INTERNATIONAL COMMODITY NEWS
Gold prices fell back towards a two-month low during North American hours on Wednesday, after upbeat U.S. employ-
ment data added to speculation that the Federal Reserve is gearing up to hike interest rates as soon as next month.Payroll processing firm ADP said that non-farm private employment rose by 177,000 in August, surpassing expectations for an increase of 175,000.
Crude oil prices slid on Wednesday, pressured by a strong U.S. dollar and high stocks of physical oil, though prices remained on track for a monthly gain of more than 10 percent.Brent crude oil futures (LCOc1) were trading at $48 per barrel at 0829 GMT (0429 ET), down 37 cents from the previous close, while U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 21 cents at $46.14.Oil prices had rallied by more than 20 percent from the beginning of August on hopes that producers were reviving talks on a possible output freeze, setting prices on course for their largest monthly gains since April.
Natural Gas tanked more than 1.5 per cent during evening trade in the domestic market on Monday as investors and speculators exit positions in the energy commodity tracking weakness globally where prices fell on profit taking
after a stellar rally on a smaller-than-expected US stockpile rise.
ECONOMY NEWS
Brazil’s newly confirmed President Michel Temer submitted to Congress a 2017 national budget that limits spending as promised but steers clear of tax hikes that analysts say are needed to quickly rebalance the country’s depleted fiscal
accounts.In the budget, his government raised its estimate for tax revenues by 26 billion reais ($8.06 billion) and its estimate for revenues from concessions and privatizations by 18.4 billion reais, in order to close a financing gap.
The United States has accused the European Union of grabbing revenue intended for U.S. coffers when it ordered Apple Inc (O:AAPL) to pay up to $14.5 billion in back taxes, a decision that could cause friction at an international summit
in China next week.The EU executive this week retroactively scrapped a tax deal Apple had with Ireland, arguing the
technology giant was effectively paying a tax rate of a fraction of 1 percent on its profits.
The International Monetary Fund said on Wednesday that it would “be in a position” to lift its censure on Argentina later this year after recent changes the country has made to the way it reports official economic data.Since taking office in December, President Mauricio Macri has overhauled Indec, the national statistics agency that was widely accused of publishing inaccurate data under former leader Cristina Fernandez.
TRADING STRATEGY :
BUY GOLD ABOVE 1317 TARGET 1322 1328 SL BELOW 1312.
SELL GOLD BELOW 1308 TARGET 1303 1297 SL ABOVE 1313.
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