Crude Oil and Natural Gas Stronger As US Dollar Eases

Crude oil futures opened marginally higher tracking sharp gains in the Asia equities with investors keying into comments from the head of the U.S. Federal Reserve emphasizing an ongoing commitment to monetary stimulus. Asia stocks climbed Thursday, the last day of the month with Hong Kong’s Hang Seng Index trading up 0.9%, while the Shanghai Composite Index up 0.4%. Japan’s Nikkei Stock Average rose 2%, South Korea’s Kospi advanced 1.1%, and Australia’s S&P/ASX 200 index moved up 0.7%.

WTI crude oil tumbled Wednesday after stockpiles of crude rose in top consumer the United States, pressuring an already well supplied market. Inventories of crude oil rose by 1.13 million barrels in the week to Feb. 22, the Energy Information Administration (EIA) said in a weekly report. Distillate stocks, including heating oil and diesel, rose 557,000 barrels. Meanwhile, prices drew support from indications the U.S. economy is improving.

The National Association of Realtors said earlier that its pending home sales index rose by 4.5% in January, beating expectations for a 1.5% gain. Year-on-year, pending home sales rose at annualized rate of 10.4% last month, above expectations for an 8.2% increase. Separately, the U.S. Commerce Department said that total durable goods orders, which include transportation items, tumbled by a seasonally adjusted 5.2% in January, compared to expectations for a drop of 4.4%. The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.

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Oil lower on new of U.S. production increases

Oil futures are trading lower in the early going of Friday’s Asian session despite a trio of solid economic reports delivered by the U.S. on Thursday.

On the New York Mercantile Exchange, light, sweet crude futures for April delivery fell 0.42% to USD91.67 per barrel in Asian trading Friday. The declines may be the result of China’s latest PMI number.

Earlier today, official data showed China’s February PMI fell to 50.1 from 50.4 in January. Economists expected a February reading of 50.5. Readings above 50 signal expansion, though China’s reading is barely in expansion territory. China is the world’s second-largest oil consumer. Continue Reading...

Gold rises slightly, but still below USD1,600/oz

Gold futures rose modestly in the early part of Thursday’s Asian session, but the yellow metal is once again below the psychologically important USD1,600 an ounce area after a nasty tumble in Wednesday’s U.S. session.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.08% to USD1,597 in Asian trading Thursday. The contract settled down 1.25% at USD1,595.30 a troy ounce in U.S. trading on Wednesday. Continue Reading....

Favorable Italian Bond Auction Helps Boost EUR/USD

The EUR/USD is traded higher on Wednesday following a prolonged setback. Helping to boost the Euro was the news that Italy reached its target in a bond sale and a report showing German Consumer Confidence improved in February.

Despite the better than expected bond auction, the focus remains on the deadlocked Italian election results. Traders have been expressing optimism that a solution can be reached without moving the Euro Zone back into crisis mode. The positive bond auction results indicate that there are still buyers, leading some speculators to believe that the election deadlock situation is being overblown.Continue Reading...

Gold down slightly in Asia after U.S. gains

Gold futures declined slightly in the early going of Wednesay’s Asian session after posting a strong performance during Tuesday’s U.S. session.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.17% to USD1,612.80 per troy ounce in Asian trading Wednesday. Bullion settled up 1.76% at USD1,614.50 a troy ounce in U.S. trading Monday in what was one of the best one-day performances for the yellow metal in weeks.

Gold futures were likely to test support USD1,574.80 a troy ounce, Monday's low, and resistance at USD1,653.75, the high from Feb. 13.Continue Reading...

Oil rebounds in Asia lifted by data points

Oil futures rebounded modestly during Wednesday’s Asian as traders digested some solid U.S. economic data points that went mostly ignored in the oil pits Tuesday.

On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.26% to USD92.88 per barrel in Asian trading Wednesday. Oil settled down 0.58% at USD92.57 a barrel on Tuesday in the U.S.

A day after a report showed Chinese oil imports rose in January, two data points showed U.S. demand could be improving as well. In U.S. the Conference Board said its consumer confidence index rose to 69.6 in February from a downwardly revised 58.4 in January. Economists expected a February reading of 61.Continue Reading ....

