20Sep

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices headed higher on Wednesday as the dollar held steady with news flow over trade at a standstill. At 10:37 AM ET (14:37 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $4.60 or 0.38%, to $1,207.50 a troy ounce. China struck a conciliatory tone on Wednesday, as Premier Li Keqiang told a World Economic Forum conference that such disputes must be resolved through consultation, stating that it was “essential that we uphold the basic principles of multilateralism and free trade”.
  • West Texas Intermediate oil was steady in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell less than expected. Crude oil for November delivery on the New York Mercantile Exchange rose 0.83% to trade at $70.17 a barrel by 10:33 AM ET (14:33 GMT), compared to $70.16 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.057 million barrels in the week ended Sept. 14.
  • Mars Wrigley Confectionery launched a new sustainability strategy on Wednesday with the aim of combating deforestation, child labor and poverty in what it called the “broken” cocoa supply chain. U.S.-based Mars, the maker of M&Ms and Snickers, said it had revamped its cocoa strategy in an effort to tackle problems that the company and wider industry had so far failed to address.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • German Finance Minister Olaf Scholz said on Wednesday that euro zone governments should agree this year on next steps for completing their banking union in order to make the single currency bloc resilient for the next crisis. “It would be a big pity if we wouldn’t have established all the instruments necessary when it happens,” Scholz said during a panel discussion on the future of Europe in Berlin.
  • The European Commission proposed on Wednesday a foreign policy plan to improve transport, energy and digital infrastructure links with Asia but denied seeking to counter China’s ambitions that have raised suspicion in Western capitals. The plan, which would be backed by additional funds from the EU’s common budget from 2021, private sector loans and development banks, amounts to a strategic response to China’s largesse in much of central Asia and southeastern Europe, where Beijing has invested billions of dollars.
  • The euro zone needs a “sizeable” and well designed fiscal instrument to fight crises while avoiding moral hazard by member states, the president of the European Central Bank Mario Draghi said on Wednesday. “First, it should be sizeable, so that it can restore full fiscal stabilization capacity,” Draghi told an audience in Berlin. “And second, it should be properly designed so as to contain moral hazard.”

COMEX GOLD SIGNAL

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19Sep

COMEX MARKET IN MALAYSIA | GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • The initial market reaction to China’s official statement regarding the retaliatory tariffs to be imposed against the U.S. lifted the XAU/USD pair above the $1200 handle. As of writing, the pair was trading at $1202, adding 0.05% on the day. China said that import tariffs ranging from 5% to 10% on $60 billion worth of American goods will be imposed starting September 24.
  • Germany’s main carmakers’ association is optimistic about the outlook for global sales of trucks and vans, with a booming online retail sector in Europe boosting demand even as the motor industry faces growing trade barriers. The VDA association said sales of heavy-duty trucks in western European rose by 2 percent in January-July, and forecast a 2 percent increase in sales of light-duty trucks in that market for the whole of 2018, to almost 2 million vehicles.
  • Oil prices were higher on Tuesday, as Saudi Arabian officials said they are comfortable with rising Brent prices. West Texas Crude oil futures for November surged 1.35% to $69.61 a barrel as of 10:35 AM ET (14:35 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.46% to $79.19. Saudi Arabian officials said they are comfortable with Brent prices going above $80 a barrel as markets adjust to the loss of supply from U.S. sanctions.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • China will levy tariffs on about $60 billion worth of U.S. goods in retaliation for the latest round of U.S. tariffs on Chinese products, as previously planned, but has reduced the level of tariffs that it will collect on the products. The tit-for-tat measures are the latest escalation in an increasingly protracted trade dispute between the world’s two largest economies.
  •  Investors cut equity exposure this month as they grew more wary that economic growth may slow, but kept a longstanding preference for mega-cap tech stocks, Bank of America (NYSE:BAC) Merrill Lynch’s monthly survey indicated on Tuesday. BAML’s September survey found investors’ outlook on economic growth had worsened significantly, driving them to increase cash holdings.
  • High-level Nafta negotiations are set to resume in Washington as the U.S. and Canada push to reach a deal before the next deadline. Canadian Foreign Minister Chrystia Freeland will arrive in the U.S. capital Tuesday and talks with U.S. Trade Representative Robert Lighthizer are due to resume Wednesday, according to four people familiar with the plans who spoke on condition of anonymity. The Canadian dollar climbed on the news, trading 0.4 percent higher at C$1.2990 per U.S. dollar at 9:39 a.m. Toronto time.

