Forex - EUR/USD nears 22-month lows on U.S. data, Fed comments

The euro flirted with 22-month lows against a firming dollar on Thursday after data revealed fewer in the U.S. sought first-time joblessness assistance last week, while hawkish comments out of the Federal Reserve boosted demand for the greenback as well.



In U.S. trading, EUR/USD was down 0.37% at 1.2733, up from a session low of 1.2700 and off a high of 1.2784.The pair was likely to find support at 1.2688, the low from Nov. 16, 2012, and resistance at 1.2903, Tuesday's high.

The U.S. Labor Department reported earlier that the number of individuals filing for initial jobless benefits in the week ending Sept. 20 rose by 12,000 to 293,000, up from the previous week's revised total of 281,000.

Analysts had expected jobless claims to rise by 19,000 to 300,000 last week, and the better-than-expected number drew applause for the greenback.Separately, official data showed that U.S. durable goods orders dropped by 18.2% in August, after an increase of 22.5% in July, whose figure was revised down from a previously estimated gain of 22.6%. Analysts had expected durable goods orders to decline by 18.0% last month, and the in-line figure also gave the dollar room to firm.

Core durable goods orders, which are stripped of volatile transportation items, rose 0.7% last month, in line with expectations, after falling 0.5% in July, whose figure was revised from a previously estimated 0.7% drop.

The dollar saw added support after Dallas Federal Reserve President Richard Fisher said the U.S. central bank may start raising benchmark interest rates around the spring of 2015, earlier than many market expectations.

While the Fed has suggested its bond-buying program could close in October, uncertainty remains as to when rate hikes may begin in 2015.The euro, meanwhile, came under pressure after European Central Bank President Mario Draghi reiterated on Thursday the bank's commitment to act with more policy measures to boost inflation in the euro zone.

http://www.investing.com/news/forex-news/forex---eur-usd-nears-22-month-lows-on-u.s.-data,-fed-comments-310800

Forex - GBP/USD hits 2-1/2 week highs as Scotland rejects independence

The pound rose to two-and-a-half week highs against the U.S. dollar on Friday, as Scotland voted to remain in the U.K. after an independence referendum, while demand for the greenback still remained broadly supported.

GBP/USD hit 1.6525 during late Asian trade, the pair's highest since September 2; the pair subsequently consolidated at 1.6449, gaining 0.32%.Cable was likely to find support at 1.6327, the low of September 4 and 10-month low and resistance at 1.6615, the high of September 2.



The pound strengthened as Scotland overwhelmingly rejected independence after a record turnout of voters delivered a clear victory for the No campaign on Thursday.Uncertainty over what currency an independent Scotland would use, as well as concerns over how much of the U.K. national debt it would take on sparked a broad based selloff in sterling last week.

Meanwhile, demand for the dollar remained supported after Wednesday’s Federal Reserve statement reiterated that it expects rates to remain on hold for a "considerable time", after its bond purchasing program ends.

The Fed also cut its monthly asset purchase program by another $10 billion, keeping the program on track to finish next month.Markets shrugged off data showing that the Philadelphia Fed's manufacturing index deteriorated to a three-month low this month, as well as a report showing that U.S. building permits dropped by 5.6% last month and that housing starts tumbled by 14.4%.Sterling was also higher against the euro, with EUR/GBP retreating 0.43% to 0.7848.

http://www.investing.com/news/forex-news/forex---gbp-usd-hits-2-1-2-week-highs-as-scotland-rejects-independence-310059

Forex - Dollar steady just below 6-year highs vs. yen

The dollar was holding steady just below six year highs against the yen on Monday as the rally in the greenback paused ahead of the upcoming Federal Reserve meeting later in the week.USD/JPY was trading at 107.20, hovering just below Friday’s highs of 107.38, the most since October 2008.

The pair gained 2.05% last week as expectations that the Fed is growing closer to raising interest rates continued to boost the dollar against the yen, with Japan’s central bank likely to stick to a looser monetary policy stance.



The Fed was expected to cut its asset purchase program by another $10 billion at its meeting on Wednesday, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.

Data on Friday showing that U.S. retail sales rose in August and another report showing that consumer sentiment rose to a 14-month high in September underlined the view that the economic recovery is deepening.

The yen remained under pressure after Bank of Japan Governor Haruhiko Kuroda said late last week that the bank would be prepared to immediately loosen monetary policy or implement other measures if its 2% inflation target becomes difficult to meet.

Elsewhere, the euro slipped lower against the yen, with EUR/JPY down 0.21% to 138.89, off Friday’s two-month highs of 139.18.The euro slid after data over the weekend showed that Chinese factory output and retail sale growth slowed in August, adding to concerns over a slowdown in the world’s largest economy.

http://www.investing.com/news/forex-news/forex---dollar-steady-just-below-6-year-highs-vs.-yen-309406

NYMEX crude prices up in Asia after API shows sharp drop in U.S. stocks

Crude oil prices rebounded in Asia on Wednesday after industry data on U.S. stocks showed a sizeable drawdown in the past week.The American Petroleum Institute, an industry group, said late Tuesday that last week crude stocks fell by 1.9 million barrels, gasoline inventories rose by 719,000 barrels, and distillate supplies rose by 1.7 million barrels.