Italy faces tough times, so does the Euro...

The Euro was taken hostage by dark selling forces on Monday, as hysteria hit the global markets following an unresolved Italian election, in which none of the 4 front-runner's parties managed to get a majority in the Senate, leading the country to prospects of ungovernability.

As reported earlier today, conditions in the Euro were always set to be subject to the outcome of the Italian elections.

According to the latest reports, which show a 99.9% ballot scrutiny conducted, Italy's center-left Bersani won by a slim margin the lower house while the Senate is confirmed to be deadlocked.
Continue Reading .....

Epic falls in all Yen crosses; Hedge funds unwind massive longs

The epic fall in all Japanese Yen crosses may be explained as a result of alarm, confusion, consternation, fear, hysteria, even terror to no longer hold short Yen positions, with prime brokers, according to Sean Lee, founder at FXWW, "reporting panic selling by hedge funds and CTAs who had built up massive long positions" he says.

However, there is no better way to describe the suffering of those long-held Yen longs than taking a look at EUR/JPY for example, which has been hammered over 6 big figures! from 125.00 to 119.00, with the trigger reported as far as headlines go being that the market is hating the huge uncertainty surrounding the governability of Italy, as a second election braces.Continue Reading

Gold Rebounds As Traders Buy On The Cheap

Gold on COMEX rose in early trade on bargain buying, but a firm dollar against the euro weighed on prices. Gold prices received support, as recent correction in prices has prompted Asian investors to increase physical purchases of the metal. Bullion is trading at 1582.70 adding close to $10.00 Monday morning as traders took advantage of weak prices to grab up the commodity.

Markets remain in a positive sentiment, but jitters over the Italian elections and the US “sequestered” budget cuts with the deadline looming closer as the month of February draws to a close.  Gold futures closed at their lowest level Friday since July and notched its second consecutive weekly loss, as a better US economic outlook and indications that the Federal Reserve may end its stimulus program prompted investors to buy riskier assets such as equities.  US Gold futures closed the week at $1580.4 an ounce, down by $29.90 or 1.86% for the week. Gold prices were also hurt after Fed minutes indicated that they would slow down or stop with their asset buying program well before the job market improves.Continue Reading...

Oil climbs slightly on bargain hunting

Following a weekly loss that saw futures trade around their weakest levels since early January, oil futures inched higher in the early part of Monday’s Asian session as traders saw an opportunity to perhaps grab crude on the cheap.

On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.03% to USD93.16 per barrel in Asian trading Monday.

On the New York Mercantile Exchange, light sweet crude futures for delivery in April rose 0.5% Friday to settle the week at USD93.33 a barrel by close of trade. On the week, New York-traded oil futures lost 2.7%.

Oil futures, as was the case with gold and other dollar-denominated commodities, came under pressure on speculation the Federal Reserve is mulling an end to its money-printing endeavors that have previously boosted stocks and other riskier assets such as oil. Continue Reading...

Gold supported by weak data points

Gold futures rose modestly in the early part of Friday’s Asian session after some concerning U.S. economic data points sent traders looking for safe-haven plays.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.08% to USD1,579.90 per troy ounce in Asian trading Friday. Gold settled up 0.08% at USD1,579.20 a troy ounce in U.S. trading Thursday.

Gold futures were likely to test support USD1,546.35 a troy ounce, the low from June 1, 2012, and resistance at USD1,618.70, Monday's high.

Just days after traders were fretting about the Federal Reserve possibly winding down or bringing an end to its USD85 billion per month bond-buying program, data points show the central bank may not be able to halt quantitative easing anytime soon. Continue Reading....

Fed Minutes Fuels Rally in Dollar, Break in Euro

The EUR/USD was under pressure today, driven lower by a continuation of the decline triggered by yesterday’s surprise Fed minutes. On Wednesday, the Euro sold off against the U.S. Dollar after the latest Fed minutes revealed that several Federal Open Market Committee members were considering ending the bond-buying program sooner than expected.

