The price of oil tumbled by well over $1 a barrel during afternoon trading yesterday, after the US Crude Oil Inventories figure came in well above analyst expectations. The US data is typically used by investors to gauge demand in the world's leading oil consuming country. After falling as low as $87.42 a barrel, crude staged a minor upward correction to reach the $87.60 level.
Turning to today, oil traders will want to pay attention to a batch of US news, set to be released at 12:30 and 14:00 GMT. If any of the data indicates expansion in the US economy, investors may take the news as a sign that oil consumption will increase, which could result in the commodity turning bullish during afternoon trading.
Turning to today, oil traders will want to pay attention to a batch of US news, set to be released at 12:30 and 14:00 GMT. If any of the data indicates expansion in the US economy, investors may take the news as a sign that oil consumption will increase, which could result in the commodity turning bullish during afternoon trading.
News Archives
| 25.07.2012 | Crude Oil Gets a Boost from Canadian Data |
| 24.07.2012 | Risk Aversion Causes Oil to Reverse Bullish Trend |
| 23.07.2012 | EU Worries Cause Crude Oil to Resume Bearishness |
Risk taking in the marketplace due to positive euro-zone news sent the price of gold up more than $25 an ounce yesterday. A bullish euro typically leads to gains for gold, as it becomes cheaper for international buyers. The precious metal peaked at $1605.83 during mid-day trading before staging a mild downward reversal to stabilize at the $1602 level.
Today, gold traders will want to continue monitoring any developments in the euro-zone, particularly with regards to bond yields in Spain, which recently soared due to aid requests from several regions in the country. Should the euro once again turn bearish today, the price of gold could fall as a result.
Today, gold traders will want to continue monitoring any developments in the euro-zone, particularly with regards to bond yields in Spain, which recently soared due to aid requests from several regions in the country. Should the euro once again turn bearish today, the price of gold could fall as a result.
News Archives
| 25.07.2012 | Gold Sees Mild Gains despite Risk Aversion |
| 24.07.2012 | Strengthened USD Weakens Gold |
| 23.07.2012 | Gold Stabilizes Following Russian News |
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Positive comments from an official at the European Central Bank regarding the euro-zone's ability to combat the debt crisis in the region resulted in risk taking in the marketplace, which in turn led to broad gains for the common currency. The EUR/USD was up over 100 pips over the course of the day, reaching as high as high as 1.2169 before staging a downward reversal. The pair found support at the 1.2130 level. Against the Japanese yen, the euro saw gains of around 95 pips to peak at 95.18 before correcting itself toward the end of European trading.
Today, euro traders will want to continue monitoring any developments and announcements out of the euro-zone. Analysts are warning that given the current state of the Spanish economy combined with fears that the region's debt crisis is impacting Germany, any gains the euro makes are likely to be temporary at best. Furthermore, if any of today's news out of the US shows growth in the American economy, the euro could see losses against the dollar in afternoon trading.
Current Time: 07/27 05:13 GMT
Today, euro traders will want to continue monitoring any developments and announcements out of the euro-zone. Analysts are warning that given the current state of the Spanish economy combined with fears that the region's debt crisis is impacting Germany, any gains the euro makes are likely to be temporary at best. Furthermore, if any of today's news out of the US shows growth in the American economy, the euro could see losses against the dollar in afternoon trading.
News Archives
| 25.07.2012 | Euro May Extend Bearish Trend Following German News |
| 24.07.2012 | Euro Slides Downward as Greek Worries Return to Marketplace |
| 23.07.2012 | EUR Continues to Fall against Main Rivals |
| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 07/27 | ||||||||
| 08:00 | EUR |  Spanish Unemployment Rate | 24.4% | |||||
Earlier in the Asian session, the Euro struck a 2-week peak against the U.S. Dollar as recent clearer signs of stabilization in the Eurozone helped to support the common currency. As reported at 1:56 p.m. (JST) in Tokyo, the Euro was trading up 0.3% to $1.3269, leveling off from the earlier high of $1.3285, a level not seen since March 8th. One currency analyst based in Singapore says that short sellers are driving the market right now; the Euro could see some resistance at the $1.3280 to $1.3300 over t he near term, but a breach of the latter could see higher levels tested. The Euro is also finding some support on news that the yield spread between U.S. and German 2-year debt is narrowing, an indicator that markets’ faith in the European bond market is slowly being restored.
On the EBS trading platform, the Japanese Yen also earlier touched on a 5-month low against the common currency, trading at one point at 111.15 Japanese Yen; most recently, the EUR/JPY pair was at 111.06 Yen a gain of 0.3% from late New York trading. The U.S. Dollar was steady against the Japanese currency, trading at 83.71 Japanese Yen, slightly off the 11-month peak of 84.187 Japanese Yen which was struck last week.
