crude oil

Markets Flat As Investors Wait For News On The Debt Ceiling | July 29, 2011

July 29, 2011 By Rupert Kain

USDCHF trades at record lows

The Australian equity market is pointed to a slightly weaker open today after the Dow finished 62 points lower 12240.11, the blue-chip measure’s fifth straight loss. The S&P500 index shed 4.22 points to close at 1300.67 as lawmakers indicated they were no closer to reaching an agreement to the increase of the debt ceiling and avoiding default.

The stalling of the U.S. debt-ceiling debates has convinced many investors that the government is on track to lose its triple-A credit rating. Attention on the subject intensified late Thursday as House Republican leaders aimed for an evening vote on their latest proposal to cut spending and increase the borrowing limit. The action follows weeks of squabbling between the White House and Congress.

The AUDUSD traded down from highs of 1.1076 overnight to as low as 1.0977, traders seem to be sitting on the fence awaiting for the House of Representatives vote later on Friday.

The USDCHF (see above chart) dropped to a record for the fourth straight day trading down as low as 0.7990 as the US house of representatives headed towards a showdown. At time of writing this report the USDCHF has bounced slightly to sit at 0.8014.

WTI crude had a unexciting evening finishing the US session at 97.44 after US jobless claims dropped to the lowest level in almost four months, this signals that the fuel consumption may increase as the weakness in the jobs markets lightens.

Source Bloomberg, Dow Jones News

INDICES
	Last Traded
SPI 200 future	4427
S&P500 Index	1300.67
Dow Jones Indus. Avg	12240.11
FTSE 100 Index	5873.21

COMMODITIES
	Last Traded
Gold	1615.65
Oil (Nymex)	97.13

CURRENCIES
	Last Traded
AUDUSD	1.0999
EURUSD	1.4325
GBPUSD	1.6360
USDJPY	77.77

Filed Under: July Tagged With: AAA, AUDUSD, Australian equity market, borrowing limit, Congress, Credit Rating, crude oil, currency trading, Daily fx report, Daily fx summary, debt ceiling, default, Dow, Dow Jones Indus. Avg, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE100 Index, fuel consumption, fx market wrap, GBPUSD, Gold, Greece, greenback, House of Representatives, inflation, jobless claims, Light Crude Oil, market wrap, Nymex, Oil, Republicans, S&P500 Index, spending cuts, SPI 200, Swiss Franc, US Dollar, USDCHF, USDJPY, vantage fx, White House, WTI crude

Equity Markets Weak Overnight On Continued Debt Ceiling Standoff | July 28, 2011

July 28, 2011 By Vantage FX

The EURUSD traded down from a high of 1.4537 to a low of 1.4339

The Australian equity market is expected to drop about 1.4% on market open Thursday after the third straight weak overnight lead from the US as investors fear the country’s debt-ceiling standoff between the Republicans and Democratic could force a default or downgrade of US Treasury debt. The Dow dropped 164 points to finish the session at 12337 while the S&P500 index fell 23 points to close 1308.

The EURUSD (see above chart) traded down from a high of 1.4537 to a low of 1.4339 after Germany’s Finance Minister Wolfgang Schaeuble said his country opposes a blank check for the euro area rescue fund to purchase bonds on the secondary market.

After posting a new record of 1.1080 the AUDUSD has drifted lower to settle at 1.1029 in morning on continued debt concerns.

The NZDUSD has been range trading in early morning Asian trade after the NZ central bank kept its benchmark interest rate at a record low for the third straight meeting.

Gold fell from record highs of 1631 overnight to settle down 0.5% at 1617 after investors take profit.

WTI crude fell overnight from highs of 99.50 as an unexpected inventory increase and a decline in durable goods orders further concern that the economic growth is slowing. At time of writing this report crude was trading at 97.03.