Analysts expect the U.S. Department of Energy to report crude stocks fell 1.114 million barrels last week and distaillate stocks rose 571,000 barrels, while gasoline stocks eased 157,000 barrels with the actual figures due later Wednesday.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded at $93.02 a barrel, up 0.29%, after hitting an overnight session low of $92.53 a barrel and a high of $93.94 a barrel.

Brent oil, the global oil benchmark, slid 1% to $99.16 a barrel on ICE Futures Europe Tuesday, the lowest settlement price since April 18, 2013.Also on Tuesday, the U.S. Energy Information Administration lowered its forecasts for oil prices in 2014 and 2015, reflecting higher U.S. production estimates and lower global demand expectations.

U.S. production hit 8.6 million barrels a day in August, the highest monthly level since July 1986, the EIA said. The agency projects average production of 9.53 million barrels a day in 2015, the highest since 1970. Prices have tumbled since mid-June, as violence in a number of global hot spots hasn't caused an interruption in oil supplies and demand has been tepid, particularly in Europe and Asia.

Brent contracts for delivery in late 2014 and 2015 are more expensive than the front-month October contract, indicating that traders think the market is amply supplied. Overnight, oil prices moved off nine-month lows, brushing off weak Chinese import data and Friday's soft U.S. jobs report on hopes weekly supply data will reflect solid demand in the world's largest consumer of crude.Gains were limited due to ongoing expectations U.S. interest rates to rise sooner rather than later, which bolstered the dollar.

http://www.investing.com/news/commodities-news/nymex-crude-prices-up-in-asia-after-api-shows-sharp-drop-in-u.s.-stocks-308859

Forex - Euro steady ahead of ECB policy announcement

The euro was steady against the other major currencies on Thursday as investors looked ahead to the European Central Bank’s monetary policy announcement later in the day.EUR/USD was trading at 1.3149, holding above the one year low of 1.3109 set on Tuesday.



The pair was likely to find support at the 1.3100 level and resistance at around 1.3195.The euro has come under heavy selling pressure in recent sessions amid mounting expectations that the ECB will announce quantitative easing measures as a way to shore up growth after the annual rate of euro area inflation slowed to a five year low of 0.3% last month.

The ECB targets an inflation rate of close to but just under 2%.Data on Wednesday showed that activity in the German and French service sectors slowed in August, while Italy’s service sector contracted, adding to pressure on the bank to act.

Concerns that sanctions against Russia would act as a drag on growth in the euro zone have also weighed on the single currency.EUR/JPY was flat at 137.85, while EUR/GBP was at 0.7990.
Elsewhere, the dollar edged higher against the yen, with USD/JPY edging up 0.07% to 104.85.The dollar ended Wednesday’s session lower against the yen as investor took profits following a rally in the greenback, which propelled it to eight month highs against the yen.

http://www.investing.com/news/forex-news/forex---euro-steady-ahead-of-ecb-policy-announcement-307630

Gold futures fall to 1-week lows

Gold futures fell to their lowest level in a week on Tuesday, pressured by a broadly stronger dollar which offset safe haven demand for the precious metal stemming from heightened tensions between Russia and Ukraine.

Gold for December delivery touched lows of $1,275.60 and was last down 0.71% to $1,278.30 an ounce on the Comex division of the New York Mercantile Exchange.The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, hit highs of 82.95 on Tuesday, the strongest level since July 2013.



The euro was at its lowest level in a year against the dollar amid mounting expectations that the European Central Bank will implement fresh easing measures as a way to shore up long term inflation expectations in the euro area.

Concerns that sanctions against Russia would act as a drag on growth in the euro zone also weighed on the single currency.Over the weekend European Union leaders threatened to impose a new round of sanctions on Russia if Moscow does not scale back its involvement in the conflict in eastern Ukraine.

The dollar rose to seven month highs against the yen on Tuesday, boosted by weakness in the euro and by gains in Asian equities markets overnight, which curbed investor demand for the safe haven yen.
A stronger dollar makes gold more expensive for buyers who use other currencies as the metal is traded in dollars.

Investors were looking ahead to the latest U.S. employment report, due for release on Friday, for further indications on the strength of the recovery in the labor market, a key factor in deciding the future path of monetary policy.

Elsewhere in metals trading, palladium prices eased but remained close to thirteen-and-a-half year highs, amid concerns that more far reaching sanctions against Russia, the world's largest palladium producer, could hit supplies.Nymex Palladium for December delivery slipped 0.35% to $906.40 an ounce, off Monday’s highs of $913.00.

http://www.investing.com/news/commodities-news/gold-futures-fall-to-1-week-lows-306818

Forex - Aussie retraces weakness after China HSBC PMI, domestic data

The Austrlian dollar recovered Monday, but the Japanese yen held weaker in Asia with the Ukraine in focus and data from Australia, Japan and China trickling in on a busy day and with markets in the U.S. and Canada closed for the Labor Day holiday.

USD/JPY traded at 104.18, up 0.10%, while AUD/USD retraced early weakness and changed hands at 0.9336, down 0.02%.U.S. officials are working closely with the European Union to keep their Russia sanctions programs aligned in timing and severity.