GOLD TRADING FORECAST TODAY

 

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18Sep

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  •  Gold prices edged higher on Monday, reclaiming the key $1,200-level amid renewed fears over an escalating trade war between the world’s two largest economies. Comex gold futures were up $2.00, or 0.2%, at $1,203.10 a troy ounce by 9:00AM ET. Meanwhile, spot gold was trading at $1,200.08 per ounce, up $5.80, or 0.5%.
  • Crude prices edged higher on Monday, as looming U.S. sanctions on Iran are widely expected to lead to a tighter market. Brent crude futures, the benchmark for oil prices outside the U.S., rose 69 cents, or 0.9%, to $78.78 a barrel by 9:35AM ET. New York-traded WTI crude futures added 48 cents, or 0.7%, to $69.27 a barrel. The sanctions, which from November will include Tehran’s oil exports, are being reinstated after U.S. President Donald Trump pulled out of the Iran nuclear deal earlier this year.
  • Coffee producers are seeking urgent meetings with major customers such as Nestle, Jacobs Douwe Egberts and Starbucks (NASDAQ:SBUX) to find ways to shore up prices that have slid to 12-year lows. The World Coffee Producers’ Forum, whose members account for about 85 percent of global production, held a press conference on Monday after meeting to discuss the price crisis.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Turkish companies will no longer be required to count foreign-currency losses when assessing whether to file for bankruptcy, according to a legal change introduced at the weekend, a move that could dent productivity by propping up unhealthy companies. The move is the latest government measure to help companies squeezed by a sell-off in the Turkish lira this year, and highlights the difficulty firms, and banks, face in what analysts say is likely to be a wave of debt restructuring.
  • The International Monetary Fund has held productive meetings with Argentina aimed at revamping the country’s standby loan agreement, the IMF said on Monday, while the government prepares to send its 2019 budget bill to Congress. The measure is expected to include new spending cuts aimed at erasing Argentina’s primary fiscal deficit next year. In June the government signed a $50 billion standby deal that included a fiscal shortfall of 1.3 percent of gross domestic product.
  • The U.S. Federal Reserve said on Monday that Richard Clarida has been sworn in as a member of its board of governors and as vice chairman, the second most powerful position at the central bank. The oath of office was administered by Fed Chairman Jerome Powell on Monday, the Fed said in a statement. Clarida had been confirmed by the Senate late last month.

COMEX GOLD SIGNAL

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17Sep

COMEX MARKET IN MALAYSIA | GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices were lower on Friday after the greenback rallied from an earlier loss. Comex gold futures for December delivery decreased 0.51% to $1,202.00 a troy ounce as of 11:21 AM ET (15:21 GMT). Disappointing data on Thursday and Friday increased concern that the Federal Reserve could ease its stance on monetary policy. U.S. retail sales barely registered any gains in August, while consumer prices rose less than expected.
  • Fewer ships from China and the United States could use the Panama Canal if trade tensions escalate between the two economic giants, but the dip could be offset by grain exports from north Brazil, the head of the organization that operates the waterway said. The canal, which cuts through Panama creating an essential shipping route between the Atlantic and Pacific oceans, is a major source of revenue for the central American country.
  • California Governor Jerry Brown on Friday pledged to launch a satellite that will track and detect the sources of climate pollutants, his state’s latest effort to challenge the Trump administration’s skepticism about the science of climate change. Brown, who was nicknamed “Governor Moonbeam” during his first stint as governor in the 1970′s in part because of a proposal he made at the time to launch an emergency communications satellite for the state, said California was teaming up with earth imaging company Planet Labs to develop the technology.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • Greece plans to further loosen capital controls soon and is on track to lift all restrictions imposed three years ago, its finance minister said on Saturday. “We will have new easing (of capital controls) very soon,” Euclid Tsakalotos was quoted as saying in an interview with Naftemporiki newspaper, without specifying when.
  • Trade and investment ministers from G20 countries meeting in Argentina said there was an “urgent need” to improve the World Trade Organization, a joint statement issued from the summit said on Friday. With U.S. President Donald Trump readying tariffs on another $200 billion in Chinese goods, the ministers said they were “stepping up the dialogue” on international trade disputes, according to the statement. It did not provide any details of possible WTO reforms or how dialogue on trade was being increased.
  • U.S. President Donald Trump has directed aides to proceed with tariffs on about another $200 billion of Chinese goods, despite Treasury Secretary Steven Mnuchin’s attempts to restart trade talks with China, a source familiar with the matter said on Friday. The timing for activating the additional tariffs was unclear. The green light for the tariffs, first reported by Bloomberg, initially dragged U.S. stocks lower, fueled drops in the Chinese yuan in offshore trading and gains in the dollar index.