On the EBS trading platform, the Japanese Yen also earlier touched on a 5-month low against the common currency, trading at one point at 111.15 Japanese Yen; most recently, the EUR/JPY pair was at 111.06 Yen a gain of 0.3% from late New York trading. The U.S. Dollar was steady against the Japanese currency, trading at 83.71 Japanese Yen, slightly off the 11-month peak of 84.187 Japanese Yen which was struck last week.
European stocks continue to fall while Spanish bond yields continue to rise on the concern of the European debt crisis that will affect global growth. The Japanese Yen is continuing to rise against the Dollar which was near an 11 year high against the Euro. The Bank of Japan may be expanding easing measures in the coming months, depending on the level of the Japanse Yen, according to former central bank official, Hideo Kumano. As of 3:55 PM, Tokyo the Yen traded at 78.14 per Dollar and the Euro was at 94.20. The EUR/USD pair continues to fall, and the demand for the Euro is slowly moving down as yields from different debt markets start to increase.
In China, the IMF is pushing leaders to increase domestic consumption as China's economy continues to face downside risk. According to the IMF, in case of the debt crisis becoming worse China will try for a “balanced approach between fiscal and monetary measures”. Due to the European debt crisis limiting exports, China's economy is cooling down, however China is confident they can grow at least 7.5 percent within the year.
In China, the IMF is pushing leaders to increase domestic consumption as China's economy continues to face downside risk. According to the IMF, in case of the debt crisis becoming worse China will try for a “balanced approach between fiscal and monetary measures”. Due to the European debt crisis limiting exports, China's economy is cooling down, however China is confident they can grow at least 7.5 percent within the year.
China’s Flash PMI data for February showed a surprising contraction, an event which pushed the Australian Dollar lower against the U.S. Dollar. As reported at 1:30 p.m. (JST) in Tokyo, the Australian Dollar was trading at $1.0383, a 0.7% decline and the lowest point in nearly 2-months. Ahead of the data release, the AUD/USD pair was trading at $1.044.
While a slowdown China is unwelcome news for the rest of the globe, no where is it more keenly felt than in Australia which is a key trading partner. Thus far in March, the Aussie Dollar has already lost 4% off its value relative to the U.S. Dollar; it also struck this year’s low against the Euro, trading at 1.2738 and the 5th straight day of losses.
The Euro is back on an uptrend against the U.S. Dollar, following a slide overnight as investors sold off the EUR/USD pair on fresh fears of Eurozone peripheral debt issues, this time from Spain. The Euro was last trading higher against the greenback, at $1.3232, a gain of 0.1%. Recently, the Spanish government announced that it would not be meeting the budget targets that it had previously agreed to.
While a slowdown China is unwelcome news for the rest of the globe, no where is it more keenly felt than in Australia which is a key trading partner. Thus far in March, the Aussie Dollar has already lost 4% off its value relative to the U.S. Dollar; it also struck this year’s low against the Euro, trading at 1.2738 and the 5th straight day of losses.
The Euro is back on an uptrend against the U.S. Dollar, following a slide overnight as investors sold off the EUR/USD pair on fresh fears of Eurozone peripheral debt issues, this time from Spain. The Euro was last trading higher against the greenback, at $1.3232, a gain of 0.1%. Recently, the Spanish government announced that it would not be meeting the budget targets that it had previously agreed to.
As Tokyo-based importers took advantage of the earlier rally, the Japanese Yen saw some slight weakening during the Asian trading session but the newly raised concerns over global growth are likely to send investors back to safe haven currencies. Risk currencies, such as the Australian Dollar, look set to end this week sharply lower as new concerns about the global economy recovery come to the fore in light of dismal PMI manufacturing data from China, Germany, France and the broader based Eurozone. In China, the PMI figures contracted for the fifth consecutive month, and in Germany and France, the declines in the PMI readings were large and unexpected. As reported at 1:38 p.m. (JST), the Japanese Yen fell 0.3% against the U.S. Dollar, to trade at 82.75 Yen, and is moving back toward the 2012 low which was struck earlier this month.
Compounding the problems in the Eurozone, the latest Spanish bond auction had less than spectacular results, with yields spiking above 5.5% and approaching those struck in early January. The rise was not unexpected however, as the Spanish government recently said they would not meet the agreed to budget deficit. The resilient Euro bounced off an earlier low of $1.3133 to recover most recently at $1.3203. Analysts expect that the U.S. economic recovery will help provide support for the U.S. Dollar in the medium term.
Compounding the problems in the Eurozone, the latest Spanish bond auction had less than spectacular results, with yields spiking above 5.5% and approaching those struck in early January. The rise was not unexpected however, as the Spanish government recently said they would not meet the agreed to budget deficit. The resilient Euro bounced off an earlier low of $1.3133 to recover most recently at $1.3203. Analysts expect that the U.S. economic recovery will help provide support for the U.S. Dollar in the medium term.
