocks have also come under pressure, reflecting weakness throughout the tech sector.
Steel, gold, and defense stocks are also posting steep losses in late morning trading, moving lower along with most of the major sectors.
The major averages have edged up off their lows for the session in the past few minutes but continue to post steep losses. The Dow is down 156.52 points or 1.2 percent at 12,740.15, the Nasdaq is down 41.25 points or 1.4 percent at 2,934.87 and the S&P 500 is down 15.04 points or 1.1 percent at 1,352.54.

Canadian Market Report
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TSX Extends Losses On Global Growth Worries - Canadian Commentary
7/6/2012 11:23 AM ET
Toronto stocks were extending losses for a second session Friday morning following a tepid growth in Canadian employment and slower than expected job growth in the U.S., Canada's largest trading partner. Also, comments from IMF director on global economic growth weighed on trader sentiment.
International Monetary Fund Managing Director Christine Lagarde said that the IMF would trim its forecast for global economic growth in a quarterly assessment, due out later this month.
The S&P/TSX Composite Index lost 131.20 points or 1.11 percent to 11,685.83, a day after snapping its six-session losing streak.
The Diversified Materials Index shed over 3 percent, with First Quantum Minerals , Inmet Mining and Teck Resources shedding around 4 percent each.
The price of Crude oil was extending losses for a second session Friday morning as traders were skeptical over the impact of monetary easing measures announced by central banks yesterday. Crude for August lost $2.48 to $84.74 a barrel.
In the oil patch, Bonavista Energy (BNP.TO) lost over 4 percent, while MEG Energy was slipping over 2 percent
Oil and natural gas company Pengrowth Energy surrendered nearly 5 percent after it said its dividend payment would be reduced to C$0.04 per month, due to ongoing weakness in both spot and forward commodity price markets.
The price of gold slipped below the $1,600-mark Friday morning as the U.S. dollar was steady versus a basket of currencies amid the jobs data. gold for August shed $21.20 to $1,588.20 an ounce
Among gold stocks, Allied Nevada gold and Agnico-Eagle Mines slipped around 2 percent each.
Peru focused gold miner Lupaka gold Corp. and Andean American gold Corp. announces that they will merge to create a new gold exploration and development company. Andean American shareholders will receive 0.245 shares of Lupaka for each share held. Shares of Lupaka and Andean dived around 10 percent each.
Commercial building services company Bird Construction eased 1 percent even after announcing that it's subsidiary has been awarded C$95 million contract to construct the new Alberta Public Safety and Law Enforcement Training Centre located in Fort Macleod, Alberta.
Meanwhile, intelligent broadband network solutions provider Sandvine gained close to 5 percent after announcing that it has received over $2-million in Network Policy Control orders from one of the top 10 telecom providers in the U.S. Separately, the company reported second-quarter net loss of $4.17 million or $0.030 per share versus profit of $1.65 million or $0.012 per share a year ago.

7/6/2012 11:23 AM ET
Airlines services provider Air Canada (AC_A.TO, AC_B.TO) moved up 2 percent after reporting that system traffic for the month of June increased 1.5 per cent on a system-wide capacity decline of 0.1 per cent.
Space hardware manufacturer Com Dev International Ltd. announced that it has been awarded fully funded contracts from Space Systems/Loral Inc. in excess of $10 million. The stock was trading flat at C$2.820.
In economic news, Statistics Canada said employment was little changed for the second consecutive month and the unemployment rate edged down 0.1 percentage points to 7.2 percent, with the only 7,300 new jobs creations in June. On a yearly basis, employment increased 1.0 percent or 181,000.
Separately, the agency said Municipalities issued building permits worth $7.0 billion in May, a 7.4 percent increase from April and the highest level since May 2007. The increase followed a 4.4 percent decline in April.
From south of the border, a report from the U.S, Labor Department revealed that non-farm payroll employment rose by 80,000 jobs in June following an upwardly revised increase of 77,000 jobs in May. Economists had expected employment to increase by about 100,000 jobs compared to the addition of 69,000 jobs originally reported for the previous month. Despite the continued job growth during the month, the unemployment rate remained unchanged at 8.2 percent, in line with economist estimates.