Since the Fed started stimulating the economy by purchasing assets, the dollar has been under pressure. This has helped boost demand for higher-yielding assets such as the Euro and especially the stock indices. Late last year the central bank said it would keep on buying bonds until the unemployment rate dropped below 7%. This created an indefinite time frame which gave investors the green light to continue to support higher risk assets.

On Wednesday, it was revealed that the Fed did talk about the possibility of ending the bond-buying program sooner than expected because it was becoming too costly. The EUR/USD sold off sharply once this news was revealed. The EUR/USD is under pressure again today after a report showed services and manufacturing in the Euro Zone shrank at a faster pace in February than economists forecast.Continue Reading....

Oil falls on Fed headlines, hedge fund rumors

Oil futures extended losses seen in U.S. trade Wednesday during Thursday’s Asian session as traders digested a couple of points of market speculation, neither of which is seen as healthy for oil’s near-term outlook. 

On the New York Mercantile Exchange, light, sweet crude futures for April delivery fell 0.52% to USD94.72 per barrel in Asian trading Thursday after losing 2.32% to settle at at USD94.85 a barrel in Wednesday’s U.S. session. That was good for oil’s biggest one-day drop this year. 

Oil and other dollar-denominated commodities were hit with a wave of selling after Federal Open Market Committee meeting minutes indicated the Federal Reserve may begin winding down or even cease its asset-buying programs. Continue Reading....

The USD Climbs As Gold Falls Hard On FOMC Minutes

The big market news yesterday and its continuing effects today has been the FOMC minutes release. Gold tumbled as the US dollar soared. The DX US dollar index was volatile but within fairly tight ranges thus far in response to the FOMC minutes.  The DX is trading above the 81.00 price. The Fed is aware that conditions have improved somewhat, and knows of costs to its efforts, but views it as premature to pull back on the throttle. The keys in this regard are that the minutes note that ‘several’ say they should be prepared to vary the pace of QE, while ‘many’ expressed ‘some’ concern about potential costs and risks of more asset purchases, and yet ‘several’ saw risks to reducing or ending QE too soon.  As a consequence, the Fed knows that several of the tail risks have been removed or lessened from the outlook, that conditions are slowly if frustratingly improving, and yet it remains premature to draw any hard and fast policy conclusions. As conditions in the US continue to improve and with “sequestered” budget cuts behind the market with the March 1st deadline approaching, there is a likelihood that the Fed will either reduce or terminate its asset programs. Yesterday’s FOMC minutes moved the odds in favor of a reduction rather than a continuation.

Precious Metals Weak in Risk On Trading Session

Gold futures were trading in a narrow range hugging the 1610 price level with a negative bias on exchanges today tracking the fall in international markets, where firm dollar against the euro weighed on prices.  Strong demand from China and bargain buying provided strong support to gold prices and limited any major fall. During the Asian session gold is trading at 1606.70 moving between small gains and losses. On Tuesday precious metals witnessed yet another decline, with COMEX silver prices losing the most on the day. Strong tone in global equity markets have led to investor’s preference for riskier assets.
Equities across the globe rallied, as a pick‐up in German economic sentiment index boosted hopes of economic recovery in Europe. In this respect, the ZEW survey beat expectations to hit its highest level since April 2010. Meanwhile data this morning showed that Japanese exports grew 6.4% in January, a faster pace than expected, with shipments to China swing back to growth after a recent fall‐off. Although the trade deficit hit an all-time record. The Japanese imports surged due to the cost of fuel imports, which has been necessary since the tsunami last year closed the nuclear power stations.Continue Reading...

USD/JPY lower following trade deficit news

The yen rose against the dollar during Wednesday’s Asian session Japan’s January trade deficit soared thanks to increased energy imports and the weaker currency.

In Asian trading Wednesday, USD/JPY fell 0.09% to 93.49. The pair was likely to find support at 92.23, Friday's low, and resistance at 94.22, Monday's high.

In a report released by Japan’s Finance Ministry earlier today, the country’s trade deficit jumped JPY1.63 trillion last month. In January, Japanese exports rose 6.4%, but imports increased 7.3%. The report arguably shows a down side to the weaker yen Prime Minister Shinzo Abe has so stridently pushed for.  Continue Reading....

