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Because Maybe The MarketTitle:
Gold hits new low on Greece turmoil
Gold extended losses on Wednesday to slip to its weakest level since late December after efforts to form a new government in Greece collapsed, prompting investors to cut their exposure to the precious metal.
Bullion has this year been moving in tandem with assets that are perceived to be risky, casting off its status as a safe-haven in times of economic instability.
Concerns about upheaval in the euro zone hit the euro and sent share prices lower across Asia as Greek political leaders meet Wednesday to form a caretaker government that will lead the country into its second election in just over a month.
U.S. June gold futures, which often dictate spot gold, dropped more than 1 percent to a low of $1,532.7 an ounce, their lowest since December 29. Cash gold was also at a 4-1/2 month low.
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Copper pushes up despite weaker Chinese data
Copper rose for the first time in six sessions Thursday, recovering from the prior day's three-week low below $8,000 a tonne after a double-dose of upbeat data from the United States helped draw in buyers.
Copper rose in tandem with global equities, which were up for the first time in seven sessions, after data showing a fall in weekly claims for jobless benefits and a record surge in exports in March offset weak trade data from top copper consumer China.
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SunBirdFX Daily Market Analysis : 05/07/2012
www.sunbirdfx.com
Wall Street closed the trading week with sharp declines on the background of disappointing Non-farm payroll change, as we estimated after the release of the prior data by the ADP last Wednesday. About 80% of the large 500 companies reported better than expected results for the first quarter of 2012, but the negative atmosphere took over Wall Street on the second part of last week. The investors also ignored the improving unemployment rate that went down from 8.2% to 8.1%.
On the technical aspect, things look less dramatic for the US indices. Dow Jones reached new highs during last week as NASDAQ and S&P 500 did not make any significant change during the recent four weeks, in spite of the high volatility. We mentioned that the S&P 500 had to successfully break-through ...
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Dollar drops vs yen on U.S. jobs data; euro lower
(Reuters) - The dollar slipped against the yen in volatile trading on Friday after a government report showed U.S. employers added fewer jobs in April than expected, providing further evidence the economic recovery was losing momentum.
The euro edged lower, while the Australian and New Zealand dollars tumbled as the data prompted investors to shed riskier, growth-linked currencies for safer investments such as Treasuries.
U.S. employers added 115,000 workers last month, well below expectations of 170,000. The unemployment rate fell to 8.1 percent but only because more people left the workforce.
Jobs growth in previous months was revised upwards. The data followed a string of weak readings on the economy that fueled speculation of more monetary stimulus from the Federal Reserve.
"On ...
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Copper ends first quarter up 11 percent despite China fears
Copper rose on Friday, capping its biggest quarterly gain since late 2010, as the dollar weakened and a bullish trend in warehouse stockpiles boosted prices even as investors remained worried about the Chinese demand outlook.
Copper rose 11 percent in the quarter, up more than any other quarter since surging of almost 20 percent in the fourth quarter of 2010. The first-quarter gain came on the heels of an 8-percent rise in the final three months of 2011, as European debt crisis fears receded and healthier economic signals in the United States helped drive investment demand at a time when fears about an impending slowdown in China, which accounts for about 40 percent of global copper demand, have escalated.
Analysts were skeptical about whether copper could post its third straight ...
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Dollar stuck near one-week low; Aussie falters
(Reuters) - The dollar hovered near a one-week low against a basket of currencies on Tuesday, but recent signs of improvement in the U.S. economy and rising Treasury yields were likely to lend it some support.
The dollar index was marginally higher at 79.533 .DXY by 0540 GMT, regaining a bit of ground after dipping to 79.354 on Monday, its lowest level since March 9. One possible support level lies roughly around 79.30, its 100-day moving average.
"I don't expect to see the dollar pull back significantly," said Mitul Kotecha, head of global foreign exchange strategy for Credit Agricole in Hong Kong.
"It's probably going to be a consolidation week for the dollar."
The euro eased 0.1 percent to $1.3231, inching away from a one-week high near $1.3266 hit on Monday.
A trader for a major ...
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Dollar hits speed bumps as profit-takers scoop up gains
(Reuters) - The rally in the dollar took a bit of a breather on Friday as traders booked profits on recent chunky gains ahead of key resistance levels, but the greenback's rally was seen intact in line with a brightening U.S. economic outlook.
The dollar stood at 83.47 yen, having retreated from an 11-month peak of 84.19 hit on Thursday. Traders said some selling kicked in after the pair gained 1.2 percent this week and as it approached the 2011 high of 85.53.
"People are taking profits after huge gains this week made as the last group of hedge funds and other investors went dollar long," said Minori Uchida, a senior analyst at Bank of Tokyo Mitsubishi UFJ.
Uchida added these investors were likely the last ones to join the rally, prompted to pile in by a spike in U.S. bond yields ...
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Gold falls on weaker sentiment, eyes on FOMC
Gold fell on Monday, retreating from the previous session's rally as investors worried about data showing a massive drop in money managers' bullish position on gold and silver futures.
Gold prices briefly fell below platinum, reversing platinum's unusual discount for the first time since September. Better U.S. economic data have pressured gold, while supply fears in top producer South Africa have boosted platinum.
The precious metal dropped along with oil on economic worries after China posted its biggest trade deficit in a decade, and some buyers stayed on the sidelines ahead of the Federal Reserve's policy statement on Tuesday.
Bullion investors grew cautious after Friday's U.S. data showed net long futures positions held by money managers, including hedge funds, posted the biggest ...
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Gold eases with euro, focus on Fed outlook
Gold fell on Monday, under pressure from a softer euro and from dwindling expectations for the Federal Reserve to signal the need for more measures to keep U.S. rates low, although longer-term investors took their bullion holdings to a fresh record.
Spot gold fell 0.3 percent to $1,702.45 an ounce by 1535 GMT, having gained more than 2 percent since touching intraday lows below $1,680 on Friday after the U.S. employment report showed far more jobs were created than initially thought in the last three months.
The Fed meets this week to discuss the likely course of monetary policy, and while the central bank has committed to leaving rates near zero until at least late 2014, a robust monthly employment report on Friday has prompted economists and markets to anticipate less in the way of ...
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