GOLD TRADING FORECAST TODAY

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17Sep

Malaysia Stock Market Today

The FBM KLCI index gained 11.16 points or 0.62% on Friday. The Finance Index increased 0.64% to 17923.44 points, the Properties Index dropped 0.04% to 1003.51 points and the Plantation Index rose 0.83% to 7551.86 points. The market traded within a range of 15.29 points between an intra-day high of 1804.89 and a low of 1789.60 during the session.

Actively traded stocks include SAPNRG, HSI-C3Q, MYEG, QES, HIBISCS, PWORTH, VELESTO, VC, HSI-H4I and SUMATEC. Trading volume increased to 2683.70 mil shares worth RM2483.46 mil as compared to Thursday’s 2379.54 mil shares worth RM2575.62 mil.

17sept

Leading Movers were DIGI (+14 sen to RM4.78), RHBBANK (+15 sen to RM5.52), CIMB (+14 sen to RM6.23), PMETAL (+9 sen to RM4.77) and IOICORP (+7 sen to RM4.54). Lagging Movers were MAHB (-4 sen to RM9.00), HLFG (-8 sen to RM19.42), HAPSENG (-3 sen to RM9.86), HARTA (-2 sen to RM6.68) and GENTING (-6 sen to RM8.01). Market breadth was positive with 589 gainers as compared to 302 losers.

The KLCI continued its momentum and closed higher at 1803.76 points amid overnight gains in US markets. The performance of our local bourse was in line with most of our regional peers on hopes for China-US trade talks

 


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13Sep

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices drifted lower on Wednesday, briefly falling below the key $1,200-level, as investors awaited further developments in the ongoing trade spat between the U.S. and its major trading partners. Comex gold futures were down around 20 cents at $1,202.00 a troy ounce by 10:20AM ET (1520GMT). Meanwhile, spot gold was trading at $1,196.64 per ounce. It touched its lowest since Aug. 24 at $1,187.21 on Tuesday.
  • OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group’s efforts to support the market next year. In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast.
  • West Texas Intermediate oil extended gains in North American trade on Wednesday, after weekly data showed that oil supplies in the U.S. registered a larger-than-expected draw. Crude oil for October delivery on the New York Mercantile Exchange $1.37 cents, or 1.92%, to trade at $70.62 a barrel by 10:33 AM ET (14:33 GMT) compared to $70.42 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 5.296 million barrels in the week ended September 7.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • Vietnam should be more flexible in handling its exchange rate, and is on track to cut its public debt to about 60 percent of gross domestic product by 2020, its finance minister said in an interview on Wednesday. The dong currency has weakened 2.5 percent this year, which traders say stems from the U.S-China trade war, and remains near a record low against the U.S. dollar hit last month. Vietnam’s central bank has been building up U.S. dollar reserves to shore up the dong, which experts have advised should be allowed to depreciate more and better reflect market conditions.
  • Britain will remain a major hub for global finance, regardless of what happens with Brexit, a senior Bank of England official said in an interview published by Wales media group WalesOnline on Wednesday. Alex Brazier, the central bank’s executive director for financial stability strategy and risk, said during a visit to Cardiff said it was hard to predict what exactly would happen if Britain left the European Union next year without a trade deal.
  •  New York has overtaken London as the world’s most attractive financial center, a survey said on Wednesday, as Britain’s decision to leave the European Union prompts banks to shift jobs out of the city to preserve access to Europe’s single market. Brexit poses the biggest challenge to the City of London’s finance industry since the 2007-2009 financial crisis, since it might mean banks and insurers lose access to the EU, the world’s biggest trading bloc.

