The New Zealand Dollar reached the strongest level in more than two years versus the Australian counterpart as the smaller country's retail sales topped economists' expectations, boosting speculation the central bank will increase interest rates. The kiwi fetched NZ$1.2181 per Aussie after rising to NZ$1.2143, the strongest level since July 2010.
Base metals were mixed as risk appetite weakened amid escalated concerns over deepening Eurozone's recession. Putting additional pressure on the commodity complex, weak Eurozone's data pushed the US Dollar higher. Meanwhile, market activity remained subdued as China's markets are closed for Lunar New Year holiday. Aluminum closed near one-month high amid brighter demand prospects. Norilsk Nickel, the third biggest aluminum producer
Precious metals ended Thursday's session in the red territory amid concerns over deepening recession in the Eurozone. The data showed the Eurozone's GDP contracted 0.6% in Q4 of 2012, compared to a forecast of a 0.4% decline. At the same time, signs of strong physical demand limited losses of the commodity sector. Gold dropped after the latest data from the World
The South Korean Won remained stronger this week among Asian currencies on speculation the region's leaders will opt out reining in foreign exchange rates as Japan's Yen rose ahead of G20 meeting. The Won gained as much as 1.7% this week to 1,077.80 per greenback, while Philippine's Peso and Malaysia's Ringgit climbed 0.2% and 0.1% respectively.
The Japanese Yen strengthened before the G20 meeting and amid speculation who will be chosen as the BOJ Governor, with Toshiro Muto being the leading candidate. The Yen climbed as much as 0.6% to 92.31 per U.S Dollar at 1:40 p.m. Tokyo time after rising 0.6% a day earlier. The currency climbed 0.7% to 123.30 against the Euro.
The amount of Americans looking for unemployment benefits dropped sharply last week, which indicated that hiring might improve faster than expected. Weekly unemployment aid applications plunged by 27,000 to seasonally adjusted 341,000, showing steady level of job growth.The applications figures "continue to show no sign of new weakening--if anything, the opposite," said Jim O'Sullivan, an economist at High Frequency Economics.
After exports fell, Germany, the largest Europe's economy contracted more than predictions of economists, with GDP plummeting 0.6% compared to the 3rd quarter, when it advanced 0.2%. There was also seen a significant decline in the Italian and French economies in the fourth quarter, where GDP dropped 0.9% and 0.3% respectively. "The figures released in individual member states so far suggest
Farm commodities were divided on Wednesday, with sugar and wheat moving higher and coffee and corn declining. Broadly stronger greenback and expectations that upcoming USDA report will show a drop in grains exports pushed the commodity complex lower. Wheat ended on the positive note on hopes for better demand for US exports. Iraq and Bangladesh are seeking to buy 50,000
Energy futures were mixed on Wednesday after bullish EIA crude oil inventory report. Sending energy futures higher, the OPEC hiked its global demand outlook for 2013 by 100,000 barrels per day. However, strong US Dollar created notable pressure on the commodity group. Crude oil retreated despite much smaller-than-expected increase in the US crude oil stockpiles last week. The EIA reported
Industrial metals were mixed on Wednesday, balancing between positive economic data releases from the EU and US and increased caution ahead of a G20 meeting due later in the week. Lack of China's demand also weighed. China's markets are closed this week for Chinese New Year holiday. Moreover, elevated LME inventories added pressure on base metals. Aluminum was the top-performer after
Precious metals apart from platinum were bearish on Wednesday as investors turned to safe-haven assets such as the US Dollar ahead of a G20 meeting scheduled later in the week. At the same time, positive data from the EU and US provided support for the commodity complex. Gold slid despite upbeat industrial production data from Germany and positive US retail
The Pound weakened for a third consecutive day versus the Euro, falling toward the lowest level in 15 months as the Bank of England Governor Mervyn King said the nation's growth is likely to be slow with a lot of challenges ahead. The Sterling fell 0.7% to 86.51 pence per Euro after sliding to 87.17 pence February 1, the lowest
Asian shares rose as the Bank of Japan kept its asset-buying programme unchanged. The MSCI Asia Pacific Index gained as much as 0.3% to 135.65 at 2:09 p.m. in Hong Kong, poised for the highest close in 18 months. Japan's Nikkei 225 Stock Average added 0.5% and Hong Kong's Hang Seng Index advanced 0.9%, while Australia's S&P/ASX 200 Index climbed
The South Korean Won advanced as the nation's central bank kept the key interest rate unchanged and ahead of G20 meeting at which officials will discuss currency devaluations. The Won rose as much as 0.2% to 1,084.80 per U.S. Dollar in early trading hours in Seoul after earlier climbing to 1,084.27, close to the highest level since February 6.