On Saturday, European Union leaders agreed to draw up options within a week for possible new sanctions against Russia, with action to follow quickly unless Moscow takes clear steps to scale back itsintervention in Ukraine. Reports have emerged that hundreds of Russian soldiers have entered Ukraine.

European Council President Herman Van Rompuy said the bloc wouldn't set out specific criteria for triggering fresh sanctions but said there was "determination" to ensure Russia paid an appropriate price for heightening tensions.

"I can assure you that everyone is fully aware that we have to act quickly given the escalation on the ground," he said at the end of a summit of European leaders.In Australia, the AIGroup manufacturing index fell 3.4 points to 47.3, slipping into contraction just a month after it moved into expansion at 50.7 after eight months.

The TD-MI inflation gauge was flat in August, after the gauge rose 0.2% month-on-month.Second quarter business inventories in Australia rose 0.8%, well above the 0.2% gain expected and then the Reserve Bank of Australia commodity index is due at 1630 (0630 GMT).

In Japan, capital spending rose 3.0%, below and expected 3.8% gain and then the manufacturing index seen at 52.4.In China, the August CFLP manufacturing PMI came in at 51.1, just a nick below the 51.2 exepected.

The HSBC final manufacturing PMI came in at 50.2, just below the 50.3 expected.Last week, the dollar ended the week close to one year highs against the euro as largely upbeat U.S. data indicated that the economic recovery is on track, while soft euro zone inflation data and concerns over the Ukraine crisis pressured the single currency lower.

The dollar was boosted after data showed that U.S. consumer sentiment rebounded in August, with the final reading of the University of Michigan’s consumer confidence index rising to 82.5 from 81.8 in June.

The data offset another report showing that U.S. consumer spending unexpectedly fell 0.1% in July.The single currency remained under pressure after official data earlier on Friday showed that the annual rate of inflation in the euro area slowed to a five year low of 0.3% in August from 0.4% in July.


The US Dollar Index traded at 82.83, up 0.10%.In the week ahead, trading volumes are likely to remain light on Monday, with U.S. markets closed for the Labor Day holiday. Investors will be focusing on Thursday’s outcome of the ECB’s monthly monetary policy meeting, as well as Friday’s closely watched U.S. nonfarm payrolls report.

http://www.investing.com/news/forex-news/forex---aussie-retraces-weakness-after-china-hsbc-pmi,-domestic-data-306695

Forex - Dollar slips lower on profit-taking

The dollar slipped lower against the other major currencies on Wednesday, as investors locked in profits following the greenback's recent upward and as trading volumes were expected to remain light in the absence of any major economic reports from the U.S.

The dollar found support on Tuesday after the Conference Board said its index of consumer confidence rose to 92.4 this month, the highest since October 2007, from a reading of 90.3 in July.The data fuelled further optimism over the strength of the U.S. economic recovery.




EUR/USD edged up 0.08% to 1.3179.Earlier Wednesday, data showed that the Gfk German consumer climate index fell to 8.6 this month, from a reading of 9.0 in July. Analysts had expected the index to remain unchanged in August.

The weak data added to speculation that the European Central Bank could implement fresh easing measures, after ECB President Mario Draghi said at Jackson Hole last week that the central bank is ready to take more unconventional action if needed to stimulate a sluggish euro zone economy.

The pound edged higher, with GBP/USD adding 0.18% to 1.6569.The dollar fell against the yen and the Swiss franc, with USD/JPY down 0.10% to 103.95 and with USD/CHF slipping 0.13% to 0.9163.
Meanwhile, AUD/USD rose 0.29% to 0.9333 and NZD/USD gained 0.40% to 0.8367, while USD/CAD retreated 0.51% to 1.0896.

Official data earlier showed that construction work done in Australia fell by 1.2% in the second quarter, after a 0.4% fall in the first quarter whose figure was revised from a previously estimated 0.3% rise.
Analysts had expected construction work done to decline by 0.3% in the last quarter.

http://www.investing.com/news/forex-news/forex---dollar-slips-lower-on-profit-taking-305801

Forex - Euro at 11-month lows against broadly stronger dollar

The euro fell to 11-month lows against the broadly stronger dollar on Wednesday as signs that the U.S. recovery is progressing underpinned dollar demand ahead of Federal Reserve meeting minutes due out later in the day.

EUR/USD was down 0.29% to 1.3281, the lowest since September 13, from 1.3319 late Tuesday.The pair was likely to find support at around the 1.3250 level and resistance at about 1.3325.The dollar strengthened across that board after data on Tuesday showed that U.S. housing starts jumped 15.7% in July, while the number of new permits granted to home-builders also accelerated.



The data pointed to underlying strength in the housing sector, which stalled in the second half of last year.The data offset a report showing that U.S. consumer prices rose just 0.1% in July.Investors were looking ahead to the minutes of the Fed’s latest meeting due for release later Wednesday for further indications on the future direction of monetary policy.

Market watchers were also awaiting a speech by Fed Chair Janet Yellen in Jackson Hole on Friday.The euro remained under pressure after data last week showed that the euro zone economy stagnated in the second quarter, adding to fears that the recovery in the region is running out of steam.

