Euro nudges ‘higher’ after early losses; US data drags greenback

Sterling pound gains in volatile trade

index fell to the lowest level since November 2012, sliding more than the forecasted 0.0, to -3.6, from 6.9 the previous month. Furthermore, a separate gauge of current conditions slid to 3.2 this month from 25.4 in September, and considerably below economists forecast of 18.0. The lowest level in 4-years.

United Kingdom

Claimant Count Change The United Kingdoms’ unemployment fell more than expected, to the lowest level in 6-years. The jobless rate dropped to 6% in the three months through August, from 6.2% the previous period.

Furthermore, jobless claims fell the least since April 2013 in September, and the economy created jobs at the slowest pace in more than a year in the last quarter. As manufacturing and services cooling off, and Euro area endures a severe slump, hopes for a raise interest rate from the Bank of England are diminishing.

Commodities

Oil Drops Dramatically Oil declined sharply since the beginning of October, as OPEC oil production increased by 810,000 barrels per day (bpd), with more than half of this increase came from Libya, which has managed to ramp up production despite increasing domestic tensions and uncertainty. Another factor that contributed to the drop of oil prices is the lower on demand that was stimulated from weaker growth from around the world.

The International Energy Agency forecasts the slowest consumption growth since 2009. Oil prices collapsed into a bear market as shale supplies boost US output to the most in almost 30 years, while Kuwait and Saudi Arabia halted production at a jointly run oil field in an effort to ease the supply in the market, that has pushed oil prices down by 25%. The shutdown comes as some OPEC members face increasing pressure to scale back production while supply expands from the US and demand growth slows.

Kuwait

Kuwaiti Dinar at 0.28870 The USDKWD opened at 0.28870 on Sunday morning.