The Yen rose versus the Dollar as Chinese stocks' plunge increased demand for safety. The Japanese Yen strengthened almost against all 16 of its major peers and added 0.2% to 117.23 versus the Dollar as of 9:44 a.m. London time. However, the currency weakened 0.2% to 136.25 versus the Euro after heading to 134.71 on January 16, the highest level
Oil declined after Iraq announced that it was producing a record number of crude, and Swiss stocks recovered from the weakest level in a year together with the strengthening Chinese currency. WTI crude fell 0.8% to $48.35 a barrel as of 10:40 a.m. London time, and crude declined almost 50% previous year.
European stocks stayed almost the same, paring early gains, on investor expectations of ECB's announcement about QE this week. The Stoxx Europe 600 Index gained 0.1% to 352.52 as of 9:42 a.m. London time, after an earlier advance of 0.5%, while Switzerland's SMI Index added 3.2% today after its biggest weekly decline since 2008 following the SNB's actions.
On Monday the UK Pound gained versus the US Dollar, but with limited gains due to investors who are locking-in profits. GBP/USD hit a high of 1.5234, afterwards settling at 1.5177, having gained 0.18% in total. The Sterling experienced hard pressure last week amid UK consumer inflation rate weakening to 0.5%, while the Greenback received a support after the SNB
On Monday prices for copper fluctuated ahead of China's key economic data being released. Copper futures for March lost 0.3 cents and traded at $2.614 per pound, with fluctuations held between $2.593 and $2.636, compared to a low of $2,423 last week, a level unseen since 2009. China, the largest copper consumer, accounts for nearly 40% of copper consumption in
Before the ECB policymakers' meeting taking place to discuss the the new stimulus introduction prices for gold rose to a four-month high. Immediate delivery price lost 0.4% to $1,275.09 per ounce after reaching the highest level of $1,283 since the beginning of September. Futures for February fell to $1,275.10, compared to last week's $1,276.40. Due to gold prices skyrocketing in
Last week oil gained for the first time in two months, but slumped this Monday amid fear of OPEC increasing output overweighting speculation that supply from the outside group will dampen. Oil prices fell by approximately 1% as Iraq pumps at a record speed of four million barrels per day, while supply of non-OPEC output is expected to be weaker
Asian stocks declined due to an unexpectedly move in Swiss Franc, and the volatility soared to elevated levels. Chugai Pharmaceutical Co. fell 2.5%, Samsung C&T Corp. dropped 6.3%, the MSCI Asia Pacific Index tumbled 0.6% to 137.97, while Shandong Gold Mining Co. and Zijin Mining Group Co. added more than 3.8%.
Oil is poised for the longest weekly decline from March 1986, as OPEC estimates that the crude oil demand might subside, adding to an oversupply that spurred a collapse of oil prices last year. WTI crude for February settlement was at $46.77 a barrel and the contract fell $2.23 to $46.25 yesterday.
European car sales increased for the first in seven years amid demand for low-cost autos from Renault SA and Volkswagen AG. Registrations added 5.4% to 13 million cars, the ACEA reported today. December sales climbed 4.9% to 997,238 in comparison with the previous year. BMV AG, Automobiles NV, Fiat Chrysler, Nissan Motor Co. and Daimler AG were among the companies
European stocks dropped from the strongest level in a month, trimming a weekly advance, as Swiss stocks contributed to losses. The Stoxx Europe 600 Index fell 0.3% to 347.27 and the Swiss Market Index slid 3.1%, while Swatch Group declined more than 4%, stretching yesterday's losses.
Bullion traded near the highest level in four months, heading for the second weekly advance, after the Swiss Franc unexpectedly moved. Assets in the biggest exchange-traded product gained the most from 2011. Gold for immediate settlement traded at $1,259.29 an ounce, touching $1,262.75 a day before, the biggest advance this year.
Global bonds prolonged their surge this year after the Switzerland's decision concerning the exchange rate, forcing the yields to fall because of an increased demand for safe assets. According to the Bank of America Merrill Lynch Global Broad Market Sovereign Plus Index, the bonds yielded 1.6% this year, while the equity market, as represented by Standard & Poor's 500 Index,
The Australia's benchmark 10-year bond yield slipped below the central bank's cash rate after the Swiss National Bank's unexpected decision to abandon its minimal exchange rate for EUR/CHF. As a result, the yield dropped by 18 points to a 2.49%, below the Reserve Bank of Australia's 2.5% key rate for the first time since December 2012.
The decision of a new stimulus programme, which will be implemented in China to revive the slowing economy, was approved and announced on Friday, after the release of bank lending and foreign investment data that showed an alarming drop in growth. The central bank is going to lend 50 billion Yuan to banks at discounted rates in order to let
Asia's currencies showed gains this week, led by South Korea's Won and Taiwan's Dollar, thanks to the expectation that the decline in oil prices will stimulate trade balances in the region. Meanwhile, Brent crude reached their lowest level since March 2009 and was traded at $48.30 per barrel. In the meantime, the Won as well as Taiwan's Dollar have added
Oil prices managed to advance during the recent Asian trading. However, because of the oversupply the long-term perspectives for oil remain bearish. Brent crude traded at $48.47 per barrel, showing an increase of 20 cents, while US crude was up 30 cents to trade at $46.55 a barrel.
US producer prices showed their biggest drop within the last three years in December due to a strong decline in energy costs, highlighting the existing deflationary pressures. Producer price index decreased 0.3% compared with a drop of 0.2% in November. Consumer inflation is due to be released today. The price level is expected to keep declining at the same rate
Mixed US economic reports could not do much to weaken economic recovery, thus having the US Dollar remain close to the 12-year peak versus other major currencies.The US currency somewhat rebounded after a sharp fall on Wednesday amid report on poor retail sales for 2014. The US Dollar index slid only 0.22% to 92.10, not far from the 12-year high
In spite of OPEC forecasting weak demand for oil in 2015, as well as lower oil prices, oil has actually steadied as US Dollar dropped. As SNB lifted a three-year cap versus the Euro, the Swiss Franc elevated sharply, pushing down the Greenback and the Euro zone currency. Due to commodities being priced in US Dollars, black gold gained with
On Thursday the Euro dropped to a new low against the US Dollar after the cap on Swiss Franc was removed by the SNB. The Euro declined 0.57% to $1.1714 against the Greenback, after hitting an unseen since 2003 low of $1.575. The US Dollar remains strong due to high expectations of interest rates rising, whereas a full scale QE
On Wednesday prices for natural gas in the US rose due to investor reaction on frigid weather shift. Gas futures for February hit a ten-day high, $3.118 per million British thermal units, compared to $2.943 on January 14. The temperatures in the US are likely to be not as warm as first expected, the new forecast showed, thus boosting demand
On Thursday gold traded at the highest levels amid Swiss National Bank cutting interest rates into negative territory. Gold might get a boost with lower interest rates, as relative gold cost is weaker and does not benefit the investors in payouts. Futures for Februarey gained $2.60 and traded at $1,237.10 per troy ounce, compared to a nearly three-month high of
Copper showed a gain in base of metals after a harsh drop in five years due to soared credit growth in China. The strong rise of financing, last month, provoked a surge in Chinese equities and lead to the speculation of the surplus of metal sales. Meanwhile, copper for delivery advanced 2.5% while the metal plummeted 5.3% losing 11% this