INDICES
	Last Traded
SPI 200 future	4448
S&P500 Index	1304.89
Dow Jones Indus. Avg	12302.55
FTSE 100 Index	5856.58

COMMODITIES
	Last Traded
Gold	1613.65
Oil (Nymex)	96.83

CURRENCIES
	Last Traded
AUDUSD	1.1030
EURUSD	1.4372
GBPUSD	1.6324
USDJPY	77.94

Source Bloomberg, Dow Jones News

Filed Under: July Tagged With: asian trade, AUDUSD, Australian equity market, bond purchasing, crude oil, currency trading, debt ceiling, democrats, Dow, Dow Jones Indus. Avg, downgrade, durable goods orders, Euro, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, Germany's Finance Minister, Gold, market wrap, Nymex, NZ Central Bank, NZDUSD, Oil, Republicans, S&P500 Index, secondary market, SPI 200, The Dow, US, US Treasury debt, USDJPY, vantage fx, Wolfgang Schaeuble, WTI, WTI crude

Markets Surge Overnight On Efforts To Contain Europe’s Sovereign Debt Crisis | July 22, 2011

July 22, 2011 By Vantage FX

The EURUSD rose from overnight lows of 1.4139 to trade as high as 1.4440

The Australian equity market has opened sharply higher this morning after the US stocks surged closer to multiyear highs overnight, as hopes for a major budget deal in Washington and efforts to contain Europe’s sovereign-debt crisis excite investors’ risk appetite.

The Dow Jones finished 152.50 points higher at 12724.41, the highest close since May 10. It was the measure’s second triple-digit gain in three sessions while the S&P500-stock index gained 17.96 points to close at 1343.80.

Investors applauded steps toward a fresh Greek financing package, and they warmed to afternoon reports that a U.S. budget bargain was near. The White House and a spokesman for House Speaker John Boehner denied the reports.

The EURUSD rose from overnight lows of 1.4139 to trade as high as 1.4440 as plans for a new Greek bailout and overhaul of the euro zone’s rescue fund assuaged fears about possible contagion. The Euro also higher against safe havens such as the yen and Swiss franc.

The AUDUSD traded up from overnight lows of 1.0693 to trade through resistance of 1.0800 to finish the session at around 1.0838.

Gold fell for the third straight day as the Euro advances on a plan to contain the regions debt woes, cutting demand for the precious metal as a haven. Gold settled at 1587 earlier trading as high as 1604.

WTI oil rose to a one month high, at one time in the evening tipping the 100 USD per barrel after manufacturing in the Philadelphia area rebounded.

INDICES
	Last Traded
SPI 200	4579
S&P500 Index	1343
Dow Jones Indus. Avg	12724
FTSE 100 Index	5899

COMMODITIES
	Last Traded
Gold	1591
Oil (Nymex)	99.46

CURRENCIES
	Last Traded
AUDUSD	1.0838
EURUSD	1.4405
GBPUSD	1.6320
USDJPY	78.51

Source Bloomberg, Dow Jones News

Filed Under: July Tagged With: AUDUSD, Australian equity market, contagion, crude, crude oil, currency trading, Dow, Dow Jones, Dow Jones Indus. Avg, Euro, euro zone, Europe, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, Gold, Greece, Greek bailout, Greek financing package, John Boehner, market wrap, Nymex, Oil, Philadelphia, precious metal, risk appetite, S&P500 Index, sovereign debt crisis, SPI 200, Swiss Franc, The Dow, US stocks, USDJPY, vantage fx, Washington, White House, WTI, WTI oil, Yen

EURUSD Strong As The German And French Agree On Greece’s Debt | July 21, 2011

July 21, 2011 By Vantage FX

The EURUSD rose to a week high of 1.4270, trading up from an overnight low of 1.4206

The Australian equity opened slightly lower Thursday after the U.S. stocks closed small down. The Dow finished down 15 points to settle at 12571 after a chopping between negative and positive territory throughout the session while the S&P500 index dropped 0.90 of a point to close 1325.84 as investors show concern that the US government will fail to increase the debt limit overshadowed higher than estimated earnings at Apple Inc.

The EURUSD (see above chart) rose to a week high of 1.4270, trading up from an overnight low of 1.4206 after the German Chancellor Angela Merkel and the French President Nicolas Sarkozy reached a joint position on Greece’s debt situation before today’s summit.

The AUDUSD traded from an overnight low of 1.0722 to as high as 1.0775 early in the Asian session. It is thought the pair will trade sideways till there is more updates from Europe and the US on their debt problems.

