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Markets Of Their Worth ButTitle:
Gold slips as upbeat U.S. data lifts dollar
Gold prices slipped on Friday, tracking the euro's declines as upbeat U.S. economic data boosted the dollar, though volumes were exceptionally light even for a market in holiday mode.
Spot gold eased to $1,604.90 an ounce by 2:44 p.m. EST from $1,605.90 an ounce at Thursday's close.
In New York, benchmark February gold futures settled on the COMEX down $4.6 at $1,606, in extremely thin conditions.
Data from the exchange showed trading volume was paltry at 80 percent below its average for the last 30 and 250 days.
"I've actually been trying to trade it (gold) today, but there's just nothing out there. It's listless," said Zachary Oxman at TrendMax in Encinitas, California.
Echoing other U.S. participants, he added that the MF Global bankruptcy debacle has tied up so much money that ...
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Forex - All Eyes on ECBs LTRO
Forex News and Events:
Risk correlated FX trade were moderately supported as positive news flow trickled in. A solid Spanish bill auction and a stronger-than-expected result from Germany's December Ifo helped risk sentiment. As a result, European sovereign yields and CDS prices contracted slightly. EURUSD was able to regain some lost ground climbing to 1.3128 while AUDUSD rose to 1.0176. Asia regional indices rose broadly with the lone exception being Shanghais which dropped -0.91%. To use this is a pure indication that correction in equity markets is a more likely to be a dead cat bounce then a reversal pattern. Eurozone finance ministers yesterday managed to lock in fresh resources for the IMF but the result was tainted. Only four non-Eurozone nations agreed to participate and of the € ...
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Weekly Economic and Financial Commentary : 17/12/2011
Weekly Economic and Financial Commentary : 17/12/2011
U.S. Review
Mixed Bag of Chips, but Reports Still Suggest Recovery
Retail sales posted a disappointing increase of 0.2 percent in November, but categories typically associated with the holiday season saw solid gains. We believe the holiday sales projections will remain on track.
Industrial production delivered an unexpected decline in November with the pullback concentrated in the manufacturing sector. However, regional surveys for December suggest further positive momentum.
Regarding inflation, we continue to expect prices to moderate over the next year due to restrained domestic demand and slowing global growth.
Economic Recovery Is Still on Pace
The busy week of economic releases continued to show an economy improving ...
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The Bullion Report For Dec 14, 2011: A Seasonal Claus(e)
Some people might look forward to singing "Silver Bells" at this time of year, but did you know that gold prices also have a song to sing? Believe it or not, there is a tendency for gold prices to gain strength approaching the holiday season. Therefore, it is a topic worth considering as gold’s previous seasonality is meaningful for speculators and investors. It just might offer some welcome insight, brighten the holiday spirit and help those interested in fine tuning the timing of precious metal trades.
Past performance is not indicative of future results.
***chart courtesy of Gecko Software
Let's get one important thing out in the open first. Seasonal and weather trends might already be priced into the market, and any past movements in price are not a promise of future results, so ...
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Italian debt sale adds to pressure on euro
(Reuters) - Stock markets and the euro fell on Wednesday, worried by record high borrowing costs for Italy and the Federal Reserve's decision to do nothing new to prop up growth despite warning Europe's debt crisis could hurt the U.S. economy.
The euro broke 11-month lows versus the dollar below $1.30 after Rome's auction of five-year debt, with foreign exchange markets still speculating that more rating downgrades were in prospect for euro zone governments.
"Uncertainties on the future of the debt crisis remain high and the market seems to be mainly driven by flight-to-quality this morning," said Annalisa Piazza, market economist at Newedge Strategy.
Italy paid a euro era record 6.47 percent on its new five-year bonds, compared with the previous record of 6.3 percent set in November.
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YouTradeFX Daily Market Analysis : 14/12/2011
Fundamental News:
Today’s highlights:
• Claimant Count Change (GB, 09:30 GMT)
• Import Price Index (MoM) (U.S, 09:30 GMT)
• Leading Indicators (MoM) (CAD, 09:30 GMT)
• Industrial Production (MoM) (EUR, 10:00 GMT)
The Commerce Department in the U.S announced on Tuesday that the Retail sales figures for November was at a seasonally adjusted level of $399.3 billion, an increase of 0.2 percent (less than the 0.5% forecasted) over revised October figures. The commerce department also announced that the Inventories in the U.S. rose by 0.8% in October by the most in five months as companies moved to bring stockpiles in line with demand. While in Canada, household net worth declined by 2.1% ($134 billion) in the third quarter of 2011 to $6.2 trillion. The Federal Open Market Committee said in a ...
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Examining the CHF Floor
As the latest SNB Monetary Policy Assessment approaches there has been speculation of an impending move by the SNB to raise the floor of the EUR/CHF to 1.25 or perhaps 1.30 from its current 1.20 level. But with the EUR/CHF trading in a tight 300 pip range the SNB may choose to let the market move first before the SNB takes further action.
Economic News
CHF - SNB Interest Rate Decision
As Thursday's SNB Monetary Policy Assessment approaches there has been speculation of an impending move by the SNB to raise the floor of the EUR/CHF to 1.25 or perhaps 1.30 from its current 1.20 level. This speculation has increased following last week's Swiss CPI release which showed the Swiss price level declined by -0.2% m/m during October. Over the month of September CPI fell by -0.1%. There are ...
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$100 – The New Floor for Crude Oil
In the midst of the news about the EU crisis, it’s worth pointing out that oil prices have quietly crept back over $100 a barrel. West Texas Intermediate is $102 as I write. Brent crude, which many argue is the more important figure, is $111. This is remarkable given how weak the global economic recovery has been.
Also of interest is the fact that the price of crude oil has been trending higher, even while the prices of most other commodities have been drifting lower.
The US is the world’s largest consumer of oil. It’s not growing much. Yet there oil sits, with a three-figured handle. I think it is a sign that challenges on the energy front will prove more stubborn than in the past.
One day last week, I found it interesting that the main two financial dailies I read every morning both ...
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The Power of “Q”
Say what you will about John Maynard Keynes (1883-1946). However loathed (or loved) as an economist, he was, undeniably, a great investor. Keynes (pronounced “canes”) piloted the endowment fund of King’s College through the dark years of the Great Depression. He steered the fund to 10-fold gains, excluding income (which the college spent).
Keynes also divulged a key insight that helped him do it, back in 1936.
“There is no sense in building up a new enterprise at a cost greater than that at which a similar existing enterprise can be purchased,” Keynes wrote. On the other hand, there is an incentive to spend money on projects, even “an extravagant sum, if it can be floated off on the stock exchange at an immediate profit.”
In that paragraph is an idea so powerful it helped Keynes beat ...
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