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Gold rises as EU summit, U.S. debt talks in focus
(Reuters) - Gold rose on Wednesday after the previous session's drop from record highs, as investors focused on economic uncertainty despite progress in talks on raising the U.S. debt limit and ahead of a euro zone summit aimed at resolving the region's debt crisis.
Gold is about 1 percent below its record high of $1,609.51 a day after the metal snapped an 11-day winning streak, the longest in four decades, as safe-haven demand faded after President Barack Obama supported a bipartisan proposal for a new deficit-reduction plan to avert a U.S. default.
One analyst, however, said the metal is long overdue for a correction given its failure to rise further even as open interest in U.S. gold futures hit its highest since January.
"That seems like a crack in the structure of the market and ...
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Gold to fall sharply if debt crisis fixed: Allan Gray
(Reuters) - Gold prices could correct in the hundreds of dollars, even as bullion's long-term rally would extend for years on actions by global policymakers to solve entrenched economic problems, said a portfolio manager of major gold investment firm Allan Gray Ltd.
Sky-high valuation poses the biggest downside risk for the price of gold, said Sandy McGregor, a portfolio manager of Allan Gray, the third-largest shareholder of the world's top gold-backed exchange-traded fund SPDR Gold Trust. (GLD.P)
"If the Europeans get together with a plausible scheme to defuse worries about the euro system, if the U.S. comes up with a plausible financial budget resolution, and if the Fed does not involve in QE3, all these things can come together to cause gold to retreat by hundreds of dollars," ...
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Gold hovers below record, extends gains to 12th day
(Reuters) - Gold held steady below its record high on Tuesday, on course for a 12th straight day of gains, as growing sovereign debt worries on either side of the Atlantic continued to support sentiment.
Gold's safe-haven appeal is likely to be extended, as euro zone's debt crisis is far from being solved, while the White House was pursuing a fallback plan with Congress to raise the U.S. debt ceiling and avert a default that could plunge global financial markets into chaos.
Spot gold rose to as high as $1,606.70 an ounce, just a hair off the record high of $1,607.01 hit on Monday. It was trading at $1,605.16 by 0606 GMT, up 0.1 percent.
U.S. gold edged up 0.2 percent to $1,606.10.
"If we do see some progress in the debt ceiling talks, it could encourage profit-taking by short-term ...
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U.S dollar strengthening…
So far fears persist and spread further on a global scale to watch the dollar's refuge appeal boosted and reader against the major currencies to ascend the throne of currencies, amid concerns that afflict the world markets, and the background of the ongoing battle between Democrats and Republicans to raise the ceiling on public debt.
On the other hand, the move to the other side of the Atlantic, where Europe's crisis, it has failed tests solvency in the dissemination of confidence in financial markets after the results were better than expected and confirmed the doubts about the fairness of these tests in particular and it did not include the bankruptcy of Greece within the items
Plus the U.S. Federal and Bernanke stressed that the U.S. economy going through a slowdown in the stage of ...
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Second Week of Gains for Yen, Will BOJ Intervene?
The Japanese yen posted a second week of gains as concerns the debt problems in the US and Europe made the currency more appealing as a safe haven.
Worries about the sovereign-debt crisis intensified after the major rating agencies warned that the rollover of the Greek debt would be considered a default and spoke about possibility of the US credit rating downgrade. The yen climbed against the greenback on the speculation that the Federal Reserve will embark on a next round of the quantitative easing.
The fundamentals in Japan are positive for the yen too. The Bank of Japan said that the economy is recovering from the earthquake:
After declining sharply following the earthquake, production has recently shown clear signs of picking up with the easing of supply-side constraints. This ...
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Forex Market Ends Friday with Heavy News Day
With a moderately heavy US news day expected Friday, dollar traders should be anticipating some exciting currency movements brought about by heightened liquidity. Beginning at 13:30 GMT, the US will be releasing its nominal and core CPI figures to fill in the consumer side of its inflationary reports this week. Shortly thereafter it will publish its Empire State Manufacturing Index, its Capacity Utilization Rate, Industrial Production, and Preliminary University of Michigan (UoM) Consumer Sentiment and Inflation Expectations reports.
Economic News
USD - US Dollar Gains as Bernanke Notes Delay in Potential Easing
The US dollar was seen trading higher yesterday as traders began to reevaluate the recent dip in USD values from statements the Fed may institute another round of quantitative ...
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China’s Economy Makes Kiwi More Appealing, NZD/USD at Record
The New Zealand dollar advanced today, trading near the record high against the US dollar, as growth of China’s economy made higher-yielding currencies more appealing.
China’s gross domestic product rose 9.5 percent in the second quarter of this year. Industrial output grew 15.1 percent in June, following the increase by 16.9 percent in May. Retail sales edged up 17.7 percent in June after rising 16.9 percent in May.
The MSCI World Index of stocks gained 1.5 percent. The Thomson Reuters/Jefferies CRB Index of raw materials rose as much as 1.5 percent. The positive news allowed the New Zealand currency to post the first gain against the greenback this week.
NZD/USD jumped from 0.8178 to 0.8364 as of 18:21 GMT today and reached earlier the all-time high of 0.8383. EUR/NZD dropped from 1. ...
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Pessimism deepens as economic concerns rise: Reuters/Ipsos poll
(Reuters) - Americans are deeply pessimistic about the future as economic concerns rise and White House talks on raising the U.S. debt limit sputter, according to a Reuters/Ipsos poll released on Wednesday.
The number of Americans who believe the country is on the wrong track rose to 63 percent this month, up from 60 percent in June, with stubbornly high unemployment and prolonged gridlock in Washington dashing hopes of a swift economic recovery.
But voters do not appear to be holding President Barack Obama responsible for the problems so far. Obama's approval rating held relatively steady at 49 percent, down 1 percentage point from June. His approval rating among independents -- a group Obama needs to win re-election -- fell to 39 percent from 44 percent.
Obama's standing could ...
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Dukascopy Afternoon Forex Overview : 13/07/2011
Previous session overview
The dollar added to its losses Tuesday after Federal Reserve Chairman Ben Bernanke's prepared testimony in front of Congress was released.
Bernanke's statement reiterated recent comments that U.S. growth remains modest so far in 2011. He said the central bank expects the economy to improve during the second half of the year, but it remains at the ready to ease monetary policy if growth remains slow.
The euro rose to USD1.4074 from about USD1.4047 just before the testimony was released. The dollar was at JPY79.17 from about JPY79.26.
Stronger demand for riskier assets undermined the dollar's safe-haven appeal Wednesday, which fell to a new record low against the Swiss franc.
The dollar fell as low as CHF0.8265. The euro continued its recovery from Tuesday's ...
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