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February 29th, 2012
Currencies EUR/USD The EUR/USD rose 0.1 percent to $1.3487. Rising to an almost 3-month high, On speculations that European Central bank (ECB) allots of 3-year loans to banks today that will spur demand for the region’s assets.
USD/CAD fell from the opening at 0.9990 to trade at 0.9950. With the euro surging to new recent highs against the USD, all of the USD trading partners are benefitting on the weakness. Also reports show U.S. home prices fell 1.1% in December to bring the year-over-year fall to 4percent, according to the Case-Shiller home price index released Tuesday. Today’s report show durable goods fell 4 percent in January, the U.S. Commerce Department said.
Commodities Oil advanced from the lowest price in almost a week in New York on speculation that fuel demand will increase amid signs of economic recovery and concern that tension with Iran threatens global crude supplies.
Oil for April delivery increased as much as 60 cents to $107.15 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.99 at 1:37 p.m. Singapore time. The contract yesterday slipped $2.01, or 1.9 percent, to $106.55, the lowest close since Feb. 22 and the biggest drop since Jan. 20. Prices are 8.6 percent higher this month and up 10 percent in the past year.
Gold surpassed platinum as the most expensive metal used in jewelry in August for the first time since December 2008. Gold demand from jewelry makers dropped 3 percent last year, according to the World Gold Council.Gold has climbed for 11 successive years and peaked at $1,921.15 an ounce on Sept. 6 before retreating to $1,774.71 an ounce in London.
Spot Gold rose up 0.3 percent to $1,771.96 per ounce by 06:45 GMT, making a 3-month high of $1,787.11 that went to last week. Spot Gold made its highest level since middle of November.
March, 1st 2012
Currencies EUR/USD has traded in the range of 1.3454-1.3485 this morning and it holds itself above the 100-day moving average at 1.3316; it has kept above this key level since last Friday ahead of today’s much anticipated 3-year Long Term Refinancing Operation (LTRO). To the upside next immediate levels are 1.3535/1.3619 (the 61.80% retracement of the October 27th – January 13th move lower) while to the downside support should be found at 1.3408/1.3357.
US Dollar fell to 3 month low against most of its major traded currencies on Thursday after the US Federal Reserve chairman Mr. Bernanke reduced the bond buying.
The dollar index against a basket of currencies stood at 78.72, above a three-month low of 78.095 hit on Wednesday, while the euro traded at $1.3341, up slightly in Asia but hardly recovered from a loss of more than 1 percent from a high of $1.3486 on EBS on Wednesday.
USD/CAD is currently trading 0.9889 after falling to 0.9845. Federal Reserve Chairman Ben Bernanke fueled strength in the dollar, and as upbeat U.S. economic data dulled safe-haven demand for the metal. In testimony prepared for the House Financial Services Committee, Bernanke said that recent improvement in employment has put the Federal Reserve on alert and that it’s watching incoming data closely. Bernanke stopped short of saying the improvement in the jobless rate meant a better economy ahead.
Commodities Oil for April delivery was at $107 a barrel, down 7 cents in electronic trading on the New York Mercantile Exchange. Crude in New York fell as much as 1.6 percent yesterday after a report from the U.S. Energy Department showed stockpiles increased almost 4 times more than forecast.
Gold futures fell as much as $100 to below $1,700 an ounce on signs that that the Federal Reserve will refrain from offering more monetary stimulus to bolster the U.S. economy. Yesterday, gold reached $1,792.70, a three-month high, even as coin sales by the U.S. lowest in February.On Wednesday, SPDR Gold dropped 5.3percent, its biggest one-day loss since late September. Volume was triple the average.
Gold futures for April delivery fell $90.30, or 5 percent, to $1,698.10 at 5:14 p.m., compared with yesterday’s settlement. Earlier, the price tumbled as much as $100, or 5.6%, to $1,688.40, the lowest for a most-active contract since January 25th.
