Denominated Commodities Also Found

Dukascopy Technical Analysis EUR/USD "Whereas in the past the dollar would tend to fall as risk appetite was rising, the dollar is now benefiting from pro-risk developments, as U.S. economic data has generally bested expectations recently" - Bank of the West (based on CNBC) Even though EUR/USD continues to hover just below 1.3291/1.3325, it is expected to move southwards in the nearest future. The initial support is at 1.3140, followed by 1.3130 (55 day sma) and 1.3004. EUR/JPY "It's possible to see euro pick up slightly as people work out the implications of the bailout package and better economic statistics Sentiment toward Europe is slowly improving" - St. George Bank Ltd. (based on Bloomberg) EUR/JPY is currently in a phase of a bearish correction, which may last until 105.65 is ...

(Reuters) - Brent oil rose slightly on Tuesday and U.S. crude jumped more than 1.5 percent, bolstered by an unplanned outage at a Canadian oil sands plant and optimism about an agreement on Greece's debt problems. An Alberta plant that processes Canadian oil sands was expected to be shut for two or three weeks, adding lift for U.S. crude and helping narrow its deficit to Brent. Brent's premium to U.S. crude oil widened in early trade to more than $20 per barrel, its highest since October, before a brief but sharp reversal by Brent and a rally by the U.S. contract narrowed the spread back below $18 and left it at $17.82 based on settlements. "The spread got above $20 and it looks like some big players came in and pulled it back, then the dollar fell on expectations a Greece debt deal is ...

(Reuters) - Oil rose on Thursday as gains in the stock market and shortcovering helped shake off early losses caused by a rise in U.S. crude stockpiles. Crude dipped early after U.S. inventory data showed an unexpected build in stockpiles last week, adding to pressure from the dollar's gain against the euro, which weighed on dollar-denominated commodities. Crude turned positive in the afternoon as the euro rebounded and stock markets rose, putting Brent crude on track for gains of 13 percent for the year and U.S. oil futures in line for an 8 percent gain. "The euro got oversold and recovered, but who wants to go home short for the holiday weekend with Iran and all the geopolitical powder kegs out there? This is just a bit of short covering," said Rich Ilczyszyn, chief market strategist ...

(Reuters) - Oil rose on Thursday as gains in the stock market and shortcovering helped shake off early losses caused by a rise in U.S. crude stockpiles. Crude dipped early after U.S. inventory data showed an unexpected build in stockpiles last week, adding to pressure from the dollar's gain against the euro, which weighed on dollar-denominated commodities. Crude turned positive in the afternoon as the euro rebounded and stock markets rose, putting Brent crude on track for gains of 13 percent for the year and U.S. oil futures in line for an 8 percent gain. "The euro got oversold and recovered, but who wants to go home short for the holiday weekend with Iran and all the geopolitical powder kegs out there? This is just a bit of short covering," said Rich Ilczyszyn, chief market strategist ...

(Reuters) - Oil fell for a second straight session on Thursday, weighed down by U.S. data showing an unexpected build in crude stockpiles last week and a drop in the euro against the dollar. U.S. crude stockpiles shot up 3.9 million barrels in the week to December 23, data from the U.S. Energy Information showed, as imports rebounded following shipping delays earlier in the month due to fog in the Houston Shipping Channel. While the build was smaller than that reported by the American Petroleum Institute on Wednesday, it comes at a time when refiners typically draw down stockpiles for year-end accounting purposes and helped offset concerns about Iran's threats to shut the Strait of Hormuz, a vital oil shipping route. "This is a pretty bearish report, but we have a couple of ...

(Reuters) - Brent crude oil steadied above $107 a barrel on Thursday, as a stronger dollar and rising U.S. crude stocks offset Iranian threats to halt a vital oil trade route. Brent rose 14 cents to $107.70 a barrel by 0537 GMT after falling nearly $2 the day before. Wednesday's decline snapped a string of six straight sessions of gains. U.S. crude climbed 23 cents to $99.59 a barrel. "A big increase in U.S. crude oil stocks and the falling euro against the dollar are the main pressure points for the market at the moment," said Ken Hasegawa, a derivatives manager with brokerage Newedge in Tokyo. "We also had six consecutive days gaining in the oil market, so it is not strange to see some profit-taking from these sharp gains." Brent remained on pace to post a 13 percent gain for the ...

(Reuters) - China plans to sign an agreement with the 10-member Association of South East Asian Nations (ASEAN) to settle trade in yuan, said two independent sources, another step in China's long campaign to make its currency one widely used beyond its borders. The framework agreement with ASEAN -- which as a block is China's third-biggest trading partner -- will pave the way for banks in China and the ASEAN countries to start exchanging yuan for ASEAN currencies, said the sources, both of whom have direct knowledge of the planned agreement. "This will lay the foundation for the yuan to become a regional currency," the first source told Reuters, requesting anonymity because he was not authorized to speak to reporters. China, the world's second-biggest economy, is keen to give the yuan a ...

European stock index futures fell on Thursday, as riskier assets across the board slumped with investors growing wary about taking risks ahead of a key European leaders' summit on Sunday. The euro dipped as European policymakers struggled to reach consensus on the region's sovereign debt crisis, and concerns about the global economy hit industrial metals such as copper and commodity-linked currencies such as the Australian dollar. The European stock index futures was down 1.3 percent, while futures for Germany's DAX and France's CAC-40 were also down more than 1 percent and financial spreadbetters called the FTSE 100 .FTSE to open as much as 1.2 percent lower. .EU .L On Thursday, risk aversion prompted investors to trim cross-yen pairs, pushing the Aussie down 0.7 percent against the ...

Brent crude fell below $101 a barrel on Tuesday, pressured by growing fears that a Greek debt default could spread and ignite a global recession. The global economic woes coincide with faster-than-expected Libyan efforts to restore its oil output, causing some investors to tread more carefully amid possible weaker fundamentals. But as of now, Qatar did not see a need for OPEC to meet before its next scheduled gathering in December, although it is watching the impact on oil demand of slowing economic growth and the debt crisis in Europe closely, its Energy Minister Mohammed al-Sada told reporters in Tokyo. Brent crude for November delivery fell 49 cents to $101.22 at 0537 GMT, after hitting an intraday low of around $100.50 a barrel, which was within striking distance of an eight-week ...