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Gold hovers around $1,680 per ounce as dollar rally stalls
(Reuters) - Gold prices rose on Monday, firming on technical buying and then seesawing around $1,680 an ounce, buoyed by technical factors and gains in oil and equity markets.
Gold also drew support as the euro retraced early losses after falling to one-month lows against the dollar on weak European manufacturing data.
Spot gold was up 0.7 percent at $1,679.09 an ounce at 1:18 EDT (1718 GMT), while U.S. gold futures for April delivery were up $9.20 an ounce at $1,681.10.
The precious metal posted a 6.6 percent rise in the first quarter after Federal Reserve comments reassured investors that U.S. interest rates would remain low for an extended period, keeping the opportunity cost of holding gold low.
Signs of improvement in the U.S. economy have clouded the picture for gold, as a ...
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U.S., Asia factories rev up while euro zone lags
(Reuters) - Manufacturing strengthened in the United States and China in March while the euro zone contracted for the eighth straight month, underlining the uneven pace of global economic growth.
The Institute for Supply Management said on Monday its index of U.S. factory activity rose to 53.4 from 52.4, topping economists' expectations. Factory activity also strengthened in leading Asian exporters China, South Korea and Taiwan, although output was still far from robust.
Reports from the euro zone, which is teetering on the brink of recession, showed the downturn in the region's smaller nations has spread to core countries Germany and France, according to purchasing managers' indexes (PMIs) for March. The outlook was grim as new orders fell across the region for the 10th month.
"We are ...
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Gold climbs above $1,680 per ounce as dollar rally stalls
(Reuters) - Gold prices rose above $1,680 an ounce on Monday as the dollar steadied off earlier one-month highs against the euro, with the U.S. unit further paring gains after U.S. construction spending and manufacturing data.
Spot gold was up 0.8 percent at $1,681.00 an ounce at 1433 GMT, while U.S. gold futures for April delivery were up $10.70 an ounce at $1,682.60.
The precious metal is building on a 6.6 percent rise in the first quarter after Federal Reserve comments reassured investors that U.S. interest rates would remain low for an extended period, keeping the opportunity cost of holding gold low.
Better news on the U.S. economy, an improvement in which could reduce the prospects of a fresh round of quantitative easing and raise the prospect of an eventual rise in interest rates, ...
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The Weekly Bottom Line : 30/03/2012
The Weekly Bottom Line : 30/03/2012
HIGHLIGHTS OF THE WEEK
United States
February's personal income and spending report revealed some mixed signals about the U.S. economy. Real after-tax incomes declined 0.1%, but real consumer spending managed an impressive 0.5% increase.
Even after this solid spending gain, Q1 GDP growth is tracking close to 2%, and growth is unlikely to breakout above the 3% range until the end of 2013. This leaves questions about whether the recent pace of improvement in the job market can be sustained.
In a highly publicized speech this week, Bernanke emphasized this theme and made it clear that the Fed is focused on jobs, and stands ready to act if conditions worsen.
Canada
Equity markets ended the quarter strongly with the S&P/TSX Composite ...
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Dukascopy Afternnon Forex Overview : 28/03/2012
Dukascopy Fundamental Analysis
EUR
Magyar Nemzeti Bank may keep its benchmark interest rate unchanged at 7% for a third straight month, analysts said on Tuesday. The central bank is likely to stick to highest interest rate in European Union due to a delay in receiving IMF loan. The Forint strengthened 0.3% versus Euro to HUF 290.
USD
US February core durable goods orders reading was in line with the forecast at 1.6%, after a sharp fall of 3.0% in January. Durable goods orders rose by 2.2% last month, underperforming versus the forecast of 3.0%.
GBP
British FTSE 100 declined on Wednesday as data showed the revised British GDP in the 4th quarter declined 0.3% compared to previous estimate of 0.2%. Banks and miners drove the index lower with Barclays PLC and Lloyds Banking Group PLC each ...
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Searching for the Next Crisis?
The Week Ahead
Highlights
Searching for the next crisis?
What's driving the dollar?
Europe: what happened to the LTRO?
Searching for the next crisis
A couple of weeks ago the market was able to shrug off the prospect of a Greek default and a sharply rising oil price. Even weak Chinese economic data didn't de-rail risky assets. However, that optimism didn't last long and last week investors removed the rose-tinted spectacles and started to worry once more about the outlook for the global economy.
Last month China's growth rate was downgraded to 7.5% per year from 8%. Since China has a history of out-performing expectations this downgrade had little market impact. However, a fifth straight decline for the HSBC/ Markit manufacturing PMI survey reading and the markets are ...
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Springtime views centre on growth
(Reuters) - Spring is in the air for financial markets. Liquidity is abundant, the desire to invest is rising and green shoots of growth are becoming more apparent across the developed world.
The official start of spring in the northern hemisphere falls on March 20, when night and day are equally long, but before investors put a grim winter behind them entirely, they may want to wait for surveys of economic health in China and the euro zone due a couple of days later.
Along with this purchasing managers data, the coming week's releases feature a detailed readout on the health of the U.S. housing market, inflation measures from the UK and Germany, and Japan's latest trade figures.
And perhaps the biggest cloud on the horizon is rising oil prices, which are threatening to unleash ...
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Shift in FX Drivers May Provide Support for the USD
The Week Ahead
Highlights
Shift in FX drivers may provide support for the USD
Budget D-day for Osborne
The ECB's tough talk
Shift in FX drivers may provide support for the USD
This week U.S. Treasury yields broke out of their ranges and rocketed higher. 10-year yields rose nearly 28bps since Monday and advanced above the 200-day sma for the first time since July to reach current levels of around 2.31%. U.S. equity markets rallied significantly as well this week with the S&P 500 closing above 1400 for the first time since 2008 while the Dow Jones Industrial Average traded at levels that have not been seen since 2007. At the same time, the USD gained against its major counterparts most notably against the Japanese yen. This may be the start of a significant shift in FX ...
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Dukascopy Morning Forex Overview : 16/03/2012
Fundamental Analysis
EUR
Spanish sale "was a test for demand, to check if it was still solid despite worries about the country's fiscal consolidation"
- Annalisa Piazza, a fixed-income analyst at Newedge Group
Spain placed 3 billion euros of debt on Thursday at lower costs, compared to the last auction in February, drawing strong support from investors.
USD
" suggest that the recovery is firmly on track"
- Scott Brown, chief economist at Raymond James
The number of Americans claiming for unemployment benefits declined to the lowest level since 2008 in the week ended March 10, suggesting the labour market is gaining momentum. Jobless claims fell by 14,000 to 351,000, said the Department of Labor on Thursday.
GBP
"This is a salutary reminder as to why Britain needs to deal with the ...
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