March, 2nd 2012
Currencies EUR/USD dropped to 1.3318 with the USD remaining positive against the euro.In Europe, the Market purchasing managers index for the euro zone showed activity in the region shrank at a slower pace in February, coming in unchanged from a preliminary estimate.Separately, consumer prices grew at 2.7% annual rate in February, edged up from 2.6% in January, the European Union statistics agency Eurostat reported. January unemployment rose to 10.7% from an upwardly revised 10.6% in DecemberThursday a U.S. manufacturing gauge dropped unexpectedly, but the USD held gains against the euro following a trade body’s ruling that Greece’s privately-held debt restructuring hasn’t met the threshold of a “credit event.”
USD/CAD rose for a fourth day, the longest string of advances in more than a month, as jobless claims in the U.S., the nation’s biggest trade partner, fell to the lowest level in four years. It gained versus the majority of its most-traded peers before data tomorrow that may show the Canadian economy grew in the fourth quarter. China’s manufacturing expanded, a report showed.The pair rose 0.5% to 98.55 cents per U.S. dollar. It reached 98.42 cents, the strongest since Sept. 19. One Canadian dollar is traded for $1.0147.
USD/JPY The Yen dropped against all its major peers after government data showed Japan’s consumer-price index lowered, rising speculation the nation’s central bank will expand monetary easing to meet its inflation goal.The yen fell 0.3 percent to 108.27 per euro as of 6:14 a.m. in London. It dropped 0.4 percent to 81.44 per dollar after touching 81.67 on Feb. 27, the weakest since May 31. The euro dipped 0.1 percent to $1.3295.
Commodities Oil climbed over $110 a barrel for the first time since May after an Iranian state-run news channel reported an explosion on a pipeline in Saudi Arabia. A Saudi official said no oil facilities were sabotaged.Futures reached $110.55 at 3:17 p.m. in New York after Iran’s Press TV reported on its English-language website that “an explosion has hit oil pipelines in the flashpoint Saudi Arabian city of Awwamiya,” then fell back below $109.
Major General Mansour Al-Turki, a spokesman for the Saudi Interior Ministry, said no oil facility in the region has been sabotaged after reports of a fire near the Ras Tanura refinery.Crude oil for April delivery rose $1.77 to settle at $108.84 a barrel on the NYMEX before the Press TV report. The price was $108.73 at 5:11 p.m. Futures settled at a nine-month high of $109.77 on Feb. 24. Brent oil for April settlement climbed $3.54, or 2.9 percent, to a 10-month high of $126.20 a barrel on the London- based ICE Futures Europe exchange. Brent rose as high as $128.40 after the settlement and dropped back to $126.15
Gold gained Thursday, running with equities and oil as they looked to recover from a 4.3% drop the previous day. Gold is up $10.90, or 0.6%, to settle at $1,722.20. On Wednesday as Federal Reserve’s Chairman Mr. Bernanke spoke before Congress his tone and the market interpretation caused Gold to drop over $70.00 in just a few minutes. Yesterday, gold reached $1,792.70, a three-month high, even as coin sales by the U.S. lowest in February.The markets were also concerned about the effects of the program as the ECB lent a record 530 Billion euro of three-year loans to 810 financial institutions, up from 523 at the first round of lending in December. Investors are wary banks will become too reliant on ECB funds and fail to take the steps to strengthen their balance sheets
March 5th 2012
Currencies EUR/JPY The euro slid for a fourth day against the yen before data economists say will show the region’s retail sales dropped for a third month, adding to signs the currency bloc’s debt woes are hurting the economy
The euro slid 0.6 percent to 107.36 yen as of 6:30 a.m. in London from last week’s close.
EUR/ USD opened marginally lower at 1.3191 at the weekly open, but managed to go up to 1.3213 after bouncing off support ahead of 1.3180 during the Asian session, this morning 7:30 gmt time the pair continues to struggle around 1.3180 support level, further volatility expected after the European markets opening.
