GBP/USD gains on advancing U.K. retail sales data

Investing.com - The pound rose against the dollar on Friday after data revealed U.K. retail sales came in much stronger in December than expected.

In U.S. trading on Friday, GBP/USD was trading at 1.6420, up 0.41%, up from a session low of 1.6310 and off a high of 1.6458.

Cable was likely to find support at 1.6310, the earlier low, and resistance at 1.6508, Monday's high.

The pound firmed after official data revealed that U.K. retail sales increased by 2.6% in December, far more than the expected 0.4% rise. Retail sales in November were revised down to a 0.1% rise from a previously estimated 0.3% gain.

Meanwhile in the U.S., the preliminary Thomson Reuters/University of Michigan consumer sentiment index fell to 80.4 in January from 82.5 in December, defying expectations for a rise to 83.5.

Separately, official data showed that U.S. building permits declined 3% to 986,000 million units in December from 1.017 million units the previous month. Analysts had expected building permits to slip to 1.015 million units last month.

Data also showed that U.S. housing starts rose dropped 9.8% and came in at 999,000 units in December from an upwardly revised 1.107 million units in November.

Markets were expecting see 990,000 in new housing starts, and the better-than-expected figure gave the dollar some support by suggesting fundamental improvements are taking place in the U.S. housing sector.

Sterling was higher against the euro, with EUR/GBP down 1.07% to 0.8240, and up against the yen, with GBP/JPY up 0.34% as 171.24.

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U.S. stocks end mixed on data, corporate earnings; Dow gains 0.25%

Investing.com - U.S. stocks ended Friday mixed, pressured upward by solid housing data and lower by mixed quarterly corporate earnings.

At the close of U.S. trading, the Dow Jones Industrial Average rose 0.25%, the S&P 500 index fell 0.39%, while the Nasdaq Composite index fell 0.50%.

General Electric reported that its revenue and profits increased in the fourth quarter of last year, in line with many expectations, while financial institution Morgan Stanley beat expectations as well.

However, UPS disappointed markets with its earnings and outlook, while Intel also released earnings that missed expectations.

Offsetting mixed earnings, data released earlier showed that U.S. housing starts rose dropped 9.8% and came in at 999,000 units in December from an upwardly revised 1.107 million units in November.

Markets were expecting to see 990,000 in new housing starts, and the better-than-expected figure boosted spirits by suggesting fundamental improvements are taking place in the U.S. housing sector and broader economy as a whole.

Separately, official data showed that U.S. building permits declined 3% to 986,000 million units in December from 1.017 million units the previous month. Analysts had expected building permits to slip to 1.015 million units last month, though the dollar applauded housing starts.

Elsewhere, the preliminary Thomson Reuters/University of Michigan consumer sentiment index fell to 80.4 in January from 82.5 in December, defying expectations for a rise to 83.5, which watered down stock prices.

Also in the U.S., the Federal Reserve reported that U.S. industrial production rose 0.3% in December, a fifth consecutive monthly increase and in line with market expectations, which offset the sluggish consumer sentiment repor.

Leading Dow Jones Industrial Average performers included Visa, up 4.60%, General Electric, up 3.78%, and Nike, up 0.80%.

The Dow Jones Industrial Average's worst performers included Intel, down 2.62%, General Electric, down 2.08%, and Nike, down 1.81%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.09%, France's CAC 40 rose 0.19%, while Germany's DAX 30 rose 0.26%. Meanwhile, in the U.K. the FTSE 100 finished up 0.20%.

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Crude oil trims losses on upbeat regional U.S. factory report

Investing.com - An upbeat factory barometer out of the Philadelphia area of the U.S. trimmed earlier losses oil sustained on expectations for Iranian exports to resume and add to global supply in wake of a nuclear deal struck with the West, Russia and China.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD94.20 a barrel during U.S. trading, down 0.16%. New York-traded oil futures hit a session low of USD93.74 a barrel and a high of USD94.78 a barrel.