By Investing.com

Gold & Silver Up on Positive Sentiment

This morning gold is trading at 1614.10 regaining some momentum. On COMEX, the metal gained on bargain buying after the sharp correction in prices last week. A flat dollar against the euro also supported the upside in prices. In global markets, gold also received support as Chinese buyers retuned to the market after the Lunar New Year holidays. US markets were shuttered yesterday for the Presidents Day Holiday, leaving volume light.

Over the weekend the G20 summit in Moscow concluded with a fairly lackluster statement, which left out any comments on Japan. The G20 leaders backed Prime Minister Abe’s programs for aggressive stimulus to pull the Japanese economy out of deflation.  Global finance chiefs signaled Japan has scope to keep stimulating its stagnant economy as long as policymakers cease publicly advocating a sliding yen. The message was delivered during weekend talks involving finance ministers and central bankers from the Group of 20 in Moscow.To Continue Reading.....

Gold rises slightly following rough week

Coming off a dreadful run last week, gold futures rose slightly in the early part of Monday’s Asian session, perhaps as buyers see the yellow metal as oversold for the time being.

On the Comex Division of the New York Mercantile Exchange, gold futures for April delivery added 0.40% to USD1,615.80 per troy ounce in Asian trading Monday. That small gain comes after gold slid 1.6% on Friday, capping off a 3.45% weekly loss, good for bullion’s worst weekly performance since May 2012.

Gold prices were likely to find support at USD1,590.25 a troy ounce, the low from August 15 and near-term resistance at USD1,635.95, Friday’s high. Continue Reading...

Dollar broadly higher to start the week

Perhaps in a sign that risk appetite is waning in global financial markets, the U.S. dollar was spotted higher against nearly all of its major rivals during Monday’s Asian session.

In Asian trading Monday, EUR/USD fell 0.17% to 1.3341. The euro has been giving up recent gains against the greenback following data released last week that showed that euro zone gross domestic product contracted by 0.6% in the three months to December, compared to expectations for a 0.4% decline. Economists view two consecutive quarters of GDP contraction as a sign a region’s economy is in recession.

USD/JPY surged 0.63% to 94.10 following the conclusion of the two-day G20 meeting in Moscow. While taking a strong stand against currency manipulation, G20 officials indicated they will allow the yen to continue sliding as long as Japanese officials and policymakers do not make public statements to push the currency lowerContinue Reading...                                                           

Fundamentals Keep Crude Oil Range Bound

Crude oil prices fell on firm dollar against the euro and rise in US crude oil stocks. NYMEX crude oil futures declined also as the International Energy Agency has trimmed its outlook for world oil demand and hiked its projection for oil supply from non-Organization of Petroleum Exporting Countries. Crude oil remains flat on Friday morning trading at 97.33. A stronger US dollar is also holding prices in a tight range.

The contract added to gains after the Labor Department reported that weekly jobless claims dropped by 27,000 to a seasonally adjusted 341,000, much more than expected. The March crude contract had hit an intraday low of $96.77 a barrel after data showed euro-zone gross domestic product contracted by 0.6% in the final three months of 2012, versus forecasts for a 0.4% drop. For 2012 as a whole, the euro-zone economy shrank 0.5%. Continue Reading

Selling EUR/USD, still a profitable short term strategy?

The key market theme during Thursday was the poor data in Europe, where a sequence of worse-than-expected GDP figures in France, Germany and the Euro zone as a whole, came as a 'shock' for those speculators trying to reverse the growing short-term bearish outlook in the pair. the Euro underperformed across the board, tumbling around a cent.

Shocking, term we use in the first paragraph, is not a word often used in a financial summary, says Greg McKenna, chief investment officer at GlobalFX, "but the data really was horrible" he notes.

Greg adds: "German GDP contracted a worse than expected 0.6% but it was the export engine particularly exports to the rest of the Eurozone that is clearly spluttering. French, Italian and Portugeuse GDP were equally all weaker than expected falling 0.3%, 0.9% and 1.8% respectively. Overall Eurozone GDP fell 0.6% in Q4 2012 and the year on year fall was 0.9% for 2012."Continue Reading ....