The weak data added to pressure on the European Central Bank to implement fresh measure to shore up growth after it cut rates to record lows in June.Elsewhere Wednesday, the dollar climbed to more than four month highs against the yen, with USD/JPY rising 0.40% to 103.31.

http://www.investing.com/news/forex-news/forex---euro-at-11-month-lows-against-broadly-stronger-dollar-304439

European stocks mostly higher despite global tensions; Dax down 0.16%

European stocks were mostly higher on Monday, although concerns over geopolitical tensions in the Middle East and Ukraine continued to dominate market attention.During European morning trade, the DJ Euro Stoxx 50 edged up 0.06%, France’s CAC 40 rose 0.23%, while Germany’s DAX fell 0.16%.

                            

In Gaza, fighting slightly subsided on Sunday after Hamas Islamist militants said they backed a 24-hour humanitarian truce in light of the Muslim holiday Eid al-Fitr.Meanwhile, the European Union agreed to impose economic sanctions against Russia for its role in the Ukraine crisis. Moscow reacted to the sanctions by warning that they would hamper cooperation on global security issues.

Financial stocks were mixed, as BNP Paribas (PARIS:BNPP) gained 0.40% and Societe Generale (PARIS:SOGN) slipped 0.19% in France, while Germany's Deutsche Bank (XETRA:DBKGn) declined 0.82%.Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) added 0.04% and 0.21% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) fell 0.09% and 0.30%.

Elsewhere, Danone (PARIS:DANO) rallied 1.98% amid reports the French consumer products maker is in talks with Hospira as a potential buyer for a medical nutrition unit.On the downside, Wincor Nixdorf (XETRA:WING) saw shares plunge 9.74% after the maker of automated teller machines posted third-quarter revenue that misses analysts' estimates.In London, FTSE 100 inched up 0.05%, led by Reckitt Benckiser, up 2.81%, after the company said it plans to spin off its pharmaceutical business.

http://www.investing.com/news/stock-market-news/european-stocks-mostly-higher-despite-global-tensions;-dax-down-0.16-298249

Dollar remains broadly supported by U.S. jobless data

The dollar remained broadly higher against the other major currencies on Friday, as Thursday's upbeat U.S. jobless claims data continued to support demand for the greenback.The U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits in the week ending July 19 declined by 19,000 to an more than eight-year low of 284,000, from the previous week’s total of 303,000.

The data fuelled speculation over the timing of a possible rate hike by the Federal Reserve.EUR/USD remained near six-month lows at 1.3449.The Ifo Institute for Economic Research earlier reported that its German business climate index fell to a nine-month low of 108.0 this month, from a reading of 109.7 in June. Analysts had expected the index to tick down to 109.4 in July.



A separate report showed that the Gfk German consumer climate index rose to a seven-and-a-half year high of 9.0 this month, from a reading of 8.9 in June. Analysts had expected the index to remain unchanged in July.

Elsewhere, the dollar was higher against the yen and the Swiss france, with USD/JPY up 0.10% to 101.91 and with USD/CHF adding 0.14% to 0.9038.In Japan, official data earlier showed that consumer price inflation rose 3.6% in June from a year earlier, after a 3.7% gain the previous month.

Excluding fresh food, Japan CPI rose 3.3% in June from a year earlier, in line with expectations, after a 3.4% increase in May.Sterling held steady, near one-month lows with GBP/USD at 1.6975 even as U.K. economic growth data came out in line with expectations.

Preliminary data showed that U.K. gross domestic product rose 0.8% in the second quarter, in line with market expectations.The New Zealand dollar was lower, with NZD/USD down 0.27% to 0.8550 after data showed that the ANZ business confidence index fell to 39.7 this month, from a reading of 42.8 in June.

http://www.investing.com/news/forex-news/dollar-remains-broadly-supported-by-u.s.-jobless-data-297942

Gold gains as a investors seek safe harbor from geopolitical woes

Gold prices rose on Monday on demand from investors seeking safe harbor from geopolitical tensions in Ukraine and in Gaza, especially after the U.S. put pressure on Russia to disclose what it knows about the downing of a Malaysian Airlines plane last week.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,314.60 a troy ounce during U.S. trading, up 0.40%, up from a session low of $1,308.00 and off a high of $1,319.00.




The August contract settled down 0.57% at $1,309.40 on Friday.Futures were likely to find support at $1,292.60 a troy ounce, last Tuesday's low, and resistance at $1,325.90, last Thursday's high.Concerns that tensions in Ukraine could escalate even further kept investors camped out in safe-haven positions on Monday, gold especially, amid reports that Ukrainian troops were moving in to the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airlines flight with a missile.

Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.

President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to disclose evidence.

http://www.investing.com/news/commodities-news/gold-gains-as-a-investors-seek-safe-harbor-from-geopolitical-woes-296518

Dollar mostly steady vs. rivals as U.S. data still weighs

The dollar was mostly steady against the other major currencies on Monday, as expectations for the Federal Reserve to keep interest rates on hold for longer continued to weigh on demand for the greenback.

The dollar was little changed against the euro, with EUR/USD down 0.01% to 1.3650.The greenback remained under pressure after official data last week showed that the U.S. economy contracted at an annual rate of 2.9% in the first three months of the year.



