Interesting Is The Movement In The Price

(Reuters) - CBOT grain traders got their first taste on Thursday of trading without a two-hour cushion between the release of price-sensitive U.S. government data and markets being open, as the new 21-hour trading cycle exposed some frayed nerves. The U.S. Department of Agriculture issued its weekly export sales report at 7:30 a.m. Central (1230 GMT) when the Chicago Board of Trade grain markets were open for business. The CBOT began a 21-hour trading cycle on Monday. Rival Intercontinental Exchange (ICE.N) was also open, but its volume was far smaller than that of the world's largest grain exchange, owned by the CME Group (CME.O). The data moved the corn futures market, with benchmark July slipping slightly lower in a knee-jerk reaction before rebounding after traders dug deeper into ...

It has been a lacklustre day post the G8 meeting at the weekend (yawn), the drop in Mark Zuckerberg's net worth seems to be more of a talking point than the continuing Eurozone crisis. But, the Eurozone banking index gives it all away. Bankia, Santander and the usual Spanish suspects all turned lower as we headed into London's lunchtime, which dragged the overall European banking sector down to its lowest level since November 2011. Within a matter of hours EURUSD followed suit and is making fresh lows of the day at 1.2730 (at the time of writing). Official EU disappointment Although a temporary bottom may be in place at 1.2624 in EURUSD, the G8 summit highlighted a couple of things that remain negative for the single currency: 1, how divided the Eurozone (and the world) is about how to ...

(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 ...

Markets focus to see whether the ECB paves the way for further easing Economic Data (RU) Russia Gold & Forex Reserve w/e Apr 27th: $523.3B v $519.5B prior (IN) India Apr Markit Services PMI: 52.8 v 52.3 prior (UK) Apr Nationwide House Prices M/M: -0.2% v +0.5%e; Y/Y: -0.9% v -0.3%e (IE) Ireland Apr NCB Services PMI: 52.2 v 52.1 prior (CH) Swiss Q1 UBS Real Estate Bubble Index: 0.95 v 0.80 prior (HU) Hungary Feb Final Trade Balance: €691.2M v €690.1M prelim (TR) Turkey Apr Consumer Prices M/M: 1.5% v 1.4%e; Y/Y: 11.1% v 11.0%e; Core CPI Y/Y: 0.1% v 7.9% prior (TR) Turkey Apr Producer Prices M/M: 0.1 v 0.4% prior; Y/Y: 7.7% v 8.2% prior (BR) Brazil Apr FIPE CPI: 0.5% v 0.2% prior (UK) Apr PMI Services: 53.3 v 54.1e (HK) Hong Kong Mar Retail Sales Value Y/Y: 17.3% v 14.0%e; Retail Sales ...

Market Drivers - Currencies Today's Comment The most important events today are the monetary-policy meeting at the Riksbanken as well as minutes from the monetary-policy meeting at the Bank of England. Regarding the Riksbanken we see a 50/50 probability that the interest rate will be cut by 25 bp. If this becomes a reality, EURSEK will increase (SEK depreciation) and test the important level around 896. If it is breached at this level, this is a good probability of a major stop/loss-driven movement against the upside since we anticipate that the investors who sold EURSEK at lower levels will pull out. Investors are generally short in EURSEK (purchased SEK). Regarding the minutes from the Bank of England, it will be interesting to see the comments from the individual members and the ...

The U.S. dollar is exposing some strength; the currency is the one and only star of today’s session so far, scoring plenty of gains against its major counterparts. Starting as usual from the euro; the downside pressure on the common currency is still dominant where concerns about the bond swap deal remains in focus. The EUR/USD pair printed a low at 1.3131 after starting the session at 1.3215, the downside pressure was able to push the pair below some important technical support levels starting from 1.3180 horizontal support, the 200 simple moving average over four-hour basis, in addition to the main ascending trend line around 1.3160. As a result we look for stability of trading for some time below this area, eyeing 1.3030 as the next obvious target. To the upside any correction should ...

Weekly Economic and Financial Commentary : 04/03/2012 U.S. Review A Better Tone to the Data but Growth Remains Sluggish The economic data clearly have a better feel to them but there is no evidence of a sudden break out to the upside. Fourth quarter real GDP was revised up to a 3.0 percent annual rate and inflation was also revised slightly higher. Personal income came in slightly below expectations but upward revisions to previously published data put the saving rate at 4.6 percent in January, well above the earlier reported level of 4.0 percent. Manufacturing data were mixed, with orders down but purchasing managers' surveys remaining strong. Lots of Good News but Still Only Modest Growth We received a full complement of economic reports this week, providing new intel ...

We hope you enjoy today’s issue of The Daily Reckoning, dear reader. It’s costing us a fortune to produce; NZ$0.68 per minute (up to NZ$29.90 for 24 hours), to be exact. That’s what the hotel charges for accessing the Internet. Seems kind of strange, really. They give us sausages and eggs for breakfast, along with a stellar selection of fresh-squeezed juices and pastries…then, when we’re overfed and slow to compute, they slam us for thirty bucks for a day worth of something Starbucks outlets around the world give away for nothing. And it’s limited data! How are we supposed to reckon when we can’t stream our favorite Justin Bieber songs straight into our headphones? This remote island nation is not cheap, as we’re coming to find out. Just to give you an idea… A 25 minute taxi-ride from ...