Biggest Market Movements

(Reuters) - Gold eased a touch on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone. Spot gold was down 0.2 percent at $1,588.69 an ounce at 1220 GMT, while U.S. gold futures for June delivery were down $3.30 an ounce at $1,588.60. Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover. "I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said. "In the next few weeks leading up to ...

(Reuters) - Gold steadied in Europe on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone. a Spot gold was at $1,591.50 an ounce at 0932 GMT against $1,592.00 late on Friday. U.S. gold futures for June delivery were down $1.30 an ounce at $1,590.60. Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover. "I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said. "In the next few weeks ...

Fundamental Analysis EUR "Spain, once again, is where the confidence game is played" - Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March. USD "What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar" - Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...

Fundamental News Today’s highlights: - PPI Input (MoM) (GB, 09:30 GMT) - Core PPI (YoY) (U.S, 13:30 GMT) - Unemployment Rate (CAD, 13:30 GMT) - Michigan Consumer Sentiment (U.S. 14:55 GMT) The U.S. Department of Labor revealed that initial jobless claims came in at 367,000 for the week ended May 5. This was down 1,000 from the previous week's revised figure of 368,000. The Commerce Department released a report on Thursday showing that the U.S. trade deficit widened to $51.8 billion in March from a revised $45.4 billion in February. Inflation in China eased in April, fueling expectations that the People's Bank of China may ease policy further amid slowing economic activity. The National Bureau of Statistics reported Friday that inflation eased to 3.4 percent in April from 3. ...

(Reuters) - Copper futures rose on Thursday off the previous session's three-week lows as some Chinese investors took advantage of the dip in prices to cover short positions and restock. Gains, however, were capped by surprisingly weak import and export growth in China, which raised some doubts about growth prospects for the world's second-biggest economy, as well as the political and financial woes in the euro zone. Investors were also cautions ahead of the release of some official Chinese figures for April, including the consumer price index, industrial output and retail sales. Three-month copper on the London Metal Exchange rose 0.8 percent to $8,117.50 a metric ton (1.1023 tons) by 0704 GMT, after closing 0.5 percent lower in the previous session. The most-active August copper ...

Gold remained under pressure on Monday trading as worries after the results of French and Greek elections which showed rejection to austerity sapped demand on shares and commodities. The shiny metal is still moving within a narrow range unable to take a vivid upside or downside direction. The price over the past seven weeks has been swinging between $1630 and $1670 range. While gold is taking a boost from the weak U.S. fundamentals, which revives speculations the Fed would add to stimulus, the mounting worries from the euro area is pushing it down. The win of the Socialist party candidate Hollande in the French Presidential elections raised concerns that there would be a conflict between the euro area`s second biggest economy and other euro area nations, more specifically Germany, in ...

Fundamental News The new Euro-zone politics will dominate markets throughout this week, as anti-austerity political parties take hold in Europe. The confirmation of Hollande’s victory in France marks the end of the Merkel-Sarkozy dominance at the political heart of Europe. Investors are acutely aware of the new leader's distain for austerity measures and some elements of the EU's new fiscal treaty. Mr Hollande has vowed not to ratify the new EU treaty unless new growth promoting measures are added, which is going to significantly draw-out the process of fiscal integration, if not stop it altogether. While in Athens, both mainstream political parties saw a dramatic collapse in support with anti-austerity groups seizing the opportunity to bolster their support. The head of the Syriza party, ...

Fundamental News Today’s highlights: · Initial Jobless Claims + Nonfarm Productivity (QoQ) (U.S., 13:30 GMT) · Interest Rate Decision (EUR., 12:45 GMT) · ECB Press Conference (EUR, 13:30 GMT) · ISM Non-Manufacturing Index (U.S., 15:00 GMT) U.S. Factory Orders fell 1.5 Percent in March to $460.5 billion following a 1.1 percent increase in February, according to figures released Wednesday by the Commerce Department. While, ADP said that U.S private sector employment increased by 119,000 jobs in April following a downwardly revised increase of 201,000 jobs in March. The euro remained lower following a three-day decline on bets that European Central Bank President Mario Draghi will hint at further stimulus measures to counter the region’s debt crisis after ...

The market tension remains evident and fears over the stability of the euro area remains the market buzz. Investors are closely monitoring the debt market developments and surely the auctions from Spain this week that is feared to be the next victim of the debt crisis as borrowing costs rise once again. Fears over the growth outlook and ability to contain the crisis is combined with mixed economic data and today the focus will be on inflation to see if central banks in Europe have a wider scope to support growth. Investors are still eying the developments in the euro area and especially the bond market. Spain is the talk of the town and investors are still betting against the nation and its ability to control its finances and meet the deficit target for this year and next. The 10-year ...