Another report showed that U.S. consumer spending rose by just 0.2% in May, below forecasts for 0.4%.Earlier Monday, official data showed that German retail sales data slipped 0.6% in May, compared to expectations for a 0.7% rise, after a 1.5% decline in April, whose figure was revised down from a previously estimated 0.9% fall.

The pound was steady against the dollar, with GBP/USD dipping 0.07% to 1.7025.The dollar was almost unchanged against the yen and the Swiss franc, with USD/JPY easing 0.05% to 101.37 and with USD/CHF down 0.06% to 0.8903.

The greenback was higher against the Australian, New Zealand and Canadian dollars, with AUD/USD sliding 0.21% to 0.9403, NZD/USD dropping 0.49% to 0.8735 and USD/CAD easing up 0.20% to 1.0684.

The kiwi weakened after data showed that the ANZ business confidence index for New Zealand ticked down to 42.8 this month, from a reading of 53.5 in May.

A separate report showed that building consents in New Zealand dropped 4.6% in May, after an increase of 1.9% in April, whose figure was revised up from a previously estimated 1.5% rise.

http://www.investing.com/news/forex-news/dollar-mostly-steady-vs.-rivals-as-u.s.-data-still-weighs-292033

Forex - EUR/USD weekly outlook: June 23 - 27

The dollar inched higher against the euro on Friday, but still ended the week lower after the Federal Reserve indicated that its isn’t going to raise interest rates for a long period of time.

EUR/USD dipped 0.06% to 1.3598 late Friday, but posted a weekly gain of 0.47%.The pair is likely to find support at 1.3540 and resistance at 1.3650.

                   

The greenback remained under pressure after the Fed gave no indication of when interest rates could start to rise at the conclusion of its two-day meeting on Wednesday. In addition, the Fed’s forecast of where interest rates might reach in the long term fell from 4% to 3.75%.

The central bank cut its bond purchases by $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering.

Despite this, the Fed also lowered its forecast for growth this year to a range of 2.1% to 2.3% from 2.8 to 3.0% previously, due to "unexpected contractions" in the first quarter as a result of the unusually harsh winter.

The Fed acknowledged the recent increases in inflation and drop in unemployment, but Chair Janet Yellen said no formula was in place for when interest rates would start to rise.

Elsewhere, the euro ended the week higher against the yen, with EUR/JPY ending Friday’s session at 138.84, for a weekly gain of 0.59%.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up to 80.41 late Friday from lows of 80.24 on Thursday. For the week, the index lost almost 0.3%.

http://www.investing.com/news/forex-news/forex---eur-usd-weekly-outlook:-june-23---27-290831

Crude oil futures hold steady, Iraq still in focus

Crude oil futures held steady on Friday, still hovering near nine-month highs as ongoing concerns over possible supply disruptions in Iraq continued to support demand for the commodity.On the New York Mercantile Exchange, U.S. crude oil for delivery in August traded at $106.08 a barrel during European morning trade, up 0.02%.

Prices gained 0.44% on Thursday to settle at $106.05.Futures were likely to find support at $105.11 a barrel, Thursday's low and resistance at $106.79, the high from June 16.



Concerns about potential supply disruptions due to fighting in Iraq persisted, as the conflict between Sunni Islamist insurgents and Iraqi army forces continued on Friday.

Fighting in the Iraqi city of Baquba, located to the northeast of Baghdad, shut down the country's biggest oil refinery on Wednesday.

U.S. President Barack Obama said on Thursday that he was sending up to 300 U.S. military advisers to Iraq and that he was prepared to take "targeted" military action later if deemed necessary.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC’s second-biggest oil producer behind Saudi Arabia.

Meanwhile, markets were still digesting the fact that the Federal Reserve gave no indication of when interest rates could start to rise at the conclusion of its two-day meeting on Wednesday. In addition, the Fed’s forecast of where interest rates might reach in the long term fell from 4% to 3.75%.

The central bank cut its bond purchases by $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering.

Markets seemed to shrug off data on Thursday showing that U.S. jobless claims fell more than expected last week, as well as a separate report showing that manufacturing activity in the Philadelphia area expanded at the fastest rate in eight months in June.

http://www.investing.com/news/commodities-news/crude-oil-futures-hold-steady,-iraq-still-in-focus-290703

Forex - Dollar at 1-week highs against yen, Fed ahead

The dollar was at one-week highs against the yen on Wednesday, supported by Tuesday’s stronger than forecast U.S. inflation data, as investors awaited the outcome of the Federal Reserve’s latest policy meeting.USD/JPY edged up 0.11% to 102.26, from 102.13 late Tuesday.The pair was likely to find support at 101.80, Tuesday’s low and resistance at 102.60.

                

The dollar strengthened broadly after the Labor Department said Tuesday that U.S. consumer prices rose 0.4% from a month earlier, bringing the annual rate of inflation to 2.1%. It was the fastest monthly increase in inflation in more than a year, beating forecasts of 0.2%.

The uptick in inflation indicated that the economic recovery is deepening and boosted expectations for a more hawkish stance on interest rates from the Fed.

Investors were looking ahead to the bank’s post-policy meeting press conference with Chair Janet Yellen later Wednesday, as they awaited fresh indications on the timing of possible interest rate increases.

