Once again stocks finish mixed as investors remained on edge amid ongoing weakness overseas with the S&P stating that Greece will have to restructure its debt again.

The Dow Index traded up 19.61 points to close at 13,145 while the S&P 500 erased 2.26 points to finish at 1403.28. Earlier in the night the German Dax Index traded down 1.8 percent at 6875.

The pound rose the most against the euro in over ten days after a report released from Europe showed that consumer confidence fell, boosting the appeal of the UK assets as a haven. EURGBP (see above chart) traded down from yesterday highs of 0.8383 to recent lows of 0.8332.

On the economic front, the US Labour department announced that weekly jobless claims declined 5,000 to a seasonally adjusted 359,000, although a four year low the report still disappointed as economists surveyed were expecting a reading of 350,000.

Gold retreated for the third consecutive day as jewellers in India continue to extend the nationwide shutdown to 13 days in protests of a 1 percent tax on non-branded products. The Bombay Bullion Association said that imports could plunge as much as 59 percent.

WTI crude oil fell to a six week low as equities slid and France said governments are moving closer to an agreement on a release from emergency stockpiles to curb prices gain.

Source
Bloomberg, Dow Jones News

http://www.vantagefx.com/market-news/market-wrap/

Overnight equities were all off amid worries of overseas weakness. The Dow Index slumped 71.52 points to close at 13,126 while the S&P 500 declined 6.98 points to finish the session at 1,405.54.

On the economic front, the US Commerce Department released figures that show that durable goods orders rose less than expected at 2.2 percent in February, also future business investment missed forecasts. Earlier in the session UK economic growth contracted more than expected in the fourth quarter while the ECB said private-sector loan growth for the euro zone slowed to 0.7 percent in February.

The pound fell the most in five weeks against the euro after a report released by the government showed that the economy shrank more than originally estimated, strengthening the case for additional stimulus. EURGBP (see above chart) traded up from lows of 0.8350 to as high as 0.8395.

Gold declined the most in two weeks falling from highs of 1684 to as low as 1655 as widespread strikes by jewellers in India, the world’s larger buyer of the metal curbed demand.

WTI crude oil dropped for the first time in four days from highs of 107 to recent lows of 104.75 after the US Energy Department said that inventories climbed the most in 20 months.

The Volatility Index finished just below 16 after spiking nearly 10 percent to highs of 17.26 earlier in the session.

Source
Bloomberg, Dow Jones News

http://www.vantagefx.com/market-news/market-wrap/

Markets ended flat in a lacklustre session as investors take a step back following the rally yesterday after the Fed Chairman Ben Bernanke stated that they might continue its easy monetary policy.

The Dow Index dipped 43.90 points to finish the session at 13. The index is still on track to log its sixth-consecutive month of gains. The S&P 500 dropped 3.99 points to finish at 1,412.

On an economic front the US Conference Board released numbers that showed that consumer confidence declined in March to 70.2.

The Australian dollar fell against all of its major trading counterparts as commodities and stocks trade lower. The AUDUSD (see above chart) traded down from highs of 1.0577 to recent lows of 1.0453.

Gold declined from a two week high overnight as the dollars as the USD rebound eroded demand for the metal as an alternative investment. Gold traded down from highs of 1697 to recent lows of 1680.

The Volatility Index which is widely considered the best gauge of fear in the market has finished the session at up just under 10 percent at 15.59.

This morning all eyes will be on the US Fed Chairman Ben Bernanke TV interview at 9.30am AEST.

Source
Bloomberg, Dow Jones News

http://www.vantagefx.com/market-news/market-wrap/

Overnight markets finished on their highs after Ben Bernanke’s commented that the Fed will keep its easy monetary policy if the US jobs market continues to show signs of weakness.

The Dow Index traded up 160.90 points at 13,241 while the S&P 500 jumped 19.40 points to finish at 1,416, this is its highest close since May 2008. Earlier in the session the German benchmark index traded up 1.2 percent to close at 7079.

Bernanke said the US economy needs to grow more quickly if it is to produce enough jobs to further bring down the unemployment rate from 8.3 percent causing the higher yielding currencies rally. The AUDUSD (see above chart) traded up from overnight lows of 1.0427 to recent highs of 1.0545.

In other reports the National Association of Realtors stated that pending home sales unexpectedly declined 0.5 percent to 96.5 in February.

Gold rose the most in one month on the comments as the USD tumbled against the majority of its trading counterparts. Gold traded up from 1656 to recent highs of 1694.

The Volatility Index which is widely considered the best gauge of fear in the market has finished the session at 14.26.