WTI crude rose for the second day running trading up 0.7% after the Energy Department said stockpiles fell 3.73 million barrels to 351.7 million last week.

INDICES
	Last Traded
SPI 200	4535
S&P500 Index	1325.80
Dow Jones Indus. Avg	12571.90
FTSE 100 Index	5853.80

COMMODITIES
	Last Traded
Gold	98.50
Oil (Nymex)	1598.20

CURRENCIES
	Last Traded
AUDUSD	1.0761
EURUSD	1.4259
GBPUSD	1.6165
USDJPY	79.80

Source Bloomberg, Dow Jones News

Filed Under: July Tagged With: Angela Merkel, Apple Inc, Asian session, AUDUSD, Australian equity, crude oil, currency trading, debt limit, Dow, Dow Jones Indus. Avg, Energy Department, Europe, EURUSD, Foreign Exchange, forex, forex market wrap, French President, FTSE 100 Index, GBPUSD, German Chancellor, Gold, Greek debt, market wrap, Nicolas Sarkozy, Nymex, Oil, S&P500 Index, SPI 200, summit, US Government, US stocks, USA, USDJPY, vantage fx, WTI, WTI crude oil

Markets Choppy As Investors Buoyed By The European Banks Stress Test | July 18, 2011

July 18, 2011 By Vantage FX

EURCHF touched all time lows early on Monday morning in light trading.

The Australian equity market is pointed to a higher open Monday after the US stocks advanced on Friday evening on the back of massive earnings from Google overshadowed another warning about the US.’s credit rating and a disheartened reading on consumer sentiment. The S&P credit rating agency said there is a 50% chance it would lower the AAA bond rating on U.S. debt within three months.

The S&P index rose 7.2 points to finish the day at 1316.14 while the Dow rose 42.61 points to finish at 12479.73, both the indices are down over 1% for the week.

EURCHF (see above chart) touched all time lows early on Monday morning in light trading. It opened Monday morning on a high of 1.1578 to then trade a low of 1.1373. Investors seem to be choosing the CHF as a safe haven after a weekend interview with Merkel and Trichet seem to be making the Greek debt crisis more unclear and difficult to understand.

Only eight banks out of 90 top lenders in Europe failed the tests for a worst case economic scenario, between them there is a combined shortfall of 2.5 billion Euro’s of capital. Analysts had speculated that over 20 of the banks would fail the tests.

Crude oil futures prices capped a choppy week with a 1.6% rise to above $97 a barrel in U.S. trading Friday, on expectations that U.S. Federal Reserve board policy will continue to support the underlying strength in oil.

Gold finished the week off trading up 0.5% to settlement in U.S. trading Friday at 1593.7, while silver made steady gains, as bleaker U.S. consumer sentiment and government debt concerns in Europe and the U.S. roused investor demand for a safe haven.

INDICES
	Last Traded
SPI 200	4455
S&P500 Index	1316.10
Dow Jones Indus. Avg	12479.7
FTSE 100 Index	5843

COMMODITIES
	Last Traded
Gold	1597
Oil (Nymex)	97.55

CURRENCIES
	Last Traded
AUDUSD	1.0650
EURUSD	1.4124
GBPUSD	1.6115
USDJPY	79.07

Filed Under: July Tagged With: AAA bond rating, AUDUSD, Australian equity market, capital, CHF, consumer sentiment, crude oil, currency trading, Dow, Dow Jones Indus. Avg, EURCHF, Euro, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, Gold, Google, Greek debt crisis, iEurope, market wrap, Merkel, Nymex, Oil, S&P credit rating, S&P500 Index, silver, SPI 200, Trichet, US consumer sentiment, US credit rating, US Debt, US Federal Reserve, US stocks, US trading, USDJPY, vantage fx

Moody Puts US On Notice And Bernanke Plans More Stimulus | July 14, 2011

July 14, 2011 By Vantage FX

The EURUSD has had a strong session overnight trading from lows of 1.4037 to a high of 1.4240

The Australian equities are pointed for a mixed open this morning after the US stocks snapped a three-day slide and finished slightly higher as investors saw hope for further economic stimulus from the Federal Reserve.

