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It’s bumpy ride ahead

In just about every asset class, exuberance ruled the day. The concluding episode was threatening aversion closing the S&P 500 on the lows, down16 points to 1979. The market at midday ripped up to 2017 in rallying relied as oil shortly leaped $3.

The sad story concerns the ruble as it continued plunging not assisted by the massive interest rate hike in Russian. USD/RUB upped as much as 23% setting in a panic. The situation leaked over to trades at risk and pulled down USD/JPY to 115.57 just over the retracement of 38.2%.

The outflows from Russia were advantageous to EUR/USD. The pair peaked climbing to 1.2569 and above about one cent on the day.  Russia started stabilizing but it fell back down to 1.2480; although some bidders already stepped in there two times to create a dual bottom and a bounce to 1.2515.

Having long been the choice port of Russian money, it has the same effect in the UK. The number of UK CPI were subdued today and that ignited the beginning of a cable escalation to 1.5612 but it rebounded in a huge way and pulled to 1.5784 with the top arriving at the beginning of US trading. The session was mostly spent in consolidating the 1.5725 to 1.5760 range.

Canada’s dollar survived the oil drop and leaped well probably due to the deal in Talisman. However, the tandem de-escalated down to 1.1607 then recovered to 1.1640.

The Aussie was not going far as well. Following a 0.8275 jump in Europe it declined to 0.8210 in its trading with US and stayed within a short distance of the lows in fresh cycle.

The marker overall was dangerous and is trying to message the Fed to be careful.

Posted in FOREX News

Gold News

gold newsAs the price of gold broke the short-term support as expected; it was pushed below $1,200 towards a support area of $1,190-80.  The trend remains neutral as long as gold price stays $1,220 and over $1,180 trend. The two levels of the two prices are very important as the next move will happen after it is discontinued.

Following the release of US data and before the meeting of the Fed Reserve, the yellow gold lost its luster. At the session of yesterday, the precious metal was down to a 1-week low at $1,190.50.

The US dollar was propped by the strengthening the data of its industrial production that bounced 1.3% following a 0.1% increase last October. But other data like confidence in building declined by 1 point this month. Yellow gold, in yesterday’s session, fell lower 50 &20Dsma and it closed beneath those levels. The selling recommended is at $1,232.40 and same is still repeated.

Gold earns the closest fierce support zone at $1,188.00 and $1,185.00. Strong selling will appear lower $1,185.00. Presently, precious metal is traded lower at $1,200.00.  Recommend fresh selling is below $1,188.00 while safe selling is possibly will below $1,185.00.

The intraday resistance is at $1,200.00, over this at $1,218.00. An existing resistance is at $1,200 and $1,213.00. Use every rise to sell until gold is traded below $1,216.00. In case the metal is sold lower $1,185.00, it is still possible to fall towards $1,180, $1,175, and $1,169.00 levels.

Posted in FOREX News

Stocks in Asia Climb

 

Stocks in Asia soared just before the US Federal Reserve policy meeting as profits in utility and energy shares offset the drop in Japanese equities.

The MXAP (Asia Pacific Index) increased 0.1 percent to 134.49 in Tokyo stock markets after going down two percent the last two days. TOPIX Index of Japan decreased 0.5 percent after the Japanese currency moved past the US currency by 1.2 percent.

The Ruble plunged to an exceptional low and defied the interest-rate increase while crude oil continued to fall. The Fed vowed to maintain interest rates close to zero for an indefinite period, according to economic analysts.

The KOSPI index of South Korea increased 0.3 percent while the S&P/ASX 200 Index of Australia gained 0.4 percent. The New Zealand (NZX 50 Index) hardly moved during trading.

Futures on HANG SENG Index of Hong Kong lost 0.2 percent while contracts waned 0.6 percent.

Japanese exports also increased but the figure was less than what economists projected last November while imports declined without prior notice. The Japanese yen traded at 116.75 against the US dollar after increasing yesterday as investors looked for a haven due to the collapse of the ruble.

Standard & Poor’s 500 Index futures added 0.2 percent. Principal equity measures lost 0.9 percent as the decline of technology shares surpassed gains in oil production. The economic crisis in Russia is not preventing the US central bank from abandoning its promise to keep rates low longer even as Fed policy makers admitted that international risks escalated.

 

Posted in FOREX News

Bank of Japan Stimulus

bank of japan stimulusJapan’s central bank is expected to augment record stimulus even more, according to a number of economists. Many of them predicted that the BOJ will continue easing beyond the term of incumbent Governor Haruhiko Kuroda.

The bank’s decision to heighten asset purchases together with the move of Prime Minister Shinzo Abe to defer a sales tax increase have made tapering harder, the economists said.

The Bank of Japan bolstered expectations for more stimuli by the easing.

The central bank will probably prefer not to change its asset purchase program.

Japanese exports increased below projections this November and underlined challenges to government efforts in bringing the nation’s economy out of a mid-year downturn.