From the euro zone, industrial production in Germany rose more than expected in May, the latest figures from the Ministry of Economics and Technology showed. Production in Germany climbed 1.6 percent month-on-month in May on a seasonal and calendar adjusted basis. This was faster than the expected 0.1 percent gain.
Meanwhile, output price inflation in the U.K. eased to its lowest level in nearly three years in June as falling prices of Crude oil and imported metals allowed manufacturers to reduce charges to cope with weak demand. The output price index for home sales rose 2.3 percent year-on-year, after the 2.9 percent increase in May, the Office for National Statistics said. Economists had expected prices to rise 2.4 percent.
European Market Report
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European Markets Slipped Further After Disappointing U.S. Jobs Report
7/6/2012 12:02 PM ET
The European markets extended losses from the previous session on Friday, after the highly anticipated U.S. jobs report for June showed a smaller than expected increase. Most investors seem to be of the opinion that the U.S. jobs report was not weak enough to prompt any action by the Federal Reserve. Another cause for concern was today's increase in the yield of 10-year Spanish government bonds back above the 7 percent level.
Thursday's surprise interest rate cut by China, for the second time this year, and monetary policy decisions by the European Central Bank and the Bank of England failed to inspire investors. The ECB announced a reduction in interest rates to a historically low level and the BoE decided to raise the size of its asset purchase plan by GBP 50 billion to GBP 375 billion.
The global economic outlook has become more worrisome over the past few months with deteriorating investment, employment and manufacturing in Europe, the U.S., Brazil, China and India, International Monetary Fund Managing Director Christine Lagarde said Friday. She also said the lender will downgrade the global growth forecast in its upcoming report.
Delivering the Nikkei Symposium Keynote Speech in Tokyo, Lagarde said, "In the IMF's updated assessment of the world economy, to be released ten days from now, the global growth outlook will be somewhat less than we anticipated just three months ago."
The euro Stoxx 50 index of eurozone bluechip stocks declined by 2.13 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.83 percent.
The DAX of Germany dropped by 1.92 percent and the CAC 40 of France finished lower by 1.88 percent. The FTSE 100 of the U.K. decreased by 0.53 percent and the SMI of Switzerland fell by 0.30 percent.
In Frankfurt, Daimler declined by 3.39 percent. Volkswagen fell by 2.45 percent and BMW lost 4.52 percent.
Commerzbank decreased by 3.40 percent and Deutsche Bank finished down by 5.05 percent.
In Paris, Peugeot sank by 7.71 percent. The car maker reported a 15 percent decrease in European sales in the first half of the year. Shares of Renault fell by 2.45 percent.
Societe Generale dropped by 5.73 percent, Credit Agricole lost 4.61 percent and BNP Paribas fell by 3.95 percent.
In London, Aviva climbed by 1.37 percent. The company announced its decision to sell part of its shareholding in Delta Lloyd NV. Societe Generale also upgraded its rating on shares of Aviva to "Hold" from "Sell."
Marks & Spencer is due to release its trading update early next week. The stock declined by 3.40 percent. Shares of the Burberry Group dropped by 3.44 percent and Kingfisher fell by 2.03 percent.

7/6/2012 12:02 PM ET
Royal Bank of Scotland decreased by 2.75 percent and Barclays lost 2.05 percent.
In Zurich, Roche announced that it has received pre-market approval from the U.S. FDA for a new test to assess a patient's viral load of cytomegalovirus. The stock ended the session higher by 0.24 percent.
Germany's industrial production rebounded in May with better-than-expected growth that was driven by strong activity in the construction sector even as the euro area struggles to recover from the deepening sovereign debt crisis. Seasonally adjusted industrial production increased 1.6 percent from April, when it decreased a revised 2.1 percent, data from the Federal Ministry of Economy and Technology showed Friday. The rate of expansion surpassed the 0.2 percent growth economists had forecast.
Output price inflation in the U.K. eased to its lowest level in nearly three years in June as falling prices of Crude oil and imported metals allowed manufacturers to reduce charges to cope with weak demand. The output price index for home sales rose 2.3 percent year-on-year, after the 2.9 percent increase in May, the Office for National Statistics said Friday. Economists had expected prices to rise 2.4 percent.