COMEX GOLD SIGNAL

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13Sep
shutterstock_331853588

Epic Research| Forex Report

INTERNATIONAL CURRENCY BUZZ

Forex – U.S. Dollar Falls on Disappointing PPI Data
Forex – Sterling down on report of potential leadership challenge to UK’s May
Forex – EUR/USD regains traction and tests 1.1600 post-US PPI

EUR/USD

Spot bounced to the boundaries of the critical 1.1600 handle after US headline Producer Prices surprised markets to the downside in August, contracting for the first time after 18 months at a monthly 0.1% and expanding 2.8% on a yearly basis. In addition, Core Producer Prices dropped 0.1% inter-month and gained 2.3% over the last twelve months, both prints coming in below expectations. In the meantime, the lack of a clear direction and absence of relevant catalysts today keep motivating spot to extend the multi-day sideline theme, while cautiousness among traders is seen growing bigger in light of the upcoming ECB meeting (Thursday). EUR/USD keeps the familiar range so far on Wednesday, navigating the boundaries of the 1.1600 handle in the wake of the release of August’s US Producer Prices. At the moment, the pair is losing 0.12% at 1.1592 and a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15).

GBP/USD

Sterling fell on Wednesday after reports of a potential leadership challenge to Prime Minister Theresa May and as realism set in about how far there remains to go before Britain can agree a Brexit trade deal. The pound fell a quarter of a percent to as low as $1.2994 against the dollar after the BBC reported a group of about 50 lawmakers in May’s government had met to discuss how and when they could force her out of her job. These lawmakers have condemned May’s plans for Britain to remain in a free trade zone for goods with the EU after it leaves the bloc in March, 2019. The pound later recovered to trade flat at $1.3028, while against the euro the British currency was largely unmoved, at 89.010 pence per euro (EURGBP=D3). In choppy trading in recent days, sterling had hit five-week highs of $1.3087 on renewed hopes of a speedy Brexit deal with Brussels.

13orex

12Sep

COMEX MARKET IN MALAYSIA | GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices were driven lower on Tuesday as the U.S. dollar rallied amid Sino-U.S. trade tensions. Comex gold futures for December delivery fell 0.23% to $1,197.10 a troy ounce as of 10:25 AM ET (14:25 GMT). U.S. President Donald Trump threatened on Friday to impose tariffs on almost all Chinese imports, or about $467 billion in goods. Meanwhile, China is planning to ask the WTO for permission to impose sanctions on the U.S., according to a WTO meeting agenda.
  • Oil prices rose on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output. Benchmark Brent crude oil (LCOc1) was up 40 cents at $77.77 a barrel by 0950 GMT. U.S. light crude (CLc1) was up 5 cents at $67.59. “The path of least resistance for oil prices, given the supply fundamentals, remains up,” Harry Tchilinguirian, oil strategist at BNP Paribas (PA:BNPP), told Reuters Global Oil Forum.
  • “Push the steel mills out of the city center and turn it into a modern, habitable place to live in,” reads a banner hung across the boarded-up offices of Guofeng Iron and Steel Co in the center of Tangshan, China’s top steelmaking city. Behind the gates of the factory, surrounded by a hospital, a shopping mall and high-rise apartment blocks, workers and bulldozers were busy on a recent visit tearing down furnaces as part of a 38 billion yuan ($5.5 billion) plan to move to a new industrial park 60 kilometers (37 miles) away.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • The wrong Brexit deal could cost tens of thousands of jobs, the boss of Britain’s biggest carmaker Jaguar Land Rover warned on Tuesday, saying he had no idea whether his plants would be able to operate after Britain leaves the European Union next year. Ralf Speth also said that the company would not be able to build cars if customs checks meant that the motorway to and from the southern English port of Dover, which is used to transport components, becomes a “car park” due to snarl-ups.
  • It is an image that became a symbol of the global financial crisis — about 20 bankers, their backs turned to the window, attending an emergency meeting at the London office of Lehman Brothers as the firm slid toward collapse. Gwion Moore, one of those pictured in the Reuters photograph taken on Sept. 11, 2008, recalled how the growing sense of panic in financial markets contrasted with the mood inside the building at the time. “
  • A whistleblower fighting extradition to Switzerland for leaking details of thousands of clients of HSBC’s (L:HSBA) private bank there said on Tuesday his actions had played a key role in helping other European countries uncover tax frauds. Spain’s High Court is considering Switzerland’s second extradition request against Herve Falciani, a French citizen who worked for HSBC, over alleged industrial sabotage in 2008.