It increased 4.9 percent from the previous year which is below the forecast of seven percent gains.

The yen dropped 0.2 percent at 116.63 per US dollar in Tokyo markets after reaching 115.57 which is the strongest in one month. Increased stimulus gives the bank flexibility to purchase from markets for every fresh bond issued by the Ministry of Finance.  The truth is the BOJ stimulus has brought down the currency.

Posted in FOREX News

AUD and USD

The Australian dollar was up versus the greenback and yet it was close to a four-year trough after minutes of the RBA declared that borrowing costs will stay unmoved for a while.

The pair hit 0.8245 during late trading in Asian stock markets and later consolidated at 0.8233 which was an additional 0.26 percent.

The pair will possibly find support at 0.8198 with resistance seen at 0.8303.

Minutes of the central bank’s policy meeting this month disclosed that board members took notice of market expectations which signified that there is a chance for an easing of policy next year.

The report also mentioned that board members believe that the most practical course was a period of permanence in interest rates.

Meanwhile, data pointed out that the China’s HSBC Purchasing Managers Index for manufacturing contracted at 49.5 in December from a previous reading of 50.0 in November.

China is the major export partner of Australia.

FOREX markets were also edgy sooner than the Fed policy statement as continuing speculations rose because of the likelihood of rate hikes in the US 2015. The Aussie dollar was also higher against the single currency. EUR/AUD slipped 0.12% to 1.5128.

Posted in FOREX News

US Stock Market Index Wanes

US Stock Market NewsDow Jones declined 100 points to 17,180.84 or 0.6 percent while Standards & Poor 500 also decreased 0.6 percent to 1,989.63 at the New York Stock Exchange.

S&P 500 negated an early increase of 0.8 percent as crude oil turned around previous gains. Benchmark stocks index dropped one percent by the middle of the day before scaling down losses. The gauge lost 3.5 percent during the past week as crude oil went down to a five-year slump.

On the other hand, West Texas Intermediate (WTI) lost 4.3 percent to $55.30 per barrel. According to equity analysts, this has been the trading trend for the past four days. Each time there is a rally, traders finish near rock bottom at the end of market sessions.  S&P 500 trimmed gains of 1.45 percent last December 11 to finish up at 0.5 percent. The following day, US equity losses accelerated in the final hour as the Dow average declined over 100 points. This is being monitored by trading analysts on a regular basis.

 

Posted in FOREX News

Russian Central Bank Raises Interest Rates

The Russian central bank increased its standard interest rate for the sixth time which is the highest since the default of 1998.

This move was intended to hold back the rout of the national currency and prevent panic among investors.

The key rate was raised from 10.5 to 17 percent effective December 16. Policy makers said it is also meant to reduce risks of depreciation and inflation.

Over $80 billion have already been used up from its reserves. Yet, this did not avert the 49 percent ruble selloff.

FOREX analysts believe that radical measures will hurt the economy but these can stop large-scale financial turbulence caused by the ruble’s sharp decline.

The currency plunged beyond 60 and lost 9.7 percent to 64.4455 per US dollar. Meanwhile, Brent slid 79 cents or 1.3 percent to finish at $61.06 per barrel on the European ICE Futures exchange.

Moscow gets roughly 50 percent of the nation’s budget income from oil and natural gas duties. Over a quarter of its GDP is linked to the energy sector, according to reports.

It is possible for the economy to drop between 4.5 and 4.7 percent in 2015, according to the central bank. Net capital outflow could stretch to $134 billion by the end of the year which is twice as much in 2014.

 

Posted in FOREX News

Prices of Crude Plunge Anew

crude oilCrude oil prices reached lows for more than five years which prompted an up-and-coming market selloff as well as demand for the safe-haven Japanese currency even as Euro region stocks stabilized.

The Indonesian currency plummeted to a 16-year slump while the Ruble was weighed down due to apprehensions of new restrictions by Western powers against Russia. Emerging stocks dropped to nine-month troughs.

The spike in year-end instability drove the Chicago Board Options Exchange Index to the highest point since the global markets outburst in October. This placed high risk stakes under pressure all over. This stress is noticeable in emerging markets as well as junk bonds where close to 1/5 of unsettled bonds come from energy-related firms.

Stock index futures in the US showed a recovery of US financial markets after posting their largest drop for the week in two and a half years.

While Brent prices edged off slumps, the FTS Euro First increased 0.3 percent up to 1,323.19 points.

Instability in global risk assets supports demand for traditional safe havens like the yen which increased as markets shook off the victory of Prime Minister Abe.

The US note fell temporarily to 117.78 Japanese yen before it recovered to 118.76 yen. However, this was still a long way from the seven-year peak of 121.86 yen last week.

The euro was on the defensive end as inflation expectations reached a new low and raised raising potentials of more forceful policy easing by the ECB.

The single note was down 0.2 percent versus the US dollar and Japanese yen.

Posted in FOREX News

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