The Bank of England kept its key interest rate the same this morning and reported the same level of asset purchases.

The Bank of England kept its key interest rate the same this morning and reported the same level of asset purchases. The US Jobless Claims report came in close to expectations. We remain at the status quo level and though there have been attempts to the downside gold for instance is still stuck within the recent ranges. We will need to see a real breakdown below 1176 to see the bears take any stronghold on direction. It seems the market wants to keep trying lower but buyers especially in the New York market view every dip as another opportunity to buy in at discount levels. The US dollar has not moved significantly the last couple of days and most likely is waiting on tomorrow’s Unemployment report to give direction.