Commodities Oil rose from a three-day low in New York after US President Barack Obama said the U.S. may use military force to stop Iran from developing a nuclear weapon and Enbridge Inc. (ENB) shut a pipeline in Illinois.
Oil for April delivery gained as much as 59 cents to $107.29 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.94 at 2:23 p.m. Singapore time.
Gold lost nearly 4 percent last week, after U.S. Federal Reserve Chairman Ben Bernanke disappointed the market by omitting any reference to further monetary easing in a congressional testimony.
Gold was little changed at $1,712.79 an ounce by 0331 GMT. U.S. gold edged up 0.3 percent to $1,714.20.Technical analysis shows gold could rebound to $1,728 an ounce during the day.
March 7th, 2012
Currencies EUR/USD rallied amid speculation options traders bought the 17-nation currency to prevent automatic trades from triggering after recent declines.
The euro slid 0.8 percent to $1.3112 at 5:01 p.m. in New York, after touching $1.3103, the lowest level since Feb. 16.
AUD/USD weakened to almost a six-week low as Reserve Bank Deputy Governor Philip Lowe said the nation must be alert that the currency may be too strong.
The Australia’s dollar fell as much as 1.4 percent to $1.0525, weakest since Jan. 25, before trading at $1.0552
Commodities Oil climbed from the lowest price in more than two weeks on forecasts that gasoline supplies are falling and employment is increasing in the U.S., the world’s biggest consumer of crude.
Oil for April delivery rose as much as 68 cents to $105.38 a barrel in electronic trading on the New York Mercantile Exchange and was at $105.02 at 1:21 p.m. Singapore time.
Gold gained, snapping a three-day decline, as the metal’s drop to a six-week low attracted investors amid record exchange-traded product holdings.
Spot gold rose as much as 0.3 percent to $1,678.82 an ounce, and traded at $1,677.73 at 11:44 a.m. in Singapore.
March 8th, 2012
Currencies USD/CAD Canadian dollar advanced versus the Greenback as policy makers prepared for a meeting today that economists predict will see interest rates remaining at 1 percent for a 12th time.
The euro slid 0.8 percent to $1.3112 at 5:01 p.m. in New York, after touching $1.3103, the lowest level since Feb. 16.
USD/JPY The yen weakened against all of its major counterparts after Japan posted a record current-account deficit, threatening to undermine the currency’s haven status.
Canadian dollar, rose 0.5 percent to 99.74 cents per U.S. dollar at 5 p.m. in Toronto after reaching C$1.0029 yesterday, the weakest level since Feb. 27.
Commodities Oil traded near the highest price in two days on signs that sanctions on Iran are succeeding in cutting its crude exports.
Contract for April delivery was at $106.38 a barrel, up 22 cents, in electronic trading on the New York Mercantile Exchange at 2:10 p.m. Singapore time. The contract yesterday increased $1.46 to $106.16 a barrel.
Gold climbed for a second day as record bullion holdings in exchange-traded products signaled stronger investor demand, while Greece’s progress toward a second bailout boosted the appeal of equities and commodities.
Spot gold gained 0.2 percent to $1,687.65 an ounce at 1:30 p.m. Asian session.
March 9th, 2012
Currencies USD/JPY The yen slid to a nine-month low as speculation of further easing by the Bank of Japan (8301) and gains in Asian shares curbed demand for the currency.
The yen dropped 0.3 percent to 81.80 per dollar as of 2:09 p.m. in Tokyo, after earlier touching 81.89, the weakest since May 26.
GBP/USD The pound weakened against the dollar after Greece said the participation rate in its government bond swap reached 95.7 percent after triggering collective action clauses.
Sterling fell 0.2 percent to $1.5801 at 6:12 a.m. London time, and traded little changed versus the euro at 83.78 pence.