The March contract settled up 1.69% at USD94.35 a barrel on Wednesday. Nymex oil futures were likely to find support at USD91.65 a barrel, Monday's low, and resistance at USD94.81 a barrel, Wednesday's high.

The Federal Reserve Bank of Philadelphia reported earlier that its manufacturing index improved to 9.4 in January from 6.4 in December. Analysts had expected a reading of 8.6, and the upbeat reading sparked hopes for more robust activity in the nation's factories will hike demand for energy.

Indicators of future activity moderated, the report added, though they continued to indicate general optimism concerning economic growth over the next six months, which sent oil trimming earlier losses.

Supply concerns sent oil dipping earlier.

Recent talks among the U.S., Russia, China, Britain, Germany, France and Iran ended in agreement on a six-month deal that will limit advancements in Iran's nuclear program in exchange for easing economic sanctions against Tehran starting Jan. 20.

In November, Iran pledged to eliminate its stocks of 20% enriched uranium within six months and limit the enrichment of uranium to 5%.

Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels of oil per day from the global market over the past two years.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery were down 0.14% and trading at USD106.13 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD11.93 a barrel.

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U.S. stocks edge lower on earnings; Down slides 0.39%

Investing.com - U.S. stocks ended Thursday mixed to lower after Goldman Sachs, Citigroup and other big companies released quarterly earnings that fell short of market expectations.

At the close of U.S. trading, the Dow Jones Industrial Average fell 0.39%, the S&P 500 index fell 0.13%, while the Nasdaq Composite index rose 0.09%.

Goldman Sachs earlier released fourth-quarter results that revealed profits contracted 21% though the bank did meet and even beat many analysts' expectations, while Citigroup reported net earnings that missed consensus forecasts.

Earnings from technology retailer Best Buy and railroad operator CSX also fell short of market expectations and helped push broader stock indices down as well.

Elsewhere, government data revealed earlier that the U.S. consumer price index rose by 0.3% in December, in line with forecasts after holding flat in November.

Core consumer prices, which are stripped of volatile food and energy costs, inched up 0.1% last month, also meeting estimates. Core consumer prices rose 0.2% in November.

The country's year-on-year inflation rate expanded by 1.5%, still below the Fed's 2.0% target.

Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to 9.4 in January from 6.4 in December. Analysts had expected a reading of 8.6.
Indicators of future activity moderated, the report added, but they continued to indicate general optimism concerning economic growth over the next six months, which gave stocks some support.

Also on Thursday, the U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Jan. 11 declined by 2,000 to 326,000 from the previous week's revised total of 328,000. Analysts had expected U.S. jobless claims to hold steady last week

Leading Dow Jones Industrial Average performers included McDonald's, up 0.57%, Verizon, up 0.55%, and AT&T, up 0.46%.

The Dow Jones Industrial Average's worst performers included UnitedHealth, down 2.76%, Goldman Sachs, down 2.18%, and Wal-Mart Stores, down 1.18%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.58%, France's CAC 40 fell 0.30%, while Germany's DAX 30 fell 0.17%. Meanwhile, in the U.K. the FTSE 100 finished down 0.07%.

On Friday, the U.S. is to wrap up the week with the closely watched preliminary reading of the University of Michigan consumer sentiment index. The U.S. is also to release data on building permits, housing starts and industrial production.

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Natural gas futures extend gains on expectations for bullish supply data

Investing.com - Natural gas futures carried Monday's robust gains into Tuesday as speculation remained firm that a recent blast of arctic air will take its toll on inventories.

On the New York Mercantile Exchange, natural gas futures for delivery in February traded at USD4.369 per million British thermal units during U.S. trading, up 2.21%. The commodity hit session high of USD4.381 and a low of USD4.288.

The February contract settled up 5.45% on Monday to end at USD4.274 per million British thermal units. Natural gas futures were likely to find support at USD4.119 per million British thermal units, Monday's low, and resistance at USD4.428, the high from Jan. 7.