GOLD TRADING FORECAST TODAY

 

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11Sep

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices were flat on Monday amid expectations of a Federal Reserve rate hike and trade war tensions lowered investor sentiment. Comex gold futures for December delivery fell 0.08% to $1,199.40 a troy ounce as of 4:43 AM ET (8:43 GMT). The price of gold was flat as Friday’s upbeat jobs repor increased expectations of a Fed rate hike in September. Expectations of higher interest rates tend to boost the dollar by making the currency more attractive to yieldseeking investors.
  • Oil prices rose on Monday as U.S. drilling stalled and as investors anticipated lower supply once new U.S. sanctions against Iran’s crude exports kick in from November. Benchmark Brent crude oil rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.85 by 0900 GMT. U.S. light crude was 70 cents higher at $68.45.
  • Plans for a deal under which Russia and Kazakhstan are to supply wheat to Iran have stalled as “no progress” has been made in its financing, the secretary general of the Iran Federation of Food Industry Associations said. Talks on the deal began six months ago. It would see Russia and Kazakhstan supplying wheat to Iranian flour millers, who in turn would supply flour to Iraq — a market dominated by Turkey.

COMEX GOLD SIGNAL

ECONOMY NEWS

  • European Union trade chief Cecilia Malmstrom met her U.S. counterpart for the first time on Monday since President Donald Trump dropped his threat to impose tariffs on EU cars, saying they had discussed how to achieve concrete results soon. Malmstrom hosted United States Trade Representative Robert Lighthizer in Brussels on Monday. The two are set to meet again at the end of September.
  • Economists say the country is close to full employment, but pay gains for American workers have been flat since 2015. Even last week’s upward blip in wage growth could be wiped out by inflation. Yet Americans haven’t been this optimistic about future pay raises since the century began, according to the Conference Board’s monthly surveys.
  • Turkish economic growth slowed to 5.2 percent year-on-year in the second quarter, data showed on Monday, in what officials described as an “economic rebalancing” before an expected second-half slowdown as Turkey grapples with a currency crisis. President Tayyip Erdogan has overseen strong growth during his 15 years in power but the economy is now facing challenges after a sharp decline in the lira, triggered partly by concerns about his influence over monetary policy.

COMEX GOLD SIGNAL

 

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11Sep
Forex

Epic Research| Forex Report

INTERNATIONAL CURRENCY BUZZ

Forex – U.S. Dollar Inches Down as Trade Tensions Weigh
Forex – GBP/USD leaps above 1.30 on Barnier comments
Forex – EUR/USD looks to 1.1600 post-Eurozone Sentix

EUR/USD

The bulls are in charge in the European session, propelling the EUR/USD pair to takeout the 20-DMA barrier located at 1.1573, as they await fresh impetus for further upside targets. The spot is trying hard to take on the recovery from fresh three-week lows of 1.1526 reached in early Europe, as the US dollar appears to have found some support across its main competitors, after having witnessed a sharp corrective drop from three-day tops at 95.56. Meanwhile, downbeat Eurozone Sentix investor confidence data could also add weight on the common currency. The Eurozone Sentix investor confidence arrived at 12.0 in September versus 14.3 expected. From a broader perspective, the major remains exposed to further downside risks, as the monetary policy divergence between both the continents is back in play after Friday’s solid US NFP data suggests a faster pace of Fed tightening in the coming months.

GBP/USD

The GBP/USD pair gained more than 100 pips in a matter of minutes after the EU’s Chief Brexit Negotiator, Michel Barnier, delivered optimistic comments surrounding the divorce talks with the UK. At the moment, the pair is trading at its highest level in ten days at 1.3035, adding nearly 1% on the day. Speaking at a conference in Bled, Slovenia, Barnier stated that they were close to reaching an agreement on the UK-EU security ties and added that it would be realistic to expect an orderly Brexit deal in 6-8 weeks. Regarding the Chequers plan, Barnier refuted the claims that it was rejected by the EU and said that it was useful. Earlier in the day, the data from the UK showed that manufacturing production contracted by 0.2% on a monthly basis in July while the industrial production only expanded by 0.1% in the same period and both readings fell short of the analysts’ estimates. On a positive note, the monthly real-GDP growth came in at 0.2% in July to beat the market consensus of 0.2%.

 

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