Gold and Silver Flat Ahead of Eurozone GDP

This morning in the light Asian session gold is flat trading at 1645.05 after closing on the COMEX at 1645.10 on Wednesday. Gold fell yesterday after data showed disappointingly small growth in U.S. retail sales in January, while some investors stayed at the sidelines ahead of a G20 meeting later this week, which is expected to set the tone for the gold trade.  The Commerce Department said yesterday U.S. retail sales barely rose in January as tax increases and higher gasoline prices restrained spending, setting up the economy for only modest growth in the first quarter.  This was expected as the 2% payroll tax increase kicked in earlier in the month after negotiations of the Fiscal Cliff over the New Year’s holiday.Continue Reading....

Oil rises in Asia following inventory data

Oil futures traded higher during Thursday’s Asian session following a round of mixed data points out of the U.S. on Wednesday. 

On the New York Mercantile Exchange, light, sweet crude futures for March delivery added 0.18% to USD97.18 per barrel in Asian trading Thursday. 

Crude finished slightly higher in the U.S. after sliding earlier in the session after the U.S. Energy Information Administration pared its demand outlook by 90,000 barrels per day for 2013. Additionally, EIA said that U.S. crude oil inventories rose by 560,000 barrels in the week ended Feb. 8, well below market calls for a gain of 2.35 million barrels. Total U.S. crude oil inventories stood at 372.2 million barrels as of last week. Continue Reading ...

AUD/USD rises to 1-week high on strong Australian data

The Australian dollar rose to a one-week high against its U.S. counterpart on Wednesday, after the release of positive Australian data, although investors remained cautious ahead of a G20 summit.

AUD/USD hit 1.0361 during late Asian trade, the pair's highest since February 6; the pair subsequently consolidated at 1.0348, advancing 0.40%.

The pair was likely to find support at 1.0297, the low of February 6 and a two-and-a-half month low and resistance at 1.0400, the high of February 6.

In a report, the Westpac Banking Corporation said that consumer sentiment in Australia rose 7.7% in February, after a 0.60% rise the previous month.

Precious Metals Weaken On The Global Recovery

Gold came under pressures amid thin trading volumes as Chinese market was closed due to the week-long Lunar New Year holidays. U.S. gold futures for April delivery settled down $17.80 at $1,649.10 an ounce, with trading volume about 5 percent above its 250-day average. This morning gold continues to decline trading at 1645.35 off by $3.75 prices were down as physical demand from Asian markets dried up due to Lunar New Year holidays and hurt prices.

Gold was also hurt as investors remained cautious ahead of the G20 meeting which could give direction to the global currencies movement  Continue Reading

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EUR/USD licking its wounds above 1.34

EUR/USD is currently resting above the 1.3400 level, off fresh 9-day lows at 1.3368 printed in early NY trade, following ECB press conference in late London trade. The pair has been more than 12 hours licking its wounds from latest massive 2-day fall since past Friday's NFP when it reached fresh 14-month highs at 1.3711. EUR/USD is down so far -1.8% for the week.Continue Reading....

Oil slightly higher ahead of Chinese data points

Oil futures traded slightly higher in the early part of Friday’s Asian session as traders await some important economic data releases out of China later today. 

On the New York Mercantile Exchange, light, sweet crude futures for March delivery added 0.05% to USD95.88 per barrel in Asian trading Friday. 

Oil was barely higher even after Goldman Sachs said it remains the market to remain for the remainder of the first quarter. In other news, Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries (OPEC), said it kept production at around 9 million barrels per day last month, marking the second straight month the kingdom has only pumped at that level. Continue Reading ...

Gold slips slightly in Asian trade

Gold futures fell modestly during Friday’s Asian session, extending declines seen during U.S. trade Thursday as traders digest central bank commentary. 

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.06% to USD1,670.35 per troy ounce in Asian trading Friday. The yellow metal fell 0.42% in U.S. trading Thursday. Gold was likely to find support at USD1,662.55 and resistance at USD1,685.65. 

