Other Markets
BUND Analysis
German government bonds trading higher Monday, but off their best levels as Italy 10-year spread reverses earlier widening move and after traders dismissed talk of Portuguese debt restructuring.
CRUDE OIL Analysis
Nymex WTI crude prices have started the week with a slightly softer tone this morning in Asia after highs in NY on Friday of $98.03 following a much stronger than expected US NFP release which buoyed equity markets.
BOND Analysis
German government bonds trading higher Friday, with yield curve flatter ahead of the key US payrolls data. Bunds opened higher on position-squaring ahead of the US payrolls data and continued uncertainty over the Greek PSI deal, where further cracks in discussions are beginning to emerge.
Gold Analysis
Spot gold prices are slightly softer Friday, as prices sit in a tight range ahead of U.S. payrolls data due at 1330GMT. Asian trading hours saw very little movement, before prices began to firm up after the European cash equity openings.
BOND Analysis
German government bonds are opening higher Friday, amid position-squaring ahead of the key US payrolls data. The key non-farm payrolls are forecast to rise 135k in Jan, continuing a trend of decent payrolls gain, but a number of economists have revised their estimates for payrolls lower after the weak US ADP data Bunds are seen […]
GOLD Analysis
Spot gold continued to march higher yesterday despite some falls in oil prices and a marginally weaker EUR/USD. The metal posted fresh year’s highs of $1761.20 after earlier lows of $1741 and closed out the day at $1759.50, up around $15 from the open in Asia.
CRUDE OIL Analysis
Nymex crude prices slipped back again yesterday in contrast to the ICE Brent contract which posted gains on the day. Firmer equity markets and lower jobless claims failed to buoy the WTI contract as traders focused on the large storage increase at the Cushing Oklahoma hub following the EIA data release on Wednesday.
BUND Analysis
German government bonds are opening mixed with the 10-year area weighed ahead of the launch of France’s new 10-year benchmark OAT bond, in turn steepening the yield curve. Mar Bund futures contract put in a bearish engulfing pattern, and with sentiment weighed by market rumours suggesting a conclusion to the Greek debt talks.
GOLD Analysis
Spot gold prices continue to consolidate after the jolt up from around $1650 through $1700 following last week’s FOMC meeting. The metal is receiving solid support from Asia, particularly China, and demand is still firm despite the end of the Chinese New Year celebrations.
CRUDE OIL Analysis
Nymex March WTI crude prices headed lower yesterday as traders focussed on the weekly inventory data from the EIA. The report showed an above analysts build of 4.18 mmbls of crude against expectations of around 2.5-3 mmbls, the rise seen on the back of cheaper Canadian imports and a fall in refinery utilizations.
BUND Analysis
German government bonds are opening moderately lower Wednesday amid moderate risk-on after Chinese PMI from the semi-official CFLP and from HSBC came in above expectations and ahead of Germany’s 10-year Bund re-opening auction.
GOLD Analysis
Spot gold prices continue to hold firm consolidating last week strong gains, hitting 7week highs yesterday of $1747.70 in NY trade.