Other Markets
Crude Oil Analysis
April Nymex WTI crude prices have been consolidating around $105.50 in Asia this morning as the market seeks fresh direction. Yesterday’s trading was a mixed bag with the contract constrained between $105.00 and $106.15 in Europe but then collapsed to $103.78 on talk that the US and UK had agreed to release some strategic reserves.
Bonds Analysis
German government bonds are opening lower Thursday and extending strong sell-off in the bond market from the previous session, as risk-on sentiment continue to prevail. The benchmark 10-year Bund has so far found support ahead of the 2.00% yield level, but risks remain skewed lower as jitters in the UK Gilts market continue to dominate […]
Gold Analysis
Spot gold is attempting to stabilize this morning after another sharp drop yesterday as hopes of further QE from the Fed become distant. Long liquidation has been widespread in recent sessions as investors turn out of the metal into equities.
Crude Oil Analysis
Nymex crude prices are firming this morning in Asia having hit one week lows in NY of $105.12. The weekly EIA inventory release yesterday showed a build in crude stocks of 1.75 million barrels which was roughly inline with analyst expectations and brought total crude storage to around 347 million barrels.
Gold Analysis
Spot gold prices continue to be weighed down by dollar strength following strong retail sales data out of the US, upbeat outlooks on the US economy from the Fed and no firm pointers towards further QE.
Crude Oil Analysis
Nymex crude prices are steady in Asia this morning in a $106.30-89 range after a mixed day yesterday in NY. The contract traded a $105.67-107.35 range but managing to post a small gain into the close at $106.71 from opening levels of $106.55.
Bonds Analysis
German government bonds are trading lower midday Tuesday following upbeat German ZEW business sentiment survey and strong Italian T-bill auction results, which fuelled risk-on sentiment. June Bunds opened lower on profit-taking following strong gains seen in the previous session and ahead of the key FOMC rate decision later today.
Gold Analysis
Spot gold prices continue to hover above the $1700 psychological level as traders nervously await the outcome of today’s one day FOMC meeting. Monday saw falls to $1692.60, but the 200 day MA around $1680.70 continues to add support on a closing basis and the metal ended the NY session around $1701 last night.
Crude Oil Analysis
April Nymex crude prices lost ground yesterday but have picked up in Asia this morning with the WTI contract rising from $106.48 to $107.06, before slipping to $106.74 as equities curbed earlier gains and the BOJ announced a hold on rates and no increase in the Y65 trln QE program.
Bonds Analysis
German government bonds are trading little changed Friday as market awaits verdict from the ISDA to see if a credit event has occurred in the wake of the Greek PSI deal. Also eyed is US payrolls data.
Gold Analysis
Spot gold prices are holding just above the psychological $1700 level in Asia this morning with the rally from Tuesday’s lows extended to $1706.90 this morning from early lows of $1698.10. Crude prices have added underlying support to the metal a head of the Greek PSI bond swap result.
Crude Oil Analysis
Nymex crude prices are holding firm in Asia this morning ahead of the outcome of the Greek PSI take up and US non-farm payroll data this afternoon. Yesterday saw prices pick up with optimism over Greece as talk that as much as 95% of bondholders will sign up to the debt swap.