A recent blast of cold air sent temperatures falling dangerously low in recent days, and energy markets were betting Tuesday the weather will take its toll on supplies.

Early withdrawal estimates for this Thursday's storage data range from 250 billion cubic feet to 339 billion cubic feet. The five-year average change for the week is a decline of 159 billion cubic feet.

The largest drop on record is a decrease of 285 billion cubic feet in the seven days ended Dec. 13, Energy Information Administration data show.

Natural gas supplies fell by 157 billion cubic feet last week to hit 2.817 trillion cubic feet, approximately 16% below last year's unusually high level and nearly 10% below the five-year average for this time of year.

Meanwhile, updated weather forecasting models called for below-normal temperatures in the week ahead.

A warming trend currently in place will give way to reinforcing shots of below-normal temperatures, which should hike demand for natural gas at the country's thermal power plants as businesses and homes ramp up heating.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in March were up 0.67% and trading at USD92.63 a barrel, while heating oil for February delivery were down 0.08% and trading at USD2.9308 per gallon.

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Crude oil gains as U.S. retail sales advance, though Iran deal weighs

Investing.com - Oil prices rose on Tuesday after data revealed U.S. retail sales came in stronger than expected in December, which investors viewed as sign the U.S. economy continues to recover and will demand more fuel and energy going forward.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD93.00 a barrel during U.S. trading, up 1.07%. New York-traded oil futures hit a session low of USD91.74 a barrel and a high of USD93.08 a barrel.

The March contract settled down 1.01% at USD92.01 a barrel on Monday. Nymex oil futures were likely to find support at USD91.65 a barrel, Monday's low, and resistance at USD93.09 a barrel, Monday's high.

The Commerce Department reported earlier that U.S. retail sales rose 0.2% in December, beating expectations for a 0.1% increase.

Core retail sales, which exclude automobile sales, expanded by 0.7% in December, well above forecasts for a 0.4% increase.

Energy markets applauded the news, as consumer spending drives over 70% of the U.S. economy.

Capping gains, however, were prospects that an end to an Iranian nuclear standoff may open the door to increased global supply.

Weekend talks among the U.S., Russia, China, Britain, Germany, France and Iran ended in agreement on a six-month deal that will limit advancements in Iran's nuclear program in exchange for easing economic sanctions against Tehran starting Jan. 20.

In November, Iran pledged to eliminate its stocks of 20% enriched uranium within six months and limit the enrichment of uranium to 5%.

Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels of oil per day from the global market over the past two years.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery were down 0.25% and trading at USD105.71 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD14.01 a barrel.

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Gold futures extend gains on poor U.S. December jobs report

Investing.com - Gold futures carried Friday's gains into Monday, buoyed by data revealing that the U.S. economy added way fewer payrolls in December than expected, which fueled expectations for the Federal Reserve to scale down its bond-buying program at a very gradual pace.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,252.80 a troy ounce during U.S. trading, up 0.47%, up from a session low of USD1,243.20 and off a high of 1,254.20.

The February contract settled up 1.42% at USD1,246.90.

Futures were likely to find support at USD1,217.80 a troy ounce, Wednesday's low, and resistance at USD1,237.30, the high from Dec. 10.

The Bureau of Labor Statistics on Friday reported that the U.S. economy added 74,000 jobs in December, well below expectations for a 196,000 increase and below an upwardly revised 241,000 rise the previous month.

The report also showed that the U.S. unemployment rate fell to 6.7% in December due to a weak participation rate, down from 7.0% in November. Analysts had expected the rate to remain unchanged last month.

The numbers weakened the dollar by fueling expectations for the Federal Reserve to trim its USD75 billion monthly bond-buying program at a slower pace than once expected.

Fed asset purchases tend to weaken the dollar by suppressing long-term interest rates, thus making gold an attractive hedge.

Gold saw added demand ahead of Tuesday's release of U.S. retail sales, with concerns that a disappointing figure just days after a poor jobs report will increase the chances of a more gradual Fed tapering.