The Dow, initially strong in early trade evaporated most of it gains in the afternoon but still finished up 44 points to settle at 12491. The S&P500 climbed 4.08 points to 1317.72.

The EURUSD (see above chart) has had a strong session overnight trading from lows of 1.4037 to a high of 1.4240 late in trade after Federal Reserve Chairman Ben Bernanke said another round of quantitative easing will more than likely be needed, should the US economy remain weak as predicted. Earlier in the session the Euro gained against most pairs on news that Fitch Ratings expects Italy to successfully implement a deficit-reduction plan.

Moody’s Investors Service warned after the US equity close that it had put its Aaa rating on the U.S. government’s bond rating on watch for possible downgrade, citing the “rising possibility that the statutory debt limit will not be raised on a timely basis,” which would lead to a default on U.S. Treasury debt obligations.

The NZDUSD has hit a 30 year high to tip above the 0.8500 level in the early Asian session while the AUDUSD briefly traded above the 1.08 mark after trading up from an overnight low of 1.0663.

WTI crude oil climbed to a high of 99.24 after the Energy department showed inventories fell more the expected last week only to drop off to settle at 98.05 after the Moody’s announcement.

INDICES
	Last Traded
SPI 200	4485
S&P500 Index	1316
Dow Jones Indus. Avg	12491
FTSE 100 Index	5906

COMMODITIES
	Last Traded
Gold	1584.90
Oil (Nymex)	98.01

CURRENCIES
	Last Traded
AUDUSD	1.0776
EURUSD	1.4249
GBPUSD	1.6175
USDJPY	78.82

Filed Under: July Tagged With: AAA, Asian session, AUDUSD, Australian equities, Ben Bernanke, bond rating, Chairman, crude oil, currency trading, debt obligations, deficit-reduction, Dow, Dow Jones Indus. Avg, downgrade, Euro, EURUSD, Federal Reserve, Fitch Rating, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, Gold, Italy, market wrap, Moody's, Moody's Investors Service, Nymex, NZDUSD, Oil, Quantitative Easing, S&P500 Index, SPI 200, US Economy, US equity, US Government, US stocks, US Treasury, USDJPY, vantage fx, WTI crude

Weak US Non-Farm Payrolls Send Stocks Lower | July 11, 2011

July 11, 2011 By Vantage FX

The EURUSD was dragged lower on Friday evening as growing worries that the euro-zone debt crisis could spread to larger member nations.

The Australian equity market is expected to open over 1% weaker on Monday morning as US stocks ended lower on Friday after disappointing monthly employment numbers.

The Dow finished down 62 points to 12657 after recovering from a low of 12569 earlier in the session. The S&P500 index lost 9 points to finish the week at 1343.80.

Stocks were trading down from the beginning of the session after the Labor Department reported that U.S. nonfarm payrolls rose by only 18,000 last month, well below the expected forecast figure of 105,000.The jobless rate increased for a third straight month to 9.2% in June, the highest since December 2010.

The EURUSD was dragged lower on Friday evening as growing worries that the euro-zone debt crisis could spread to larger member nations. At time of this report the EURUSD is was trading at 1.4209, 165 points lower than Fridays highs.

The AUDUSD traded from a high of 1.0790 on Friday afternoon to a low of 1.0710 early in Asian trade after the non-farm numbers, the Aussie seems to be having a hard time shaking off the recent shift in sentiment that calls for lower rather than higher ground for monetary policy in the future.

Gold traded higher on Friday to settle at 1,543 after jumping over 1% while WTI crude traded off over 3% after the weak US employment numbers.