Traders departed gold after the U.S. Dollar Index rallied following comments from European Central Bank President Mario Draghi. Draghi said the ECB is keeping a watchful eye on the euro’s recent strength for possible signs of euro zone inflation.Continue Reading

Gold near unchanged after Australian jobs data

Gold prices were largely unchanged during Asian trading on Thursday as investors priced in economic data that showed that the Australian job market was stronger than expected.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down just 0.01% at USD1,678.55 a troy ounce in Asian trading, up from a session low of USD1,677.25 and down from a high of USD1,679.75 a troy ounce.

Gold futures were likely to test support at USD1,668.85 a troy ounce, the low from Wednesday, and resistance at USD1,683.75, Tuesday's high.Continue Reading....

Gold Range Bound Ahead of the ECB and Mr. Draghi

With the European Center Bank meeting the focus today, traders are expecting Mr. Draghi to hold rates and policy and at his press conference to remain neutral on the rate of the euro. He is not expected to talk up the euro, which some believe is trading to high. He will choose his words very carefully. Markets today will react to the movement in the euro.  Gold prices were slightly up ahead of the ECB policy meeting today which would give a clear picture of the monetary outlook for the eurozone. The upside was also limited on hopes of a brighter economic outlook which has supported industrial metals like platinum and palladium more than gold.

By FX Empire Analyst - Barry Norman

AUD/USD unch in response to mixed AU jobs data; biased lower

Mixed reaction from AUD/USD to Australian jobs data, as the unemployment rate unexpectedly remains unchanged at 5.4%, when a rise to 5.5% was expected, and +10400 new more jobs were added to the economy, even though -9800 full time jobs were lost. Thus Aussie remains at same quote previous to the news at 1.0319 last, topping at 1.0334, and printing a low at 1.0309.Continue Reading

Crude oil posts slight rally after positive economic data

Oil prices rallied slightly in Asian trading on Thursday as traders priced in economic data that showed that the employment situation was improving in Australia and New Zealand. At the same time, investors eagerly awaited the European Central Bank’s interest rate decision.

On the New York Mercantile Exchange, oil futures for March delivery were up just 0.14% at USD96.75 per barrel in Asian trading, up from a session low of USD96.70 and down from a high of USD96.89 per barrel.
Continue Reading....

GBP/USD quiet above fresh 5-month lows 1.5630

Quiet Asian session for Cable, last at 1.5660, unchanged from its NY close, and trapped inside a thin trading range 1.5650/65 following the bounce in mid NY session at fresh 5-month lows 1.5630. The pair reached a fresh weekly high yesterday at 1.5804 with better than expected UK PMI services data at 51.5, best in 4 months, but it then started to see strong sells, breaking into the new mentioned lows. Continue Reading ...

Gold Flat As Risk On Risk Off Balance

Gold declined on Tuesday and is trading flat this morning trading at 1673.85. Yesterday gold retreated from an initial rally, as solid gains in US equities and an improving economic outlook weighed on the metal’s safe-haven appeal.

The Institute for Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) declined by 0.9 points to 55.2-mark in January as against a rise of 56.1-level in December. Investor’s Business Daily’s (IBD) Economic Optimism index increased by 0.8 points to 47.3-level in February from 46.5-mark in last month. Markets were also buoyed by a private survey which showed that growth  in  China’s  services  sector  hit  a  four-month  high  in  January. Continue Reading....

FX Empire Analyst - Barry Norma

Crude oil posts modest decline on conflicting economic data

Oil prices dropped slightly in Asian trading on Wednesday as traders priced in conflicting economic data, with investors increasingly unsure of the state of the global economy.

On the New York Mercantile Exchange, oil futures for March delivery were down just 0.02% at USD96.62 per barrel in Asian trading, up from a session low of USD96.52 and down from a high of USD96.69 per barrel.

Oil futures were likely to test support at USD95.43 per barrel, the low from January 23, and resistance at USD97.99, a high from January 30.

Crude oil, as the primary energy source for the world’s developed economies, is sensitive to economic indicators: Positive indicators suggestive of growth stoke demand for crude oil, while negative ones that suggest weak future demand tend to weigh on shares.Continue Reading

Dollar largely unchanged as economic data limited

The U.S. dollar was only slightly weaker against its major rivals during Wednesday’s Asian session after few economic reports were released that would weigh on the currency market.

