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Gold Analysis
Spot gold remains in positive territory after Wednesday’s rout, currently up $21.55 trading $1718.40. UBS reported today, via an emailed report, that a dip below $1700 an ounce was attracting a fair amount of physical purchases.
Crude Oil Analysis
Nymex crude prices are holding steady around $107.00 this morning in Asia after a rather roller-coaster ride yesterday in the NY session. The April contract fell back from early highs of $107.43 in Europe to $104.84 after the EIA announced a bearish 4.16 mmbl build in crude inventories for the latest week and Fed Bernanke […]
Gold Analysis
Spot gold prices collapsed yesterday afternoon following Fed Bernanke’s testimony which pointed to little chance of further QE, along with some stronger employment/ Chicago PMI data, which sparked a wave of profit taking by bullion traders after the metal posted highs of $1790.80 in Europe.
USTB Analysis
US Treasuries open NY higher after overnight mixed flows. In TOKYO, Treasuries kept to a tight range with month-end buying coming into long end Tsys. Japanese accounts bought US 5-year notes, while front-end buying arose too but some Asian selling arose in intermediates and other 10-year selling.
Bonds Analysis
German government bonds trading mixed Wednesday with yield curve steeper in the wake of the ECB’s 3-year LTRO. Bunds came under pressure after ECB’s 3-year LTRO, where E529.5bln was alloted, with 800 banks bidding.
Crude Oil Analysis
Nymex WTI crude prices are staging a recovery this morning after a heavy sell-off yesterday partly on profit taking, but also on fears from traders that the recent rise in prices may spark some demand destruction.
Bond Analysis
German government bonds are opening moderately lower Tuesday as focus turns to the ECB’s second 3-year LTRO tomorrow. Estimates for the 3-year LTRO remain mixed. Some banks have raised estimates, given ECB’s extension of eligible collateral in non-marketable asset category, but some banks also have lowered their estimates as the haircuts on the additional collateral […]
Gold Analysis
Spot gold is pushing higher in Asia this morning having eased back on Monday. Crude oil prices and the EUR/USD were pegged back from recent highs following S&P’s downgrade of EFSF’s outlook to negative, and talk that Merkel would have to rely on opposition support to gain Germany’s approval of the bail out.
Crude Oil Analysis
April Nymex WTI crude prices are holding steady in Asia this morning around $108.40 after losing over $2 yesterday as the euro succumbed to pressure from EUR/JPY sales and the Nymex markets saw some profit taking after a failure to breach the $110 level.
Bond Analysis
German government bonds trading higher into the New York session Monday, amid risk-aversion and stop loss buying after weekend G20 meeting failed to offer a quick fix for the Greek debt crisis.
Crude Oil Analysis
Nymex and Ice Brent crude prices continue to gather support from tensions in the Middle East (notably Iran, who continue to dismiss allegations about it’s nuclear program). US Treas Sec Geithner is now considering releasing some strategic oil reserves as the recent price rises threaten the global economy.
Bond Analysis
German government bonds trading little changed Friday into the New York session and trading in tight ranges ahead of expiry of the March Bund options contract later this session. Volumes are also light ahead of the G-20 Summit in Mexico this weekend.