INDICES
	Last Traded
SPI 200	4601
S&P500 Index	1343.80
Dow Jones Indus. Avg	12657.20
FTSE 100 Index	5990.58

COMMODITIES
	Last Traded
Gold	1542.53
Oil (Nymex)	95.90

CURRENCIES
	Last Traded
AUDUSD	1.0755
EURUSD	1.4259
GBPUSD	1.6045
USDJPY	80.62

Filed Under: July Tagged With: Asian session, AUDUSD, Aussie, Australian equity market, crude oil, currency trading, Dow, Dow Jones Indus. Avg, Employment figures, euro zone, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, Gold, Jobless rate, Labour Department, market wrap, monetary policy, Nymex, Oil, S&P500 Index, SPI 200, US Employment, US Non Farm Payrolls, US stocks, USDJPY, vantage fx, WTI crude

Markets Up On US Retail And Job Market Data | July 8, 2011

July 8, 2011 By Vantage FX

The EURUSD finished the US session in positive territory after bouncing from a low of 1.4221

The Australian stock market is set for a solid open today as US stocks jumped higher overnight on the back of retail and job market data strengthening the confidence in the economy. The Dow finished 93 points higher to settle at 12719 while the S&P500 rose 14 points to 1353.

The EURUSD finished the US session in positive territory after bouncing from a low of 1.4221 after the ECB unsurprisingly raised their benchmark interest rate by 25 basis points to 1.5%, Jean-Claude Trichet the President of the ECB said in a speech after the announcement also eased some concerns about the region’s sovereign-debt problems Thursday, he said that the central bank would waive minimum ratings requirements to accept Portuguese debt as collateral.

GBPUSD was slightly weaker overnight settling at 1.5975 after trading as low at 1.5950 on the back of the BOE announcing that they were going to leave their interest rates at 0.5%

Gold was surprisingly steady overnight as it bucked an interest rate increase in Europe to rally for the third consecutive day encouraged by a weaker dollar and concerns about Portugal.

WTI Oil jumped over 2% in overnight trade Thursday, bouncing from a low of $97 to settle just below the $99 level, Brent crude doubled that gain and rose over 4.4% to finish at 118.59.

INDICES
	Last Traded
SPI 200	4616
S&P500 Index	1353
Dow Jones Indus. Avg	12719
FTSE 100 Index	6054

COMMODITIES
	Last Traded
Gold	1530
Oil (Nymex)	98.80

CURRENCIES
	Last Traded
AUDUSD	1.0768
EURUSD	1.4360
GBPUSD	1.5972
USDJPY	81.26

Filed Under: July Tagged With: AUDUSD, australian stock market, Bank of England, BOE, Central Bank, crude oil, currency trading, dollar, Dow, Dow Jones Indus. Avg, ECB, ECB President, Europe, european central bank, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, Gold, interest rate, Interest Rate rise, Jean-Claude Trichet, job market data, market wrap, Nymex, Oil, Portugal, Portuguese debt, retail data, S&P500, S&P500 Index, Sovereign Debt, SPI 200, US session, US stocks, USDJPY, vantage fx, WTI, WTI oil

Euro Tumbles As Moody Downgrades Portugal To Junk | July 6, 2011

July 6, 2011 By Vantage FX

Gold rose 2% overnight to settle at 1,512 this morning, the biggest climb in over five weeks

Australian stocks are set for a reasonably flat open this morning after commodities were strong but US stocks were small down on Tuesday, the Dow finished down 12.90 points at 12569.8. The S&P was off 1.79 points to close at 1337.88.

The EURUSD traded 100 points lower overnight to settle at 1.4420 after trading as low as 1.4397, ratings agency Moody’s downgraded Portugal to “junk” status which has really put a dampening effect on the optimism that investors were feeling after last week’s positive news regarding the Greek debt crisis. Moody’s also said that banks that roll over Greek debt may face impairment charges and S&P said a French plan may put Greece in “selective default.”

The Swiss franc rose against all major currencies overnight as another wave of doubt hit investors that the proposed plan to save Greece from a debt default might not be as clear cut as initially thought. The EURCHF dropped from a high of 1.2240 to a low of 1.2100.

Gold (see the above chart) rose 2% overnight to settle at 1,512 this morning, the biggest climb in over five weeks as Moody’s Investors Service announced that the credit outlook for China’s banks is deteriorating which led to investors scrambling for the precious metal.

WTI Oil climbed to its highest price in over three weeks to settle at 96.91 this morning as data showed orders placed with US factories increased by 0.8% in May which indicates that the manufacturing industry is ramping up.