In Asian trading Friday, EUR/USD was up 0.05% to trade at 1.3590, up from a session low of 1.3573 and down from a session high of 1.3596. Support was likely to be found at 1.3484, the low from Monday, and resistance at 1.3692 -- the high from February second.Continue reading....

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EUR/USD continues dropping amid Italy, Spain woe

The euro continued to falter against the dollar during Tuesday’s Asian session as traders in the region took their turn digesting a spate of glum news out of the euro zone released on Monday. 

In Asian trading Tuesday, EUR/USD slumped 0.14% to 1.3496. The pair was likely to find support at 1.3415, last Tuesday's low, and resistance at 1.3711, Thursday's high. EUR/USD plunged 0.79% during Monday’s U.S. session. 

One reason for the common currency’s ills is news out of Spain. Amind corruption allegations, Spanish Prime Minister Mariano Rajoy is facing calls for his resignation. Those headlines and others interrupted the euro’s recent ascent against the greenback. Continue Reading....

Crude Oil Finally Gives In to Dollar Strength

March crude oil is trading sharply lower fueled by a sharp rise in the U.S. Dollar. When the Greenback rallies, crude oil becomes more expensive for foreign traders. From a technical standpoint, the move is overdue. Overbought indicators have been calling for a top for weeks but the drop in the dollar continued to draw demand from foreign investors.

The chart pattern suggested that the market was poised for a top due to the stagnant trade once it reached a major 50% level at 97.61, but buyers wouldn’t let up on the upside pressure. Last night’s drop in demand for higher risk assets was a little too much to overcome, leading to today’s sharp break.Continue Reading

By FX Empire Analyst - James Hyerczyk

Gold drops ahead of Aussie interest rate decision

Gold drops ahead of Aussie interest rate decision

Gold prices dropped in Tuesday’s Asian trading as investors awaited an interest rate decision from the Reserve Bank of Australia. The RBA is expected to leave rates unchanged at three percent.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery dropped 0.15% to USD1673.95 a troy ounce, up from a session low of USD1671.25 and down from a session high of USD1675.65.Continue Reading...

How long till loyal buyers take it to 1.38/1.40?

The firm uptrend in the Euro continues to be nothing short of stunning, with attempts to challenge higher prices greeted with an army of committed buyers on every shallow pullback.

The uneventful NFP jobs data posed no disturbance to the pair's healthy bullish tone last Friday. As widely anticipated, the actual jobs numbers came close to projections, causing subdued moves in the U.S. dollar overall. The creation of jobs stood at +157k from an upward revision to 196k the prior month. The jobless rate saw an increase to 7.9% from 7.8%.Continue Reading...

Mon, Feb 04 2013, 05:33 GMT | FXstreet.com

Gold up in wake of jobs data, scores weekly gain

Gold futures settled higher Friday, with mixed U.S. jobs data and weakness in the dollar helping to underpin demand for the metal, but upbeat figures on U.S. consumer sentiment and manufacturing activity putting a cap on gains.Continue Reading...

By Myra P. Saefong and Barbara Kollmeyer, MarketWatch

Oil lower following eight consecutive winning weeks

Oil futures traded slightly to start the week in Asia as traders are perhaps taking profits after crude booked its eighth consecutive week of gains last week on the back of some encouraging U.S. economic data points.

On the New York Mercantile Exchange, light, sweet crude futures for March delivery fell 0.21% to USD97.56 per barrel. Last week, oil futures rose 1.6%, the eighth consecutive weekly gain. The impressive win streak marks the longest run of weekly gains since August 2004.Continue Reading...


By Investing.com

Gold falls in Asia following encouraging U.S. data points

Gold futures started the new week modestly lower as the yellow metal’s safe have status might be seen as unappealing in a risk-on environment that has arguably been bolstered by U.S. economic reports released last week. 

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery dropped 0.06% to USD1,669.55 per troy ounce in Asian trading Monday. Gold prices were likely to find support at USD1,653.35 a troy ounce, the low from January 28 and near-term resistance at USD1,694.75, the high from January 23.Continuie Reading...
 

By Investing.com Feb 04, 2013 02:19AM GMT