Source
Bloomberg, Dow Jones News

http://www.vantagefx.com/market-news/market-wrap/

Overnight stocks closed slightly higher Friday but the US Indices still posted their worst weekly loss for the year as investors fret about the continuing slowdown in China.

The Dow Index finished the session up 34 points at 13080 but has declined a total of 1.15 percent while the S&P Index closed up 4.3 points at 1397 but erased 0.50 percent for the week.

The US Commerce Department released numbers showing that new home sales fell by 1.6 percent for the second consecutive month in February helping push the euro up to its highest level in three weeks in Friday trading. The EURUSD traded up from overnight lows of 1.3190 to as high as 1.3295.

Gold rallied the most in four weeks on speculation that the continuing weakness of the USD will spurn investors to buy the commodity as an alternative investment.  Spot Gold traded up from overnight lows of 1642 to as high as 1666.

Crude oil rallied on Friday on news that on news that Iranian oil exports have had a heavy drop this month as tightening Western sanctions have caused some buyers to stop or scale back purchases. WTI Crude (see above chart) traded up from lows of 105.17 to as high as 108.2

The Volatility Index which is widely considered the best gauge of fear in the market has closed below 15.

Source
Bloomberg, Dow Jones News

http://www.vantagefx.com/market-news/market-wrap/

US stocks finished the trading week flat however the both logged their best weekly gains in over three months. The Dow finished the session down 20.14 points at 13232, for the week up a total of 2.40 percent. The S&P500 index (see above chart) finished the day up 1.57 points at 1404 for the week this is a rally of 2.43 percent.

Busy session on the economic front with University of Michigan’s consumer sentiment slipping in early March to 74.3 from 75.3 in February, The Labour Department announced that the consumer price index increased 0.4 percent in February as gasoline prices jumped. Finally the Federal Reserve reported that the Industrial production was unchanged in February, snapping a three-month gain.
The price of gold has continued to slip for the third consecutive week pushed down by a stronger US dollar on the back of positive US economy data. Gold finished the day down 0.22 percent and the week down 3.15 percent.

WTI crude oil climbed to a ten month high of speculation that fuel demand will increase as the country continues to rebound. WTI crude advanced 1.9 percent to finished the week at 107.6.

Source
Bloomberg, Dow Jones News

http://www.vantagefx.com/market-news/market-wrap/

The Australian equity market is pointed to a positive start to the trading day after the US S&P settled above the 1,400 mark for the first time in over four years.

The Dow finished the session up 58 points at 13252 while the S&P500 index finished the day down 8.3 points at 1402. Earlier in the day European shares finish higher with the German stock index (see above chart) finished up 0.95 percent at 7144.

On an economic front the government announced that weekly jobless claims regained a four-year low while producer prices rose 0.4 percent. The Philadelphia Federal Reserve Bank’s business activity index rose for a fifth month in a row to 12.5 from 10.2 in February.

The GBP weakened against the majority of its trading counterparts as Fitch changed its outlook for Britain to negative from stable indicating that there is a 50 percent chance the nation will lose its AAA rating within two years.

Gold climbs the most in three weeks on signs that investors are purchasing the precious metal as an alternative to a weaker dollar. Gold traded up from lows of 1640 to recent highs of 1667.

The Volatility Index which is widely considered the best gauge of fear in the market has traded slightly up to 15.42.

Source
Bloomberg, Dow Jones News

The Australian equity market is pointed to a slight negative start to the trading day after US stocks finished mixed and commodities saw sharp drops.

The Dow finished the session up 16 points at 13194 while the S&P500 index finished the day down 1.6 points at 1394. Earlier in the day European shares finish higher with the German stock index finished up 1.2 percent at 7079.

On the economic front, import prices rose by less than expected to 0.4 percent in February as a drop in food prices offset a 1.8 percent surge in petroleum costs while the US current account deficit hit a three year high of $124.1 billion.

The AUDUSD has fallen to a seven week low overnight trading down from highs of 1.0550 to recent lows of 1.0430 as commodities and oil fall.

Gold (see above chart) has dropped to an eight week low on speculation that the Federal Reserve will refrain from offering additional stimulus as the economy shows signs of recovery. Gold traded down from 1682 to recent lows of 1634.

WTI crude oil has fallen as inventories rose to the highest level in nine months and Saudi Arabia sought to ease concern that tension with Iran would disrupt supplies. WTI has traded down from highs of 107.00 to recent lows of 105.10.

The Volatility Index which is widely considered the best gauge of fear in the market has traded up to 15.31.

Source
Bloomberg, Dow Jones News