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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
Low
High
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
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar is struggling against ASEAN currencies despite weakness in the S&P 500. Capital remains flowing into emerging markets, keeping USD under pressure, could this change? Find out from @ddubrovskyFX here:https://t.co/nwhy3XhE74 https://t.co/ir20IjaJFu
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.06% Oil - US Crude: -0.97% Silver: -1.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/H9676jm7CT
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.14% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.01% 🇯🇵JPY: -0.07% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tm1u1cKErl
  • #Market Snapshot $AUDUSD sliding to fresh session-lows on the back of #MorganStanley's suggestion #IronOre prices will fall in Q4 Haven-linked $USD and $JPY pushing back to session-highs after dipping lower in early trade $Gold nudging slightly higher https://t.co/FsT9RIZYvR
  • All eleven S&P 500 sectors ended deeply in the red, with energy (-4.55%), information technology (-3.21%), materials (-2.93%) and real estate (-2.91%) among the worst performers. A whopping 94.7% of the S&P 500 components closed lower. https://t.co/kqP3xPZBJf
  • Rising demand for safety boosted the US Dollar, which climbed for a third day to 94.43 - a two-month high. Strong USD dampened precious metal prices, and put pressure on risk-linked currencies namely AUD, NZD and NOK. https://t.co/ijthZpUdTn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.57%, while traders in EUR/GBP are at opposite extremes with 63.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zn9sbgM386
  • While @IG_US Client Sentiment is offering a mixed outlook for the S&P 500 and #Dow Jones, these could be at risk to a turn lower based on multiple bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/9kYnq6hH1f https://t.co/YIvXZ76eH1
  • #NOK, #AUD and #NZD are expected to be the most-active #G10 majors versus #USD with one-week implied volatility at 16.33, 12.22 and 12 respectively [delayed] -BBG
  • $DJIA futures carving out a Falling Wedge pattern just above the 200-MA after falling over 8% from the September 3 post-crisis high. $DJI #DowJones Is a recovery in the works? Find out how to trade these patterns and more here: https://www.dailyfx.com/education/technical-analysis-chart-patterns/falling-wedge.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/7dfYFgkpub
Commodities Rally May Stall as US Economic Data Tempers QE3 Bets

Commodities Rally May Stall as US Economic Data Tempers QE3 Bets

2012-08-23 10:24:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

Commodity prices are pushing broadly higher as markets continue to revel in the aftermath of a slightly more dovish than expected set of FOMC meeting minutes, shrugging off a disappointing Chinese PMI print and another contraction services- and factory-sector in activity in the Eurozone. The report showed that many FOMC members thought additional easing would “likely be warranted fairly soon” unless incoming data point to a “substantial and sustainable” strengthening in the economic recovery.

S&P 500 stock index are pointing firmly higher in early European trade, hinting the risk-on mood is set to carry forward as Wall Street comes online. This opens the door for growth-linked crude oil and copper prices to follow shares higher while gold and silver continue to feed on Dollar debasement fears. The weekly set of US Jobless Claims figures as well as July’s New Home Sales report headline the calendar. Narrow improvements are expected on both fronts, which may pour a bit of cold water on Fed stimulus bets and rein in sentiment as traders recall that US economic data has cautiously improved relative to expectations over recent weeks.

WTI Crude Oil (NY Close): $97.26 // +0.42 // +0.43%

Prices are testing resistance at 97.82, the 61.8% Fibonacci retracement, with a break higher exposing a falling trend line set from the late-February swing top now at 99.24. This barrier is reinforced by the psychologically significant $100/barrel figure. Near-term support is at 95.41, the February 2 low, with a drop back below that targeting the 50% Fib at 93.90.

Commodities_Rally_May_Stall_as_US_Economic_Data_Tempers_QE3_Bets__body_Picture_3.png, Commodities Rally May Stall as US Economic Data Tempers QE3 Bets

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Gold (NY Close): $1654.65 // +16.85 // +1.03%

Prices are en route to test a major falling trend line set from the August 23 2011 peak, now at 1663.13, after breaking resistance in the 1620.45-35.70 congestion area. A break above this barrier would mark a significant bullish trend development and initially open the door for a challenge of 1680.00. The 1620.45-35.70 area has been recast as near-term support.

Commodities_Rally_May_Stall_as_US_Economic_Data_Tempers_QE3_Bets__body_Picture_4.png, Commodities Rally May Stall as US Economic Data Tempers QE3 Bets

Daily Chart - Created Using FXCM Marketscope 2.0

Spot Silver (NY Close): $29.84 // +0.52 // +1.78%

Prices punctured resistance at 29.42 and are now probing above the 30.00 figure to challenge the 30.69-78 area marked by a horizontal pivot and the 123.6% Fibonacci extension. A break above this barrier exposes the 138.2% level at 31.33. The 29.42 level has been recast as near-term support.

Commodities_Rally_May_Stall_as_US_Economic_Data_Tempers_QE3_Bets__body_Picture_5.png, Commodities Rally May Stall as US Economic Data Tempers QE3 Bets

Daily Chart - Created Using FXCM Marketscope 2.0

COMEX E-Mini Copper (NY Close): $3.471 // +0.017 // +0.49%

Prices cleared resistance at a falling trend line set from early April as well as a horizontal barrier at 3.442 to expose 3.535, the range top capping the upside since late May. A push higher beyond that initially exposes 3.618. The 3.442 level has been recast as near-term support.

Commodities_Rally_May_Stall_as_US_Economic_Data_Tempers_QE3_Bets__body_Picture_6.png, Commodities Rally May Stall as US Economic Data Tempers QE3 Bets

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. 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 ispivak@dailyfx.com

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

DISCLOSURES