EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
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200DMA keeps rejecting it but also oil keeps testing it rather than being rejected like a brick wall.
Ashraf
Fears of a U.S. double-dip recession have been eased but not dispelled despite the pullback in bonds. Recent labor and housing market data have inspired some of these fears. Such views have convinced some bond investors that the Federal Reserve will keep short-term interest rates near zero well into the second half of 2011. It is believed that the likelihood of renewed U.S. economic contraction is remote. That belief could keep benchmark bond yields from falling further after hitting 14-month lows last week.
Currencies
EUR/USD:- Fails to break 1.2700: Session highs come in around the top of the Bollinger band and hourly charts are set to peak in overbought territory. The Eur having failed at 1.2700 looks now to test bids lower at 1.2600/1.2610 Bias is still with move higher but overbought levels are a concern.
GBP/USD: Sterling maintaining bid Into London Trade A solid European session Wednesday for Cable with a broadly weaker Dollar and strong order flow supporting a move higher from 1.5082 lows to 1.5219 highs.
Into Thursday and Sterling has maintained its bid tone as London picks up the pace from Asia. With the DJIA up 2.8% and Nikkei up 2.7% the risk on play has added some support to Cable. The Overnight range was 1.5174 to 1.5230 with early London taking price up and away from a profit take 1.5174 dip.
Looking ahead, after today's BoE's rate announcement came in no change was expected.
For Cable we see price moving higher within a broad 1.5050 to 1.5385 daily bull channel with a 1.5250 break needed to bolster the trend. Look for a minor base at 1.5125-30 to stall if not hold pullbacks.
USD/JPY: Breaks higher! From range-trading on the 87 handle, USD/JPY moved up a leg alongside EUR/JPY and other JPY crosses to the 88-handle, and dealers are wondering if the next comfort zone is 88. The pair earlier traded up from an early Asian low of 87.66 through stops in the 88.05-10 area and above 88.25 to 88.47. It has since eased back a bit but remains on the 88-handle. Next resistance topside is seen at 88.50-60, 88.57 the high on July 1. More is seen at 88.70-80, 88.77 the high on June 30. Trader stops are seen above 88.60 and 88.80 as well as 89.00 but offering interest from Japanese exporters and other players will continue to be seen all the way up, not allowing this pair to charge higher. Below, standing bids are eyed from ahead of 87.50 and trailing lower. Large stops are still eyed sub-86.95, 86.96 the spike low last Thursday. USD/JPY trades 88.15/18.
Stock Market
US
Stocks had their best one-day gain in six weeks on Wednesday after a bullish forecast from financial company State Street Corp fueled optimism and encouraged investors ahead of the earnings season. Wall Streets rally helped the S&P 500 close above 1,040 points, a major technical resistance level.
Asia
Japans Nikkei average was up 2.8% on Thursday to 9,535.74, marking its best one-day rise in over a month, with exporters especially strong performers. A bullish forecast from U.S. financial firm State Street raised optimism ahead of the earnings season. State Street said its quarterly earnings would far exceed expectations, providing a lifeline for investors after weeks of dismal economic reports. U.S. jobs data last week and further strengthening in the yen had hit market sentiment and exacerbated a bearish trend for the Nikkei since April.
Europe
After U.S. stocks logged their best one-day rise in about six weeks following a bullish forecast from State Street, indices mixed in Europe with the DAX and CAC40 futures down 0.4%, while the Swiss index SMI and Italian FTSE-MIB up 1% .
Commodities
Oil
Oil jumped to a one-week high above $75 on Thursday after earnings euphoria injected positive sentiment into Asian equities, reinforcing overnight gains triggered by an industry report showing U.S. crude inventories plunged last week.
Fears of a double dip recession have eased some bit over the last month. Oil is following the equity markets and other risky assets. Crude Oil prices are still more than $12 off its 19-month peak above $87 reached in May.
Gold
Gold rose to hold above $1,200 an ounce on Thursday on steady purchases from jewellers and other physical buyers after a recent drop to a six-week low, while sentiment was also lifted by gains in equities markets. The Nikkei jumped nearly 3 percent after U.S. stocks logged their best one-day gain in about six weeks on optimism about the coming earnings season, discouraging speculators from selling gold to cover losses in other markets. It had dropped to its weakest since May 25 at $1,185.05 on Wednesday, or around 6 percent below a record high above $1,264 struck in late June, before regaining strength. Traders said gold would have to crack a June level of around $1,230 to sustain gains, but that a rebound to the current level had prompted investors to start accumulating long positions again.
Bonds
U.S. Treasury prices fell on Wednesday as a robust stock market rally drew investors into riskier assets and away from safe-haven U.S. government debt. Fears of a U.S. double-dip recession have been eased but not dispelled despite the pullback in bonds. Recent labor and h
Do u see new top for oil?
it`s moving alone against the dollar since late last week...