The New Zealand Dollar strengthened to 2.5-year high versus the Australian counterpart as manufacturing activity increased last month, increasing chances the RBNZ will raise its key interest rate. The kiwi advanced as much as 0.4% to NZ$1.2219 per Aussie as of 4:46 p.m. in Sydney, after rising to NZ$1.2197, the strongest since July 2010.
According to assessment published by the statistical office of the EU, industrial production in the Euro area (EA17) advanced 0.7% and climbed by 0.5% in the EU27 in December 2012, in comparison with November 2012, when production declined by 0.7% and 0.6% respectively. Making comparison with 2011, in 2012 the average production index fell 2.1% in the EU27 and 2.4%
The Euro Stoxx 50 futures were little changed at 2,646 points in the beginning of London trading session on Wednesday. Market was calm ahead a Euro-area industrial sector output data, which according to economists should increase by 0.2% from November. Also, Barack Obama, the U.S. President, pledged to expand trade with Europe.
Copper futures with settlement in three months were higher by 0.2% to $8,250.75 a metric tone on London Metal Exchange on Tuesday trading session. Commodity investors speculate on signs that recovery in the U.S. and China will boost demand for copper and adsorb current oversupply. Stockpiles of copper were in the highest level since May 2011.
Rubber futures for March settlement were higher by 0.6% to 333.6 Yen per kilogram or $3.585 a metric tone during Asian trading session on Wednesday. Rubber has increased 9.8% this year. Rubber futures gain for a second session as surge in oil prices raised appeal for the alternative commodity, which could be used to make tires.
Wheat futures for March settlement were little changed and traded at $7.31 per one bushel during Singapore trading session on Wednesday. Yesterday the price slipped to $7.255 level, which is the lowest since June 26, 2012. Market speculates that rain in growing areas will help to crop harvest as the biggest shipper recovers from the worst drought in 80 years.
The Canadian currency, also known as Loonie, was higher by 0.3% to 1.0023 per U.S. Dollar in the end of Toronto trading session on Tuesday. The Loonie appreciated from a two week low as the discount on the nation's crude oil trades comparing with the American gauge was at the lowest level in last three months.
The British Pound was traded at 85.95 pence per Euro and $1.5558 in very early morning of London trading session on Wednesday. The Pound was little changed, as investors wait for the Bank of England announcement on inflation and growth forecast. Economists say that inflation forecast might be pushed up and growth lowered during a press conference today in London.
Slovenian credit rating was cut by Standard & Poor's Corporation to A- with a stable long-term outlook, as announced on a rating agency statement on Tuesday. The downgrade is based on a higher than anticipated debt burden, because of a support for state owned banks. Also, agency observe policies implementation risks to solving economic and fiscal issues and pressures.
The BSE India Sensitive Index, also known as Sensex, was higher by 0.8% to 19,711.35 points in early Indian trading session on Wednesday. The index made the best performance since January 25, 2013. Investors were positive about Tata Motors announcement that Jaguar and Land Rover sales increased by 32%. Also, the central bank releases inflation data tomorrow, which is expected