INDICES
	Last Traded
SPI 200	4598
S&P500 Index	1337.32
Dow Jones Indus. Avg	12522
FTSE 100 Index	5988

COMMODITIES
	Last Traded
Gold	1513.2
Oil (Nymex)	97.03

CURRENCIES
	Last Traded
AUDUSD	1.0690
EURUSD	1.4426
GBPUSD	1.6059
USDJPY	81.12

Filed Under: July Tagged With: AUDUSD, Australian stocks, Chinese banks, commodities, credit outlook, crude oil, currency trading, debt rollover, Dow, Dow Jones Indus. Avg, EURCHF, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, Gold, Greece, Greek debt crisis, manufacturing industry, market wrap, Moody, Moody's Investors Service, Nymex, Oil, Portugal, precious metal, S&P, S&P500, S&P500 Index, selective default, SPI 200, Swiss Franc, US factories, US stocks, USDJPY, vantage fx, WTI crude, WTI oil

AUDUSD Off Ahead of RBA Rate Announcement | July 5, 2011

July 5, 2011 By Vantage FX

The AUDUSD traded between a high of 1.0766 and low of 1.0716 overnight

The Australian equity market is pointing towards a small increase this morning after the German and English equity markets rose overnight. The US markets were closed overnight for Independence day.

The EURUSD was slightly higher in holiday-thinned trade overnight as the Euro brushed aside concerns triggered by S&P warning on Greece’s debt would be parallel to a default. The European Central Bank President Jean-Claude Trichet said overnight the bank was “strongly vigilant” on inflation, on the back of this statement many analysts believe they will raise rates on Thursday in the midst of a debt crisis.

The AUDUSD traded between a high of 1.0766 and low of 1.0716 overnight, the RBA will meet at 14h30 today and announce that they will be leaving the cash rate target at 4.75 percent, according to the 28 economists surveyed by Bloomberg news.

Gold gained for the first time in three days after investors saw value in the metal after it dropped to a six week low to settle at 1496. The resistance level at 1500 is the key hurdle for the metal, if this level is broken the next level will be 1515.

WTI crude was reasonably flat overnight in thin trade to settle at 95. The International Energy Agency announced that the sale of emergency crude reserves has been very successful and having the desired effect on the market.

INDICES
	Last Traded
SPI 200	4614
S&P500 Index	Closed
Dow Jones Indus. Avg	Closed
FTSE 100 Index	6017.5

COMMODITIES
	Last Traded
Gold	1495
Oil (Nymex)	95.08

CURRENCIES
	Last Traded
AUDUSD	1.0740
EURUSD	1.4547
GBPUSD	1.6082
USDJPY	80.76

Filed Under: July Tagged With: AUDUSD, Australian equity market, Bloomberg, cash rate, crude, crude oil, currency trading, default, Dow Jones Indus. Avg, ECB President, English equity market, Euro, european central bank, EURUSD, Foreign Exchange, forex, forex market wrap, FTSE 100 Index, GBPUSD, German equity market, Gold, Greek debt, Independence Day, inflation, International Energy Agency, Jean-Claude Trichet, market wrap, metal, Nymex, Oil, raise rates, RBA, S&P, S&P500, S&P500 Index, SPI 200, Standard and Poor, US market, USDJPY, vantage fx, WTI

Markets Flat As Investors Wait For News On The Debt Ceiling | July 29, 2011

Equity Markets Weak Overnight On Continued Debt Ceiling Standoff | July 28, 2011

Markets Surge Overnight On Efforts To Contain Europe’s Sovereign Debt Crisis | July 22, 2011

EURUSD Strong As The German And French Agree On Greece’s Debt | July 21, 2011

Markets Choppy As Investors Buoyed By The European Banks Stress Test | July 18, 2011

Moody Puts US On Notice And Bernanke Plans More Stimulus | July 14, 2011

Weak US Non-Farm Payrolls Send Stocks Lower | July 11, 2011

Markets Up On US Retail And Job Market Data | July 8, 2011

Euro Tumbles As Moody Downgrades Portugal To Junk | July 6, 2011

AUDUSD Off Ahead of RBA Rate Announcement | July 5, 2011

Recent Posts

Archives

Subscribe to Blog via Email