News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • RT @FxWestwater: Australian Dollar, APAC Markets Focus on Bond Yields to Start March Link: $AUDUSD…
  • 🇦🇺 Investment Lending for Homes (JAN) Actual: 9.4% Previous: 8.2%
  • 🇦🇺 Home Loans MoM (JAN) Actual: 10.9% Previous: 8.7%
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Feb 01, 2021 when Wall Street traded near 30,246.40. A contrarian view of crowd sentiment points to Wall Street weakness.
  • Aussie 10-year yield extends drop to 32 basis points after RBA buy notice - BBG $AUD
  • RBA to buy A$4 billion of longer-dated bonds, double usual size - BBG $AUD
  • Heads Up:🇦🇺 Investment Lending for Homes (JAN) due at 00:30 GMT (15min) Previous: 8.2%
  • Heads Up:🇦🇺 Home Loans MoM (JAN) due at 00:30 GMT (15min) Previous: 8.7%
  • 🇰🇷 Balance of Trade (FEB) Actual: $2.71B Previous: $3.76B
Commodities Sink as OECD Cuts Eurozone, China Growth Outlook

Commodities Sink as OECD Cuts Eurozone, China Growth Outlook

Ilya Spivak, Head Strategist, APAC

Talking Points

Commodity prices are trading broadly lower in Europe, with investors seemingly taking their risk appetite cues from a downward reversal in S&P 500 stock index futures rather than well-supported regional shares. Contracts tracking the US equities benchmark reversed sharply lower to erase overnight gains after an updated set of OECD economic forecasts saw downward revisions to 2012 GDP growth expectations in the Eurozone (-0.1 percent vs. 0.2 percent seen in November) and China (8.2 percent vs. 8.5 percent previously). Bets on performance in 2013 were likewise slashed in both cases.

More of the same appears likely as Wall Street comes online. Sentiment-geared crude oil and copper prices under pressure as risk appetite unravels while gold and silver come under attack as the rout stokes safe-haven inflows into the US Dollar. Indeed, the greenback is now hovering near session highs against its top counterparts. On the economic data front, the spotlight turns to the Richmond Fed Manufacturing Index as traders continue to work out where the US recovery stands in May after a relatively soft outing in April. The preliminary API set of weekly crude oil inventory figures is likewise on tap.

WTI Crude Oil (NY Close): $92.57 // +1.09 // +1.19%

Prices put in a Bullish Engulfing candlestick pattern above support at 90.49 and took out resistance at 92.51, a former support marked by the December 16 low. The bulls now aim to challenge the February 2 low at 95.41. The 92.51 level has been recast as near-term support.

Commodities_Sink_as_OECD_Cuts_Eurozone_China_Growith_Outlook_body_Picture_3.png, Commodities Sink as OECD Cuts Eurozone, China Growth Outlook

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1593.07 // +0.08 // +0.01%

Prices are probing lower after putting in a Doji candlestick below resistance marked by the 1600/oz figure as well as the 50% Fibonacci retracement level at 1599.17. A daily-close break below support at 1582.10, the 38.2% Fib, exposes the next downside objective at 1560.98.

Commodities_Sink_as_OECD_Cuts_Eurozone_China_Growith_Outlook_body_Picture_4.png, Commodities Sink as OECD Cuts Eurozone, China Growth Outlook

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $28.47 // -0.27 // -0.95%

Prices are reversing lower from resistance at 28.70, with sellers once again aiming to challenge support at support at 27.06. A break lower exposes the 26.05-15 area. Alternatively, a reversal back through resistance on a daily closing basis targets the next upside barrier at 28.70.

Commodities_Sink_as_OECD_Cuts_Eurozone_China_Growith_Outlook_body_Picture_5.png, Commodities Sink as OECD Cuts Eurozone, China Growth Outlook

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.502 // +0.034 // +0.98%

Prices are recoiling from resistance at 3.537, the 76.4% Fibonacci expansion, to once again take aim at support marked by the 100% Fib at 3.438. A break below this boundary opens the door for a decline to 3.334. Alternatively, a reversal higher through initial resistance exposes 3.598.

Commodities_Sink_as_OECD_Cuts_Eurozone_China_Growith_Outlook_body_Picture_6.png, Commodities Sink as OECD Cuts Eurozone, China Growth Outlook

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.