The Yen reached its highest two-day gain during last three weeks versus the Dollar, since a drop in stocks and oil stocked Japan's haven assets demand. The Yen added 0.7% to 118.81 against the Dollar at the trading session in London. Moreover, the Yen advanced 0.9% to 141.44 versus the Euro after touching 141.39, the highest level since November 3.
On Tuesday gold futures reached a new high of the past three weeks amid Greece's unknown future in the Eurozone. After metal's futures for February hit a three-week peak of $1211.80, they slid slightly and remained at $1209.80 per ounce. Competition against yield-bearing assets is tough for precious metals when rates are rising, as high borrowing rates are bearish for
Gold gained for a third day, setting the longest run of advances since October, as political uncertainty and slumping equity markets in Greece boosted demand for the yellow matal. Gold for immediate delivery climbed 0.8% to $1,214.43 an ounce, the strongest since December 16. Bullion for February settlement at Comex added 0.6% to trade at $1,211.60 per ounce.
Oil fell through $50 a barrel on speculation the US crude inventories are expanding, developing a global glut supply that was leading prices to the weakest level since 2009. Futures dropped 3.1% in New York. Oil lost as much as 50% in 2014, the biggest drop since the financial crisis in 2008, after the OPEC rejected cutting output.
On Tuesday the Euro nearly reached a nine-year low versus the US Dollar amid the Eurozone's private sector activity data showing a much slower rate than anticipated in December. EUR/USD was at a 1.1905, down 0.22%, posting the worst performance since February 2006. Last month's services PMI declined from 51.7 to 51.4 points, still above the threshold level of below
On Monday the UK Pound continued to fall, briefly reaching a 17-month low, due to deteriorating conditions in development in the construction sector. The Sterling lost 0.44% and fell to $1.5255 versus the US Dollar, dipped to the 17-month low of $1.5176, but managed to recover at around $1.5300 afterwards. Construction PMI decayed to 57.6 points and had a major impact
Natural gas futures continue to rebound from the lowest level in 27-month in New York on speculation the demand for the heating fuel may increase due to the blow of arctic air. Natural gas futures for February settlement rose 4.4% to reach $3.135 per million British thermal units and traded at $3.132 in Singapore.
The common currency slid to the lowest level in nine years against the Dollar on speculation the ECB is going to start quantitative easing program. The shared currency fell 0.4% to $1.1959 at 8:56 a.m. in London after touching $1.1864, the weakest since March 2006. Moreover, the Euro dropped 0.5% to 143.92 against the Yen.
On Monday the Euro dropped to a nine-year low versus the US Dollar among rising expectations that QE measures will be implemented by the ECB. The Euro was pressured lower by the strong US Dollar, with EUR/USD hitting 1.1858, the lowest since February 2006, while inflation is expected to decline 0.1%, which would be the first slide to the negative
Oil dropped for a third day, resuming its fall from the lowest since 2009 as supplies from Russia and Iraq are strengthening speculation that the oversupply, which guided crude into a decline, may preserve this year. Black gold futures slid 2.1% as Iraq plans to boost exports, while Russia's output has already reached a new record. Brent fell 48% last
On Friday the US Dollar climbed to a nine-year high versus other major currencies, prior to US manufacturing data report release. On account of the recent US data, expectations were increased for the Fed to raise interest rate in the near future, supporting the currency. The Greenback index gained 0.55% to 91.14, the highest since 2005, while EUR/USD hit the
The Russian ruble got closer to the worst annual decline since 1998 as government interventions suffered a setback in strengthening its currency. This year the Ruble was the worst performing currency, losing 42% of its value, due to Western sanctions and low oil prices, which pushed Russia's economy into recession. Government bonds weakened a lot in emerging markets, with the
Oil dropped to the lowest since 2009 due to speculation that US crude inventories will remain at the highest level in 30 years. US futures for the commodity declined 1.7%, while stockpiles are expected to stay at 387.2 million barrels for the week ended December 26. Black Gold slid 46% for the past year, close to its largest annual decline
As oil becomes more affordable, the European households are starting to spend more. According to Jens Weidmann, Bundesbank President, this may act as a positive factor for the Euro zone economy and thus could decrease the chance of the QE by the ECB. Still, many officials of the monetary authority remain worried regarding the slow inflation and say the European
China is ready to support Russian currency with the help of currency swaps, as the Rouble lost 59% of its value against the US Dollar due to a drop of the crude oil price and European sanctions. Today the Rouble appreciated 3.48% against the Greenback, reaching the level of 56.764 at the moment of writing.
Canada Retail sales decreased in October, as the number of cars sold is diminished and the activity at the pumps reduced. Economists expect a drop of 0.3% in October, followed by an increase of 0.8%, the biggest one since June, while they expect a growth of 0.2% in October of the Core Retail sales.
The bank of Japan adopts high stimulus, as Kuroda wants to avoid an increase in inflation amid the collapse of Oil's price. Economists expect the central bank nudges the monetary base of 80 trillion Yen- annual rate. The Yen depreciates 0.4% versus the US Dollar since 11 GMT, reaching the level of 119.27.
The Greenback appreciates against the Euro, reaching the strongest level in a week, as Janet Yellen announced the Fed may increase interest rates if it met the economic parameters imposed. The US Dollar increased 0.2 versus the Euro, reaching the level of $1.2314 while the Greenback fell 0.1% against the Yen, trading at 118.5, the biggest step up since the
The Swiss Franc has weakened after Switzerland's central bank surprised the markets by announcing it would impose negative interest rates of 0.25% on commercial bank deposits. The Swiss National Bank decision depends on the Russia financial crisis and on the further Eurozone easing measures, as they stress the Franc.
A day after the central bank made an unexpected move to increase the key rate from 10.5 to 17%, sending the Rouble in a free-fall on Tuesday, the Russian currency begins to negate the recent losses. As of 14:26 GMT today the Rouble has managed to strengthen 7.28% against the US Dollar.
Brent crude oil dipped under $63 today, the lowest level since the summer of 2009. Among the quoted reasons are oversupply of the commodity and dim prospects for demand recovery in the future. During this week the price has already given up 9%, while during the last six months the decline amounts to as much as 45%.
The pressure on the Chinese's central bank to intensify the monetary stimulus is rising, as the industrial output showed weaker growth than expected. While the economists expected a 7.6% expansion, the reading came out at 7.2%, a 0.5 percentage point decrease from 7.7% recorded in October.
Though at first the single European currency fell to 1.2414 amid the discouraging news on the German and particularly French inflation, it then pared most of the losses in view of the new targeted long-term refinancing operation (TLTRO). Since the banks took from the ECB nearly as much funds as estimated (130 billion euros), EUR/USD continued to trade near today's open
Despite the employment change surprising to the upside (42.7K against 15.2K expected), the unemployment rate in Australia reached its 12-year high. As a result, as of 12:22 GMT, the Australian Dollar lost 0.59% on Thursday against its US counterpart.