Global Economic Data

ECB Still Sees Bond Buying Phased Out as Rates Stay on Hold – Gold Silver Reports

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The Frankfurt-based institution said it will buy 15 billion euros ($17 billion) of assets a month from October to December, and that a decision to halt the program after that continues to be contingent on incoming economic data. Policy makers reiterated that interest rates will remain at their present record lows “at least through the summer” of 2019. 

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US Dollar Grinds at Key Support Ahead of Non-Farm Payrolls (NFP)

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Gold Silver Reports (GSR) – The US Dollar continues to battle with the 95.00 level, and this most recent test comes with a bit of heightened interest: Last week saw sellers drive below the level only to be followed by buyers pushing off of the August lows into month-end. This came along with a resistance reaction at a big area in EUR/USD. Yesterday saw resistance in USD/DXY at the June and July highs around 95.53, and this adds further questions to the sustainability of US Dollar strength as we move towards the end of Q3.                    

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Federal Reserve Is Sued, Accused of Limiting Competition – Gold Silver Reports

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Gold Silver Reports (GSR) — A former Federal Reserve official is suing the Fed for blocking his plan to create a new kind of bank, saying it is putting the interests of big Wall Street banks ahead of their large customers.

The lawsuit, filed in federal court last week, accuses the Fed chairman, Jerome H. Powell, of preventing the new bank, known as TNB USA, from operating. James McAndrews, who filed the lawsuit, asserts Mr. Powell directed Fed staffers to withhold permission for his bank to open an account at the Federal Reserve Bank of New York — a necessary precursor for TNB USA to open its doors.

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