France's merchandise trade deficit decreased more than economists expected in May, data released by the Directorate General of Customs and Excise showed Friday. The trade deficit decreased to EUR5.33 billion in May from EUR5.77 billion in April. Economists were looking for a shortfall of EUR5.5 billion. In May 2011, the trade balance was a deficit of EUR6.73 billion.
Employment in the U.S. increased for the twenty-first consecutive month in June, according to a report released by the Labor Department on Friday, although the pace of job growth for the month fell well short of economist estimates. The Labor Department said non-farm payroll employment rose by 80,000 jobs in June compared to economist estimates for an increase of about 100,000 jobs.
Despite the continued job growth during the month, the unemployment rate remained unchanged at 8.2 percent, in line with economist estimates.
Asia Market Reports
Asian Markets Trade Weak
7/6/2012 12:00 AM ET
Despite the European Central Bank leaving rates unchanged as expected and the Bank of England annoucing some monetary easing measures, Asian stock markets are mostly trading notably lower on Friday amid worries about the financial situation in the eurozone.
Caution ahead of the crucial U.S. jobs data and some weak economic reports from the Asian region are also contributing to the weakness. A flat lead from Wall Street where stocks ended mixed overnight appears to be keeping investors on the sidelines.
In the Australian market, energy, mining, healthcare and information technology stocks are trading weak. Financial and industrial stocks are exhibiting a mixed trend.
The benchmark S&P/ASX 200 index is down 21.5 points or 0.5 percent at 4,147.7. The broader All Ordinaries index is trading at 4,189.4, down 20.5 points or 0.5 percent from its previous close.
Among bank stocks, ANZ Bank is trading flat. Westpac and and National Australia Bank are trading weak, while Commonwealth Bank of Australia is trading 0.5 percent up.
WorleyParsons is trading lower by around 2.3 percent. Paladin Energy is trading 2.2 percent down. Leighton Holdings, Santos, Arrium and Beach Energy are trading lower by 1.5 to 2 percent.
Metcash, Ramsay Healthcare, Atlas Iron, Ansell, Graincorp, Newcrest Mining, Whitheaven Coal, Iluka Resources and Origin Energy are all trading lower by 1 to 1.4 percent.
Bluescope Steel is up 6.3 percent. Lynas Corporation, Regis Resources, Boral, David Jones and Investa Office Fund are the other notable gainers in the ASX 100 index.
Shares of Fairfax lost over 3 percent in early trades after mining billionaire Gina Rinehart reduced her stake in the troubled media company.
In economic news, the Australian Industry Group said Friday an that index measuring the construction industry in Australia came in with a score of 34.8 in June, up barely from 34.7 in May but signaling contraction for the 25th consecutive month. Among the individual components of the survey, apartment construction saw a score of 21.8, while commercial construction was at just 26.6.
Electric power, foods, real estate and retail stocks opened on a firm note, but gave up most of their gains as the session progressed. Electric machinery, oil, transport and financial stocks were trading slightly weak.
The benchmark Nikkei 225 index, which briefly rebounded into positive territory after a weak start, was down 32.3 points or 0.4 percent at 9,047.5 when the morning session ended.
Among the prominent losers in the Nikkei index, GS Yuasa Corp declined by 5.5 percent, TDK Corp and Konica Minolta were down nearly 4 percent, Sumitomo Heavy Industries lost 3.7 percent and IHI Corp drifted down by 3.5 percent.

7/6/2012 12:00 AM ET
Fujitsu, NEC Corp, Mitsubishi Electric, Taiyo Yuden and Konami Corp were all trading lower by over 2.5 percent. JFE Holdings, Kobe Steel, Showa Denko KK, Canon Inc, Nippon Steel Corp, Fanuc and Trend Micro also declined sharply.
Meanwhile, Hitachi Zosen, Taisei Corp, Mitsubishi Chemicals, J Front Retailing and Sumitomo Realty gained 2 to 5 percent.