The Fed was expected to cut its asset purchase program by another $10 billion, but is not expected to raise borrowing costs until mid-2015.EUR/USD was little changed at 1.3544, holding above the four month trough of 1.3502 struck earlier this month.

http://www.investing.com/news/forex-news/forex---dollar-at-1-week-highs-against-yen,-fed-ahead-290231

Dollar gains on U.S. manufacturing report, ECB expectations

The dollar traded higher against most major currencies on Monday as investors applauded an upbeat U.S. manufacturing gauge despite two revisions to the index that confused markets, while expectations for the European Central Bank to loosen policy also firmed the greenback.In U.S. trading on Monday, EUR/USD was down 0.27% at 1.3597.In the U.S., the Institute of Supply Management reported that its manufacturing purchasing managers' index for May ticked down to 53.2 from 54.9 a month earlier before correcting it two times, once to 56.0 and a second time to 55.4.

                         

While the corrections confused markets, the dollar remained higher, as any figure over 50 signifies expansion.Analysts were originally expecting a 55.5 reading, and expectations remained firm for the Federal Reserve to continue tapering its monthly bond-buying program, which weakens the dollar as a side effect.

Elsewhere, the single currency came under pressure on expectations that the European Central Bank will take steps to tackle low inflation rates that are threatening an already fragile recovery in the single currency bloc, including cuts to all interest rates.

Earlier Monday, official data showed that Germany's consumer price index accelerated at an annualized rate of 0.9% last month, down from 1.3% in April. Analysts had expected German consumer prices to rise by 1.1% in May.

Separately, Markit research group said that Spain's manufacturing PMI rose to 52.9 this month, from 52.7 in May, in line with expectations, while Italy's manufacturing PMI slipped to 53.2 in June from 54.0 a month earlier, missing expectations for a 53.7 reading.

The European Central Bank will decide on interest rates and monetary policy on Thursday.The dollar was up against the yen, with USD/JPY up 0.62% trading at 102.41 and up against the Swiss franc, with USD/CHF up 0.37% at 0.8986.The greenback was up against the pound, with GBP/USD down 0.06% at 1.6744.

http://www.investing.com/news/forex-news/dollar-gains-on-u.s.-manufacturing-report,-ecb-expectations-287483

Gold extends slump to hit 18-week low with U.S. economy in focus

Gold prices declined for the fifth consecutive session on Monday to hit an 18-week low, as investors continued to sell the precious metal amid a weak technical outlook.On the Comex division of the New York Mercantile Exchange, gold for August delivery fell to a session low of $1,241.20 a troy ounce, the weakest level since January 31, before trimming losses to last trade at $1,244.40 during European morning hours, down 0.13%, or $1.60.



Gold lost 0.88%, or $11.10 on Friday to end at $1,246.00. Prices were likely to find support at $1,237.50 an ounce, the low from January 30 and resistance at $1,260.60, the high from May 30.

Gold extended losses from last week as prices remained below key support levels, indicating bearish chart signals. Prices lost 3.53%, or $45.70 an ounce last week. For May, gold prices dropped 3.9%, the biggest monthly price decline since November.
The precious metal has been under heavy selling pressure recently as investors bet on strong economic growth in the U.S. during the second quarter.

While data released last week showed that the U.S. economy contracted 1% in the first quarter, market analysts expects second quarter growth to snap back with a 3.8% gain, as the economy shakes off the effects of a weather-related slowdown over the winter.

In the week ahead, investors will be looking to Friday’s U.S. nonfarm payrolls report for May for further indications on the strength of the labor market and the need for stimulus from the Federal Reserve.

Also on the Comex, silver for July delivery inched up 0.43%, or 8.1 cents, to trade at $18.76 a troy ounce.Elsewhere in metals trading, copper for July delivery rallied 1.19%, or 3.7 cents, to trade at $3.161 a pound as investors cheered an upbeat report on China’s manufacturing sector.

http://www.investing.com/news/commodities-news/gold-extends-slump-to-hit-18-week-low-with-u.s.-economy-in-focus-287273

Forex - EUR/USD gains on soft U.S. sentiment, personal spending data

The euro rose against the dollar on Friday after U.S. consumer sentiment and personal spending reports disappointed markets a day after data revealed the U.S. economy contracted more than expected in the first quarter of the year.In U.S. trading, EUR/USD was up 0.24% at 1.3635, up from a session low of 1.3598 and off a high of 1.3650.

The pair was likely to find support at 1.3586, Thursday's low, and resistance at 1.3668, Tuesday's high.The revised Thomson Reuters/University of Michigan consumer sentiment index ticked up to 81.9 this month from 81.8 in April, missing market expectations for a reading of 82.5.

                   

While harsh winter weather dampened spirits, concerns wages will remain weak did more so."The May decline in consumer confidence was not due to the dismal state of the economy during the 1st quarter, which had the weakest pace of GDP growth in three years. Consumers thought the harsh winter weather was mainly responsible," the indicator's statement read.

