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Operation Twist: New York Fed purchases $1.830 billion in Treasury coupons.

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Morning Snapshot

02-Aug (USAGOLD) — Gold has turned more defensive, falling back below $1600 after the ECB failed to live up to expectations set by Mario Draghi himself when he said last week that ” the ECB is ready to do whatever … Continue reading

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ECB left refi rates unchanged at 0.75%, in-line with expectations. Draghi presser underway. Expectations & risk of disappointment both high.

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BoE left base rate unchanged at 0.50%, in-line with expectations. QE steady at £375 bln. No statement.

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Gold higher at 1606.55 (+4.59). Silver 27.543 (+0.103). Dollar slips. Euro rebounds. Stocks called higher. Treasurys steady to lower.

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US Manufacturing ISM ticked up to 49.8 in Jul, below expectations of 50.0, vs 49.7 in Jun.

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US construction spending +0.4% in Jun, in-line with expectations, vs upward revised +1.6% in May.

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US Markit PMI – Manufacturing slipped to 51.4 in Jul, below market expectations of 51.8, vs 51.8 in Jun.

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US ADP payrolls survey +163k in Jul, above market expectations of +120k vs negative revised +172k in Jun.

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Gold lower at 1608.00 (-4.95). Silver 27.685 (-0.255). Dollar easier. Euro steady. Stocks called higher. Treasurys steady to lower.

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Operation Twist: New York Fed purchases $4.778 billion in Treasury coupons.

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US consumer confidence jumped to 65.9 in Jul, above expectations of 62.0, vs upward revised 62.7 in Jun.

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Chicago ISM rose to 53.7 in Jul, above expectations of 52.5, vs 52.9 in Jun.

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US S&P/Case-Shiller 20-City Home Price Index (nsa) rose 2.3% in May to 139.0, vs 135.9 in Apr.

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US Q2 ECI +0.5% q/q, in-line with expectations, vs +0.4% q/q in Q1; 1.7% y/y pace, down from 1.9% y/y in Q1.

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US personal income +0.5% in Jun, above expectations of +0.2%, vs positive revised +0.3% in May; PCE UNCH, vs negative revised -0.1% in May.

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Gold firm at 1625.37 (+4.17). Silver 28.264 (+0.164). Dollar soft. Euro better. Stocks called higher. Treasurys mostly higher.

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Operation Twist: New York Fed purchases $1.804 billion in Treasury coupons.

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A currency without a country — resurrecting a very old, but worthwhile post on the euro and EU

“The euro is like a bumblebee. This is a mystery of nature because it shouldn’t fly but instead it does. So the euro was a bumblebee that flew very well for several years. And now – and I think people … Continue reading

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US Treasury Secretary Geithner meeting separately with German FinMin Schäeuble and ECB president Draghi today. No announcement expected.

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Gold easier at 1616.81 (-5.89). Silver 27.61 (-0.11). Dollar firms. Euro slips. Stocks called mixed. Treasurys mostly higher.

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Morning Snapshot

27-Jul (USAGOLD) — Gold extended to new 5-week highs in early New York trading, spurred by a statement issued by German chancellor Merkel and French President Hollande that echoed yesterday’s comment by ECB President Draghi, that they are prepared to … Continue reading

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Operation Twist: New York Fed sells $7.930 billion in Treasury coupons

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US GDP slowed to +1.5% in Q2 (advance), in-line with expectations, vs +2.0% (revised from +1.9%) in Q1.

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Gold higher at 1621.84 (+8.29). Silver 27.63 (+0.168). Dollar defensive. Euro better. Stocks called higher. Treasurys mostly lower.

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US NAR pending home sales index -1.4% in Jun to 99.3, vs negative revised 100.7 in May.

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Operation Twist: New York Fed purchases $1.810 billion in Treasury coupons.

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US durable goods orders +1.6% in Jun, well above expectations of +0.5%, vs upward revised +1.6% in May; ex-trans -1.1%.

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US initial jobless claims -35k to 353k for week ended 21-Jul, well below expectations of 380k, vs upward revised 388k in previous week.

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Gold higher at 1618.30 (+15.70). Silver 27.683 (+0.403). Dollar falls. Euro bid. Stocks called higher. Treasurys steady to lower.

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