All quiet on the Western front as regards US economic data for the next two days, after a series of conflicting reports this week. A fall in pending home sales, a fall in durable goods (including ex transports) alongside stable mortgage applications and conflicting confidence figures were 'taper off'. On the flip side, another strongish Chicago PMI (inventory build the big plus here), and jobless claims continuing their downward trend were positive reads. With US budget discussions making their way back into the headlines next week, further confusion to the outlook re the Fed can't be ruled out. So far though, markets aren't showing much sign of concern and continue to power on, with the Dow, S&P and NASDAQ all up again. Unsurprisingly, the continued rally in risk assets is denting demand for gold, which failed to hold USD $1250 overnight. All eyes on Zeeee Germans tonight with CPI and unemployment due.
ABC Bullion Chief Economist. Gold bull since early 2000s, have spent +20yrs working in investment analytics, research & portfolio construction. Author of two books on investing in gold and causes of the GFC. Lover of markets, competition & technology