Consumer sentiment would suffer more if the economy failed to rebound in the months ahead, though the survey revealed that consumers feel the economy will be strong enough to produce more jobs in the year ahead."The main concern expressed by consumers involved dismal prospects for wage growth. Tiny wage gains meant that nearly half of all households anticipated declines in inflation-adjusted incomes during the year ahead," the statement read.


Elsewhere, the Commerce Department reported that personal spending in the U.S. fell 0.1% last month, compared to expectations for a 0.2% rise, after a 1.0% increase in March, whose figure was revised from a previously estimated 0.9% gain. U.S. core personal consumption expenditures, which exclude food and energy, rose 0.2% in April, in line with expectations, after a 0.2% increase the previous month.

http://www.investing.com/news/forex-news/forex---eur-usd-gains-on-soft-u.s.-sentiment,-personal-spending-data-287154

Forex - AUD/USD rises after mixed Australian data

The Australian dollar rose against its U.S. counterpart on Thursday, after the release of mixed economic reports from Australia, although demand for the greenback remained supported by upbeat U.S. data published earlier in the week.



AUD/USD hit 0.9301 during late Asian trade, the pair's highest since May 20; the pair subsequently consolidated at 0.9287, climbing 0.57%.The pair was likely to find support at 0.9203, the low of May 2 and resistance at 0.9367, the high of May 19.

Industry data earlier showed that new home sales in Australia rose 2.9% in April, after a 0.2% uptick the previous month.A separate report showed that private capital expenditure in Australia dropped 4.2% in the first quarter, compared to expectations for a 1.4% decline. Private capital expenditure in the fourth quarter of 2013 was revised to a 4.5% drop from a previously estimated 5.2% fall.

Meanwhile, the greenback still remained supported after data on Tuesday showed that U.S. durable goods orders rose unexpectedly in April and another report showed that U.S. consumer confidence improved in line with forecasts this month.
The Aussie was also higher against the euro, with EUR/AUD retreating 0.53% to 1.4640.

http://www.investing.com/news/forex-news/forex---aud-usd-rises-after-mixed-australian-data-286788

Gold prices ease in Asia with China, India eyed

Gold eased in Asia on Friday with demand prospects from China and India in focus.A pickup in Chinese manufacturing in May - though still below expansion territory - and a new government in India may bode well for demand from the world's top two gold importers.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,294.30, down 0.05%, after hitting an overnight session low of $1,290.20 and off a high of $1,303.90.



On Wednesday, the Federal Reserve released the minutes of its April policy meeting, which revealed the U.S. central bank plans to continue tapering its monthly bond-buying program and rely on other tools to normalize monetary policy, though actual rate hikes won't come after considerable period of time.

The Labor Department reported earlier that the number of individuals filing for initial jobless benefits last week increased by 28,000 to 326,000 from the previous week’s revised total of 298,000. Analysts had expected jobless claims to rise by 12,000 to 310,000, though markets shrugged off the data.

Geopolitical concerns elevated gold prices also, as fears persist the Ukraine crisis will escalate and drag the U.S. deeper into the conflict, which could hamper recovery.Skirmishes with pro-Russian separatists left 11 Ukrainian soldiers dead in Ukraine's eastern region of Donetsk.

Ukraine will hold presidential elections on Sunday, and concerns persist that Russia will meddle in the voting and aggravate the crisis.U.S. and European officials have already warned that Russia would face sector-related sanctions if Moscow disrupts the upcoming elections.

http://www.investing.com/news/commodities-news/gold-prices-ease-in-asia-with-china,-india-eyed-286023

U.S. grains mixed; wheat falls for 6th straight session - Sean Seshadri

U.S. wheat futures declined for the sixth consecutive session on Wednesday, as market players continued to liquidate long positions amid easing concerns over tightening global supplies.On the Chicago Mercantile Exchange, U.S. wheat for July delivery declined 0.57% or 4.08 cents to trade at $7.0513 a bushel, during U.S. morning hours. Prices of the grain dropped 0.8%, or 5.6 cents on Tuesday to settle at $7.0920 a bushel.



Wheat prices have been under pressure in recent sessions after the U.S. Department of Agriculture projected higher global supplies than analysts had expected last week.

The USDA said global wheat inventories will total 187.4 million metric tons in the 2014-15 season starting June 1, up 0.5% from 186.5 million in the current marketing year.

In the U.S., approximately 30% of the winter wheat crop was rated “good” to “excellent” as of last week, down from 31% in the preceding week. Winter-wheat crops in “very poor” to “poor” conditions rose to 42% from 38% in the preceding week.
Elsewhere on the CBOT, U.S. soybeans for July delivery shed 0.25%, or 3.77 cents to trade at $14.8063 a bushel. The July soybean contract rallied 1.25%, or 18.4 cents on Tuesday to settle at $14.8360 a bushel.

Soy traders looked ahead to a report from the National Oilseed Processors Association due Thursday to gauge the strength of crushing demand for U.S. supplies in April.Meanwhile, U.S. corn for July delivery advanced 0.32%, or 1.62 cents, to trade at $5.0363 a bushel. The July corn contract added 0.65%, or 3.2 cents on Tuesday to settle at $5.0260 a bushel.

http://www.investing.com/news/commodities-news/u.s.-grains-mixed;-wheat-falls-for-6th-straight-session-284111

U.S. futures rise as sentiment recovers; Dow Jones up 0.28%

U.S. stock futures pointed to a higher open on Monday, as sentiment slightly recovered from Friday's losses due to concerns over mounting tensions in Ukraine, although investors continued to monitor developments in the region.Ahead of the open, the Dow 30 futures pointed to a 0.28% rise, S&P 500 futures signaled a 0.27% gain, while the Nasdaq 100 futures indicated a 0.28% increase.



