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Barrie (Open On Sat 8 AM - 1 PM), Welland
02 November 2017
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The US dollar is definitely going to be in focus for the rest of the week due to the Fed meeting that ends later today, the announcement of the Fed Chair nominee by President Trump tomorrow and the October employment report to be released on Friday. Starting with the Fed meeting, it is expected to give a signal that a December hike is a very strong possibility.
Fed chair Janet Yellen’s four year term expires in February and it falls to President Donald Trump to nominate a candidate to lead the central bank for the next four years. Traditionally, presidents continue the tenure of capable Federal Reserve heads from previous administrations. But despite Trump lauding a booming U.S. economy under Yellen’s watch, the president has nominated Jay Powell as the next federal reserve chairman.
The ADP National Employment showed private-sector businesses added 235,000 jobs in the month. The service sector accounted for the bulk of the job creation, adding 150,000 jobs. Professional and business services added the most positions, up 109,000. Job losses were seen in the trade, transportation, and information sectors, as well as education.
Base Metal Update:
Copper Analysts say copper’s rally this year–the metal is up 24% since January–should continue as the global economy improves and the market experiences supply constraints. Copper broke through $7,000 a ton for the first time in three years last week, the move was based on dollar weakness and fading worries about China’s economy and policy tightening.
Aluminum In a stellar year for base metals, aluminum has led the pack. Now, producers say surging raw material costs could drive prices even higher. Alumina, the raw material used to make aluminum, has jumped 56 percent since August after China shut down some production, triggering a wave of buying by traders and aluminum smelters.
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