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Germany: PMI Manufacturing starts expanding in February

Preliminary German PMI Manufacturing rose to 50.3 points in February, from 49.8 points in January, according to data released today by Markit. The result is slightly above market consensus of 50.1 points.

According to Tim Moore, senior economist at Markit: “Manufacturing production remained inside growth territory during February, highlighting that the sector is firmly on track to boost German GDP over the first quarter of 2013. Stronger demand from Asian emerging markets once again fuelled the German manufacturing growth engine. February’s rise in new export orders was the fastest for just under two years and this underpinned a continued positive turnaround in total new order books from the weakness seen at the end of 2012.”

Commodities Brief – Gold capped by 200-day SMA, silver falls below $29.45

Gold prices were a notable casualty yesterday as prices have incurred yet another overall weekly decline amidst the bourgeoning signals of US economic fortitude. At this juncture, the yellow metal has competed – albeit unsuccessfully in 2013 thus far – with the USD as a safe haven, principally as a hedge against inflation, especially with mounting political turmoil in Italy. As of European trading Friday, Gold’s 200-day SMA served as temporary resistance, capping each upside attempt so far today during overnight trading. More specifically, an earlier attempt higher was stymied at the 1583.25 (session high), culminating in a pullback that now places gold at USD $1578.71 per oz. in these moments. Investors will be tuned into updates later today in the United States, in the hopes that the two partisan groups can strike a deal to allay the sweeping ramifications of the sequestration.
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