Investors remained cautious as hostilities between Russia and Ukraine continued and the West prepared to step up sanctions against Moscow.

A joint statement from G-7 nations said they would "move swiftly to impose additional sanctions on Russia" because the latter has not moved to comply with the Geneva accord.

In the U.S., data on Friday showed that consumer confidence rose to a nine-month high in April, adding to signs that the economy is improving.

The University of Michigan reported that its consumer sentiment index came in at 84.1 this month, up from 80 in March and the preliminary reading of 82.6. Analysts had expected the index to rise to 83.0.

The pharmaceutical sector was expected to be active, after Pfizer (NYSE:PFE) confirmed that it is interested in acquiring the Britain's Astrazeneca (AZN.LONDON) for about £58.8 billion. The acquisition would be one of the largest takeovers in the industry’s history.

General Electric (NYSE:GE) was also slated to remain in the spotlight, after French officials imperiled the company's attempt to acquire Alstom (ALSO.PARIS) by urging the latter to consider a rival offer from Germany’s Siemens (SIEGn.XETRA).

GE chief executive officer, Jeffrey Immelt, was scheduled to meet French President Francois Hollande later Monday, after he was rebuffed by Industry Minister Arnaud Montebourg over the weekend.
In the tech sector, Apple (NASDAQ:AAPL), up 0.22% pre-market, and Korean rival Samsung Electronics (005930.KS) were reportedly heading toward the conclusion of their second U.S. patent trial regarding Google (NASDAQ:GOOGL)'s Android operating system.

Other stocks likely to be in focus included Charter Communications (CHTR.O) and Franklin Resources (NYSE:BEN), scheduled to report quarterly results later in the day.

Across the Atlantic, European stock markets were higher. The DJ Euro Stoxx 50 gained 0.80%, France’s CAC 40 climbed 0.60%, Germany's DAX rallied 0.92%, while Britain's FTSE 100 rose 0.31%.

http://www.investing.com/news/stock-market-news/u.s.-futures-rise-as-sentiment-recovers;-dow-jones-up-0.28-279888

General Electric’s $13 Billion Deal For French Industrial Giant - Sean Seshadri

General Electric Co. (NYSE:GE) is poised to make its biggest-ever acquisition, but the proposed deal is just as likely to draw brickbats from critics of American corporate tax policy as it is kudos from investors.The U.S. conglomerate could announce a deal to buy French industrial company Alstom (PARIS:ALSO) for $13 billion in coming weeks, according to Bloomberg News.

That could spark a public relations headache for the Fairfield, Conn., company, as it is likely to fund the deal from its estimated $57 billion cash hoard kept overseas to avoid U.S. taxes. The Alstom deal could also see regulatory scrutiny from the French government.



GE has long been criticized for its light tax burden. Between 2002 and 2011, it paid an estimated average tax rate of just 1.8. GE’s strategy of keeping cash offshore mirrors moves by other U.S. companies such as Apple Inc. (NASDAQ:AAPL) and Pfizer Inc. (NYSE:PFE).

“This [overseas] money is available to fund the operations of our non-U.S. subsidiaries,” GE spokesman, Seth Martin, told International Business Times in an email.The company’s 2013 annual report  notes that if overseas cash were repatriated, GE would face more in U.S. income taxes and foreign withholding taxes.

“GE’s effective tax rate is reduced because active business income earned and indefinitely reinvested outside the United States is taxed at less than the U.S. rate,” according to the company's annual report.

In the U.S., corporate tax rates can reach up to 35 percent, but General Electric paid just 4.2 percent tax on its operating earnings last year, down from 28.5 percent in 2011, partly thanks to “global funding structures.”
Last year, GE made more than $1 billion in revenue from each of at least 24 countries, though nearly half of its revenue usually comes from the U.S.

The Alstom deal comes as a surprise given GE CEO Jeff Immelt’s promise earlier this year to favor acquisitions of under $4 billion. The deal isn’t yet official, but an announcement could come as early as next week, sources cited by Bloomberg said.

GE has worked to wind down its nonindustrial operations, especially its financial arm GE Capital. The company has also sought to boost its industrial businesses, which sell energy, mining and locomotive equipment to businesses and governments. The proposed acquisition echoes that theme and comes amid GE's planned spinoff of its consumer finance arm, expected later this year.

Alstom, a top maker of energy and rail equipment, saw 14.5 billion ($20.1 billion) euros in sales over the past nine months of 2013, though its shares have performed poorly in the past few years.  About two-thirds of its revenue comes from power-related sales, with transportation and grid equipment ranking second and third in importance, respectively.

http://www.investing.com/news/stock-market-news/general-electric%E2%80%99s-$13-billion-deal-for-french-industrial-giant-279609

Sean Seshadri Trading Tips on Share Market

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