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Dollar rises as growth-linked currencies slip
(Reuters) - The dollar gained against the euro and yen in quiet trade on Tuesday, while the Australian dollar tumbled on central bank hints of more room to ease and fears about China's growth.
Global miner BHP Billiton said it saw signs that growth in iron ore demand was flattening in China, Australia's single biggest export market, pushing the Australian dollar down more than 1 percent.
The Aussie was also undermined by minutes from Australia's central bank, which were deemed as dovish as they suggested that the bank has ample room to ease policy should conditions worsen.
Against the U.S. dollar, the Australian dollar slid to $1.0492, down 1.1 percent for the day, while the New Zealand dollar slumped 1.3 percent to 0.8158.
Key technical support for the Australian dollar lies at the ...
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Oil slips below $124 on Strait of Hormuz reassurance
(Reuters) - Brent crude fell more than $2 to around $123 a barrel on Tuesday as Kuwait said Iran had reassured the Gulf state it would not close the strategically important Strait of Hormuz shipping lane and Saudi Arabia signaled it was ready to increase supply.
A return to pre-war exports from Libya also eased pressure on the market, while a slowdown in Chinese demand and a stronger dollar also weighed.
Brent crude fell $2.29 to $123.42 a barrel at 1337 GMT, while U.S. crude was down $1.71 at $106.38 a barrel.
Sheikh Sabah al-Ahmad al-Sabah, the ruler of Kuwait, said Iran officials had assured his country that Tehran would not close the Strait of Hormuz.
Saudi Arabia, which has said it stands ready to fill in for any gap created by the loss of Iranian oil, late on Monday said it would ...
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Dollar makes broad gains as growth currencies slip
(Reuters) - The dollar gained against major currencies on Tuesday while growth-linked currencies slumped as concerns about China's growth sent investors scurrying to the safety of the greenback.
Global miner BHP Billiton said it saw signs growth in iron ore demand was flattening in China, Australia's single biggest export market, pushing the Australian dollar down more than 1 percent.
"Investors are snapping up U.S. dollars this morning and the rally has all the characteristics of a safe haven bid," said Kathy Lien, director of currency research at GFT Forex in Jersey City, New Jersey.
Renewed concerns about China, the world's second largest economy after the United States, had investors favoring the dollar.
"Throughout the global financial crisis, China did the heavy lifting for Asia ...
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Oil slips towards $124 on Saudi, Libya supplies
(Reuters) - Brent crude fell towards $124 a barrel on Tuesday as signs of increased supply from Saudi Arabia and a return to pre-war exports from Libya eased pressure on the market, while a slowdown in Chinese demand and a stronger dollar also weighed.
Saudi Arabia has said it stands ready to fill in for any gap created by the loss of Iranian oil, and late on Monday said it would work to return oil prices to "fair" levels, according to a state news agency.
Supply concerns were also eased by Libya, where oil exports in April are set to exceed pre-war levels, according to a senior official at its National Oil Corporation.
"We have been seeing articles about increases in Saudi supply offsetting a reduction in Iranian oil since Friday ... I'm surprised the market hasn't reacted until now," ...
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Technical analysis of the EUR/GBP pair on March 20th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP continues to move between the support at 0.83 and 0.8350 as resistance.
Indicators are globaly bearish.
We continue to advise to trade the pair according to key level 0.84.
Below 0.84 - We advise to trade only short positions. The breakout of 0.8350 will give a new sell signal and open the way towards 0.83.
Above 0.84 - We advise to trade only long positions. The breakout of 0.8450 will give a new buy signal and open the way towards 0.85.
See the previous analysis of the EUR/GBP pair of March 19th, 2012
EUR/GBP Analysis
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Technical analysis of the USD/JPY pair on March 20th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY continues to move above the support at 83.20.
Indicators stay globaly bullish.
The pair is still moving above its former bullish slant (black line).
A short term bullish slant is also giving support to the price (purple line).
We continue to advise long positions as far as 82.50 is support.
The breakout of 84 will give a new buy signal and open the way towards 84.50 and 85.
In case of return below 82.50, we will be neutral between this level and 81.83.
The breakout of 81.83 will give a sell signal.
See the previous analysis of the USD/JPY pair of March 19th, 2012
USD/JPY Analysis
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Brent falls below $125 on Libyan supply, China fuel hike
(Reuters) - Brent crude fell below $125 a barrel on Tuesday as global supply concerns eased and a hike in Chinese fuel prices sparked fears of lower energy demand in the world's second-largest oil consumer.
Continued fears of supply disruptions in Iran were offset by news that Libyan oil production would return to levels last seen before the civil war in February, and data the day before which showed Saudi Arabia boosted oil exports in January.
Adding to worries about potential demand destruction, China said on Tuesday it was raising retail gasoline and diesel prices by between 6 and 7 percent, the biggest increase in nearly three years.
"The move might sap demand growth. Higher prices tend to discourage wasteful consumption," said Gordon Kwan, head of energy research at Mirae Asset ...
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Weekly Economic and Financial Commentary : 16/03/2012
Weekly Economic and Financial Commentary
U.S. Review
“March Happiness” Tempered by Late Week Reports
As March Mayhem arrives in the sports world, investors found much to be happy about with many of this week's economic releases. Retail sales improved for the second straight month thanks to a stronger labor market, rising consumer confidence and unseasonably warm weather across much of the country. Regional manufacturing indices also improved, while import and producer price growth slowed. However, Friday's reports tempered the enthusiasm as industrial production was unchanged, rising gas prices led to the biggest increase in consumer prices in 10 months, and consumer sentiment slipped.
Signs of a Consumer Rebound
Following a weak end to 2011, retail sales have bounced back, rising 0.6 ...
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Dollar drops but trajectory seen upward on data drought
(Reuters) - The dollar slumped broadly on Friday, halting a rally that had taken it to an 11-month high against the yen and a one-month peak versus the euro, but a dearth of significant economic data in the near term could restore the greenback's strength.
Higher rates favored the dollar over the past week, boosting it 1.1 percent against the yen for its six straight week of gains. Profit-taking, however, sent the dollar lower on Friday as tame U.S. inflation data prompted investors to rethink expectations of higher interest rates.
A rise in Treasury bond yields after recent strong economic data reflected investors betting that the Federal Reserve may be more aggressive and tighten monetary policy sooner than anticipated, or at least push further stimulus off the table.
Steven Englander, ...
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