Capping gold's gains were sentiments among many that the December jobs report may be an anomaly and the product of bad winter weather that put off hiring.

Meanwhile, silver for March delivery was up 0.91% and trading at USD20.408 a troy ounce, while copper futures for March delivery were down 0.07% and trading at USD3.339 a pound.

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Dollar slumps but narrows losses on jobs data, braces for retail report

Investing.com - The greenback traded lower against major currencies on Monday thought it narrowed its losses as investors avoided the currency after the U.S. December jobs report disappointed and rekindled expectations for the Federal Reserve to take its time dismantling stimulus programs.

U.S. trading on Monday, EUR/USD was up 0.01% at 1.3670.

The Bureau of Labor Statistics on Friday reported that the U.S. economy added 74,000 jobs in December, well below expectations for a 196,000 increase and below an upwardly revised 241,000 rise the previous month.

The report also showed that the U.S. unemployment rate fell to 6.7% in December due to a weak participation rate, down from 7.0% in November. Analysts had expected the rate to remain unchanged last month.

The numbers weakened the dollar by fueling expectations for the Federal Reserve to trim its USD75 billion monthly bond-buying program at a slower pace than once expected, though by Monday, sentiments grew that overall, the U.S. economy continues to recover and still remains in less need of monetary support.

Investor opinions that the December jobs report may be an anomaly and the product of bad winter weather that put off hiring also cushioned the greenback's declines.

Fed asset purchases tend to weaken the dollar by suppressing long-term interest rates, and expectations for further tapering of such ultra-loose policies tend to strengthen the greenback.

Still, the dollar remained under pressure amid uncertainty ahead of Tuesday's release of U.S. retail sales, with concerns that a disappointing figure just days after a poor jobs report will increase the chances of a more gradual Fed tapering.

The greenback was up against the pound, with GBP/USD down 0.61% at 1.6382.

The dollar was down against the yen, with USD/JPY down 1.17% at 102.95, and down against the Swiss franc, with USD/CHF down 0.31% at 0.8996.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.35% at 1.0855, AUD/USD up 0.68% at 0.9058 and NZD/USD trading up 0.80% at 0.8370.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.14% at 80.62.

On Tuesday, the U.S. is to produce data on retail sales as well as data on import prices and business inventories.

Also Tuesday, Federal Reserve Bank of Philadelphia President Charles Plosser and Dallas Fed President Richard Fisher are to speak.

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Man City face anxious wait over 'serious' Nasri injury

REUTERS - Manchester City midfielder Samir Nasri suffered a "serious" knee injury after being scythed down by Newcastle United defender Mapou Yanga-Mbiwa late in their 2-0 win at St James' Park on Sunday.

"It should have been a red card for the tackle by Yanga-Mbiwa on Samir Nasri," City manager Pellegrini told reporters. "A direct red card - we didn't have any extra help from the referee today.

"Nasri has a serious injury with his knee - it was directly a red card. Maybe it's medial ligaments. We'll see tomorrow what happens with him."

The 26-year-old French international, who should be named in France's World Cup squad this year, was writhing in pain on the pitch before being carried off on a stretcher after a six-minute stoppage in play as he was treated.

He left the ground on the team coach with his knee in a brace and his immediate future in doubt after the hack which earned Yanga-Mbiwa only a yellow card from referee Mike Jones who endured a torrid afternoon.

Earlier, he incensed Newcastle manager Alan Pardew by overruling his assistant to disallow Cheick Tiote's 20-metre volley, ruling that Yoan Gouffran had unsighted City keeper Joe Hart.

Pardew said the goal should have stood because Gouffran did not unsight the keeper even if he was in an offside position.

City won with goals from Edin Dzeko after eight minutes and Alvaro Negredo five minutes into the stoppage time added for Nasri's treatment.

The result took City back to the top of the Premier League, at least until Arsenal play Aston Villa on Monday.

