ADP, Beige Book and Gold

The major U.S indices closed mixed yesterday after being pulled in opposite directions for most of the session. The three major events that sparked movement on the trading day were the ADP result, Beige Book Release and Gold’s continuation, touching a new high for the year.

The ADP result was the first to take the stage, showing that the employment situation in the private sector had once again disappointed. The number showed a negative 169 thousand jobs – a larger number than the prior 160 thousand. Even though the number came out worse than expected, it was better than some of the figures released earlier this year. One must note that the ADP result is usually scrutinized by investors as it can provide a clue to the NFP result, scheduled to be released tomorrow.

Throughout the session the Beige book showed that economic conditions had “firmed” over the last 6 weeks. According to the report, economic conditions in Texas and parts of two neighboring states had firmed, but there are still significant problems in the rest of the economy. Commercial real estate is showing weakness, while the financial sector is still dealing with its share of problems.

Gold also had an indirect influence on the stock market Wednesday, as commodity stocks helped to bring the S&P500 back to its starting point. According to Reuters, gold hit record highs of over $1225 an ounce as precious metals continued to attract investors, looking for an alternative to the depreciating Dollar. Furthermore, some analysts are concerned that the hidden problems in the U.S economy, including an enormous deficit, will lead to higher gold prices.

Stocks finished the session unchanged with the S&P500 up by 0.03%. The Nasdaq closed with a 0.42% gain.


Read the full article at Dodjit.com

What is forex trading offer you? Forex trading system offer is so simple. Forex is easy to learn and you can start your trade with as little deposit such as $200. In forex, you can have unlimited earnings potential due to an incredibly huge market. You can work from anywhere in the world, all you need is a personal computer with internet access. I am doing trading with forex broker BPRIMES. Their comprehensive Affiliate program is designed to maximize your revenues and turn your traffic into high-quality, active traders that build your business through one of the most lucrative Affiliate rebate packages around.

Forex broker is the most important part of Forex trading and that is why we the traders should select our broker very carefully. Don’t make quick decision. Keep patience and try to work with the regulated broker that is safe for trading business. Forex4you is one of the regulated trading platforms. They always protect their client’s funds. I always feel very safe with them and can complete my trade on just time.