Financial Markets Daily

Gold edged higher on Tuesday as a weaker dollar offset some of the pressure from stronger-than-expected US manufacturing data. U.S. manufacturing data sent gold back from a two-week high. The dollar is near a more than two-year low, making gold cheaper for holders of other currencies.

On Wednesday, focus will be on U.S. ADP and factory orders, Fed Williams and Meester, and Bank of England Governor William Bailey, the Fed’s Beige Book of economic conditions.

In the currency market

Euro: The euro fell against the dollar for the first time in three days, closing down 0.22 percent at $1.1910. Technically, the pivot point of the currency is at 1.1940, the initial resistance to its upward movement is at 1.1980, further resistance is at 1.2050, and the key resistance is at 1.2090. Initial support for the lower exchange rate is at 1.1869, further support is at 1.1829 and more critical support is at 1.1759.

Sterling: Rose for the third day in a row to end at 1.3382, up 0.14%. Technically, the pivot point of the currency is at 1.3450, the initial resistance to its upward movement is at 1.3455, further resistance is at 1.3532, and the key resistance is at 1.3582. Initial support for the lower exchange rate is at 1.3329, further support at 1.3278, and more critical support at 1.3202.

Yen: DOLLAR/jpy rose for the second day in a row, closing at 105.98 yen, up 0.07%. Technically, the pivot point of the currency is at 105.88, the initial resistance to its upward movement is at 106.19, the further resistance is at 106.45, and the key resistance is at 106.76. Initial support for the lower exchange rate is at 105.63, further support is at 105.32, and more critical support is at 105.07.

The stock market

New York (Dow Jones industrial Average) : The Dow Jones Industrial Average rose 215.61 points, or 0.8%, to close at 28,645.66 on the strength of technology stocks. The S&P 500 rose 0.8 percent to 3,526.65. The Nasdaq Composite index rose 1.4 percent to 11,939.67. The S&P 500 and Nasdaq hit record highs again today.

London (Marketwatch) – European stocks ended mixed Tuesday as investors digested economic data from the euro zone and China and kept a close eye on Apple Inc. The Pan-European Stoxx 600 index closed down 1.28 points, or 0.35%, at 365.23. Germany’s DAX index closed up 28.87 points, or 0.22%, at 12,974.25. Britain’s FTSE 100 index closed down 101.52 points, or 1.70%, at 5,862.05. The CAC40 index in France closed down 9.12 points, or 0.18%, at 4,938.10. Spain’s IBEX35 index closed down 15.50 points, or 0.22%, at 6,954.00. Italy’s FTSE index closed down 38.67 points, or 0.20%, at 19,595.02. In Europe, the Stoxx 50 index closed up 3.94 points, or 0.12%, at 3,276.45.

Commodity markets

Spot gold closed at $19,699.95 an ounce, up $2.57, or 0.13 percent. On the day, spot gold hit as high as $1992.10 an ounce and as low as $1962.87.

Gold futures for December delivery on COMEX edged up 30 cents to close at $1,978.90 an ounce, the highest close since August 18.

Oil prices closed higher on Tuesday after data from the American Petroleum Institute showed API crude inventories fell sharply last week, as traders continued to weigh the demand outlook against Opec production cuts. Brent crude for November delivery rose 30 cents, or 0.66 percent, to $45.58 a barrel.

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