The prices of gold and silver changed direction and rallied yesterday after they had declined in the past couple of days. Their rally coincided with the recovery of other commodities prices and stock market. The British economy (GDP) expanded by a higher than anticipated rate in the third quarter. This positive news may have eased some concerns regarding the stability of the UK. U.S core durable goods orders rose by 9.9% during last month and jobless claims declined by 23k to reach 369k during the previous week. This news may have also helped rally stocks and commodities prices. On today's agenda: German Consumer Climate, KOF Economic Barometer, First Estimate of U.S GDP 3Q 2012 (update: US GDP grew by 2%).
On Today's Agenda
First Estimate of U.S GDP 3Q 2012: In the previous estimate the U.S GDP during the second quarter expanded by 1.7%; in the 1Q2012 the GDP growth rate reached 1.9% (annual rate). This shows a fall in the growth rate for the US's GDP. If there will be a sharp shift in the growth rate from Q2 to Q3 this could affect not only the US dollar but also commodities prices.
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