Ebara Corp, Nikon Corp, Japan Tobacco and Mitsui Engineering moved up by 1.7 to 2 percent. Shinsei Bank, Dainippon Screen Manufacturing, Sumitomo Mitsui Trust Holdings, JGC Corp, Tokyu Land and MS&AD Insurance Group Holdings also posted notable gains.
On the economic front, Japan is scheduled to release preliminary May figures for its leading and coincident indexes. Analysts are looking for a reading of 95.0 on the leading index and 95.7 on the coincident, down from 95.6 and 96.9 respectively, in April.
In the currency market, the U.S. dollar traded near the 80 yen level in early deals in Tokyo. The yen is currently trading at 79.93 to the dollar.
Among other markets in the Asia-Pacific region, Shanghai, Hong Kong, Indonesia, South Korea and Taiwan are trading notably lower. New Zealand is down marginally, while Malaysia is up slightly over the unchanged line.
On Wall Street, stocks turned in a lackluster performance on Thursday. Although the major averages closed mixed, the markets showed a negative bias towards the end of the session. Traders largely shrugged off a report from ADP showing stronger than expected private sector job growth as well as a Labor Department report showing an unexpected drop in weekly jobless claims.
While the Nasdaq edged up 0.04 points or less than a tenth of a percent to 2,976.1, the Dow ended down 47.1 points or 0.4 percent at 12,896.7 and the S&P 500 slid 6.4 points or 0.5 percent to 1,367.6.
Major European markets also ended mixed on Thursday. The U.K.'s FTSE 100 index edged up by 0.1 percent, while the German DAX index declined by 0.5 percent and the French CAC 40 Index lost 1.2 percent.
U.S. Crude oil futures settled lower on Thursday, on a stronger dollar and cues from the European and U.S. equity markets. Oil prices were under pressure despite a Sharp fall in U.S. Crude stockpiles for the week ended June 29 as imports fell.
Crude for August delivery shed $0.44 or 0.5 percent to close at $87.22 a barrel on the New York Mercantile Exchange.
Commodities
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Euro Steady Against Most Majors; U.S. Non-farm Payrolls In Focus
7/6/2012 7:00 AM ET
The euro see-sawed against most major rivals in early deals Friday, as the market is reluctant to take positions ahead of the U.S. non farm payrolls data, which is due out later in the global day. The common currency was a clear under-performer against the pound as the latter firmed up after the U.K. PPI report.
The U.S. Labor Department is scheduled to release its monthly employment report, which includes both private and public sector jobs. Economists expect the report to show an increase of about 90,000 jobs in June compared to the addition of 69,000 jobs in May. The unemployment rate is expected to remain unchanged at 8.2 percent.
The prelude for today's pivotal job market data was quite encouraging, as yesterday's ADP private sector job growth in June was stronger-than analysts had predicted and jobless claims for the week ended June 30th showed an unexpected drop.
ADP said the private sector added 176,000 jobs in June following an upwardly revised increase of 136,000 jobs in May. Economists had expected private sector employment to increase by about 95,000 jobs compared to the increase of 133,000 jobs originally reported for the previous month.
The jobless claims reported showed that 374,000 new claims for unemployment for the week ending June 30, marking a notable drop of 14,000 from the previous week's revised figure of 388,000. The claims also came in well below the 386,000 level predicted by most economists.
Monetary actions of the Bank of England and the European Central Bank on Thursday were in tandem with market expectations but the Chinese rate cut surprised the market, with the PBoC cutting rate for the second time in a month.
The European Central Bank cut its benchmark interest rate to below one percent for the first time in its existence. The main refinancing rate was cut by a quarter-point to 0.75 percent. The move was in line with economists' expectations.
ECB President Mario Draghi said the cuts in interest rates to a record low may have only a "muted" effect on the euro-area economy as it slides deeper into recession. He also warned about further risks to euro-area growth.
The Bank of England expanded quantitative easing by GBP 50 billion and maintained its record low interest rate.
At the end of two-day rate setting meeting, the Monetary Policy Committee decided to raise the size of its asset purchase programme to GBP 375 billion from GBP 325 billion. The bank maintained its bank rate at 0.50 percent as expected by economists.
Underscoring the global recessionary fears, the International Monetary Fund hinted that it would cut its global growth outlook for this year.