Tuesday, November 03, 2009

Quick Overview

  • The Federal Reserve begins its two-day meeting today and is expected to keep the federal funds rate unchanged.

  • U.S. Factory orders rose 0.9% in September, better than expected.

  • Australia increased its interest rate from 3.25% to 3.50%, as expected.

  • Gold has hit an all-time high of USD 1,085 after it was announced that India's central bank had bought 200 MT of the stuff from the IMF in deal worth USD6.7 billion. This appears to confirm that central banks are comfortable entering the market to hold gold at over USD 1,000/oz.

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