Commodities Oil rose for a third day in New York after Greece completed its debt swap, easing Europe’s debt crisis. The U.S. is forecast to show improvement in its labor market, spurring more demand for fuel.
Oil for April delivery advanced as much as 74 cents to $107.32 a barrel in electronic trading on the New York Mercantile Exchange. It was at $107.04 at 2:25 p.m. Singapore time. The contract yesterday rose 0.4 percent to $106.58, the highest settlement since March 5.
Gold was hovering around $1,700 an ounce today, after gaining nearly 1 percent in the previous session as a strong take-up of Greece‘s bond swap offer calmed fears of an imminent default and lifted sentiment across financial markets.
Spot gold was little changed at $1,699.66 an ounce by 0035 GMT, on course for a 0.7 percent fall this week, its second weekly decline in a row.
March 12th, 2012
Currencies EUR/USD The dollar hit its highest level in nearly a month versus the euro on Monday after last week's upbeat jobs data suggested the U.S. economy may not be in dire need of further monetary stimulus from the Federal Reserve.
The single currency slipped 0.3 percent to $1.3087, having dipped to as low as $1.3079 at one point on trading platform EBS, the euro's lowest level since Feb. 16.
USD/JPY A focal point for dollar/yen this week will be policy decisions by the Bank of Japan and the U.S. Federal Reserve, both of which are due on Tuesday.
The dollar dipped 0.2 percent against the yen to 82.32 yen, coming under pressure due to profit-taking and dollar-selling by Japanese exporters, traders said.
Commodities Oil fell from the highest price in more than a week after exports grew more slowly than forecast in China, the world’s second-largest crude consumer, signaling an economic slowdown.
Crude for April delivery declined as much as 79 cents to $106.55 a barrel in electronic trading on the New York Mercantile Exchange. It was at $106.59 at 1:52 p.m. Singapore time.
Gold rose further on Monday as gains on the Nikkei helped it offset pressure from a firm U.S. dollar, but some investors were likely to stay on the sidelines ahead of a U.S. Federal Reserve meeting this week, which could potentially weigh on the precious metal.
Spot gold was steady at $1,708.56 an ounce by 0248 GMT after rising as high as $1,713.80. On Friday, gold rose nearly 1 percent on higher crude oil and U.S. equities after U.S. employment grew solidly for a third straight month in February.
March 13th, 2012
Currencies EUR/USD The dollar's strength saw the euro hitting a one-month low on Monday. The common currency is still smarting from fears that the European debt crisis could worsen again, despite Greece's success in debt-cutting swap deal.
The euro stood at $1.3157, having recovered after hitting a one-month low of $1.3079 on Monday, helped by technical support at its Ichimoku cloud top at $1.3087 and a 55-day moving average around $1.3084. But the currency's outlook remained shaky given that the euro zone economy is slipping into recession, in contrast to a brightening picture in the United States.
USD/CAD Canada’s dollar weakened versus its U.S. counterpart on concern the global recovery is slowing after China reported its biggest trade deficit in more than two decades, sapping demand for higher-risk assets.
Canada’s currency dropped 0.2 percent to 99.24 cents per U.S. dollar at 5 p.m. in Toronto. It rose as high as 98.73 last week, the most since March 1.
Commodities Oil rebounded from the lowest price in almost a week as investors bet that fuel demand may increase amid signs the U.S. and Chinese economies are strengthening.
Oil for April delivery rose as much as 66 cents to $107 a barrel in electronic trading on the New York Mercantile Exchange. It was at $106.95 at 12:25 p.m. Singapore time.
Gold climbed, gaining alongside equities and commodities, before a Federal Open Market Committee meeting and as Greece prepares to receive a second bailout.
Spot gold gained as much as 0.3 percent to $1,706.05 an ounce and traded at $1,704.20 at 1:33 p.m. Singapore time.
March 16th, 2012 technical analysis by ACFX
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