(Reporting by Mike Collett, editing by Ed Osmond)

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Obama says U.S. to give 'modest relief' on Iran sanctions

WASHINGTON (Reuters) - President Barack Obama said the United States and other nations would begin to give Iran "modest relief" on economic sanctions as long as Iran lives up to its end of an agreement reached on Sunday to start implementing a nuclear deal.

Obama said he would veto any new sanctions passed by the U.S. Congress during talks on a long-term deal with Iran, but said the United States would be ready to increase its sanctions if Iran fails to abide by the agreement.

(Reporting by Roberta Rampton; Editing by Leslie Adler)

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Hoardings against AAP leaders in Amethi ahead of rally

Hoardings against AAP leaders, including Delhi Chief Minister Arvind Kejriwal, have sprouted across Amethi ahead of the party's 'Jan Vishwas' rally on Sunday, prompting it to demand additional security.

Also Read: Raje's austerity measures to give competition to AAP govt

Posters and hoardings have been put up by Rashtriya Rashtravadi Party at several places accusing the top three leaders of Aam Admi Party -- Kejriwal, Manish Sisodia and Kumar Vishwas -- of being "anti-national".

Local district convenor of AAP Hanuman Singh along with 20 others on Saturday met district magistrate Jagatraj Tewari to demand additional security for the rally at the Ramlila Ground which would be addressed byVishwas, expected to contest on the seat against Congress sitting MP, Rahul Gandhi.

In its memorandum, AAP expressed its apprehension that some political parties might try to disrupt the rally and violate peace and order.

On contacting Rashtriya Rashtravadi Party chief Prakash Chandra, he alleged that the body of AAP worker Santosh Koli in Noida was wrapped in the Indian tri-colour on August 7 last year which amounts to showing disrespect to the national flag. He added that a petition against it has also been filed in the Lucknow bench of Allahabad High Court.

Chandra said that his party would oppose all those responsible for such an "anti-national" act and indicated that Sunday's rally would also be opposed.

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WD moves eastwards, rain expected in East and Northeast India

The Western Disturbance as an upper air cyclonic circulation over Jammu & Kashmir and neighbouring areas continues to bring rain in the foothills of Himachal Pradesh and Uttarakhand. As the system is moving away eastwards, there will be significant reduction of precipitation in the form of rain and snow, in the next 24 hours.

Rain in North India

On Friday, rain and snow occurred in few parts of Jammu & Kashmir including Pahalgam which recorded 20.2 mm of precipitation. Qazigund and Batote received 8.4 mm and 3 mm of rain and snow. In Himachal Pradesh, Kullu recorded 15 mm of precipitation, Manali 6.4 mm, Kilong 6 mm, Sunder Nagar 5 mm, Solan 4 mm and Shimla 1.3 mm of rain and snow.

In Uttarakhand, Almora recorded 7 mm of precipitation, Tehri 3 mm, Pithoragarh 5.4 mm and Pantnagar 2.4 mm, in the last 24 hours.

Rain in East India

The weather in East India remained wet as Uttar Pradesh, Bihar and eastern Madhya Pradesh received good amounts of rain yesterday. Refraining from the normal course, even Nagpur in Maharashtra received traces of winter rain. Here's a list of amounts of rain in these regions-

State Name of the place Rain (in millimetres) Uttar Pradesh Allahabad 36.6 Uttar Pradesh Agra 14.5 Uttar Pradesh Kanpur 3.6 Uttar Pradesh Lucknow 2.5 Uttar Pradesh Bahraich 2 Uttar Pradesh Gorakhpur 0.8 Uttar Pradesh Bareilly 0.1 Madhya Pradesh Jabalpur 21.3 Bihar Gaya 32 Bihar Patna 6.2 Bihar Purnia 1.4 Bihar Bhagalpur 0.8  

The rain belt will travel further eastwards and cover rest of Madhya Pradesh and Bihar by tonight. The system will bring good showers in Bihar, Sub-Himalayan West Bengal, Assam, Arunachal Pradesh, Sikkim and other Northeastern states within 24 hours and reduce thereafter.

picture courtesy- firstpost

By: Skymetweather.com

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