EURUSD
(Reuters) - The euro rose to a three-week high against the dollar on Friday, heading for its second week of gains on optimism that Greece's lenders were nearing an agreement that will release aid. The single currency extended gains after an influential German business sentiment confounded expectations to show a rise in November. The Ifo business climate index, a barometer of economic health in Europe's largest economy, rose to 101.4 from 100.0 last month and beating forecasts of a drop to 99.5. But the medium term economic outlook for the region remains bleak, keeping alive risks of further policy easing by the European Central Bank which weigh on the euro. The market is getting a bit confident that a Greek deal will be struck. This will remove one of the near-term uncertainties in the euro zone and some of the short euro bets will be squeezed as a result. But I do not see the euro rising much beyond $1.30," RBS currency strategist Paul Robson said. "While the short-term risks stemming from Greece wane, the medium-term risks in the euro zone from weaker growth and missed debt targets remain and that will see the euro struggle." The euro hit a fresh three-week high of 1.2913 from $1.2880 before the German IFO survey was released and breaking through resistance level of $1.2910, its 55-day moving average.
(Reuters) - The euro rose to a three-week high against the dollar on Friday, heading for its second week of gains on optimism that Greece's lenders were nearing an agreement that will release aid. The single currency extended gains after an influential German business sentiment confounded expectations to show a rise in November. The Ifo business climate index, a barometer of economic health in Europe's largest economy, rose to 101.4 from 100.0 last month and beating forecasts of a drop to 99.5. But the medium term economic outlook for the region remains bleak, keeping alive risks of further policy easing by the European Central Bank which weigh on the euro. The market is getting a bit confident that a Greek deal will be struck. This will remove one of the near-term uncertainties in the euro zone and some of the short euro bets will be squeezed as a result. But I do not see the euro rising much beyond $1.30," RBS currency strategist Paul Robson said. "While the short-term risks stemming from Greece wane, the medium-term risks in the euro zone from weaker growth and missed debt targets remain and that will see the euro struggle." The euro hit a fresh three-week high of 1.2913 from $1.2880 before the German IFO survey was released and breaking through resistance level of $1.2910, its 55-day moving average.
Support
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Resistance
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EURUSD
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1.28382
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1.29094
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1.27969
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1.29393
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1.27257
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1.30105
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USDJPY
(Reuters) Yen slides to 7-1/2 month low versus U.S. dollar, Aussie The dollar has climbed around 4 percent against the yen in the last seven trading sessions, amid market expectations that Japan's next government could push its central bank to implement more drastic monetary stimulus. The dollar rose to 82.84 yen, its highest since early April, in early trade. It then pared some of those gains on selling by macro funds. The yen also hit a 7-1/2 month low versus the higher-yielding Australian dollar and against sterling. Shinzo Abe, the leader of Japan's opposition Liberal Democratic Party, which holds a commanding lead in opinion polls ahead of a Dec. 16 election, has called for "unlimited" easing until 2 or 3 percent inflation is achieved and for pushing short-term interest rates to zero or below. Analysts say yen weakness could persist until the vote is over. "We think the yen will continue to weaken against the dollar related to elections on December 16 when the BOJ is expected to be more aggressive in its easing...but the move has been a bit too fast," said Marcus Hettinger, Global FX Strategist at Credit Suisse. He added the bank's target for the euro is to reach 108 yen in three months' time. But he said he expects a target of 80 for dollar/yen, largely from dollar weakness in 2013 as the Federal Reserve considers more monetary easing.
(Reuters) Yen slides to 7-1/2 month low versus U.S. dollar, Aussie The dollar has climbed around 4 percent against the yen in the last seven trading sessions, amid market expectations that Japan's next government could push its central bank to implement more drastic monetary stimulus. The dollar rose to 82.84 yen, its highest since early April, in early trade. It then pared some of those gains on selling by macro funds. The yen also hit a 7-1/2 month low versus the higher-yielding Australian dollar and against sterling. Shinzo Abe, the leader of Japan's opposition Liberal Democratic Party, which holds a commanding lead in opinion polls ahead of a Dec. 16 election, has called for "unlimited" easing until 2 or 3 percent inflation is achieved and for pushing short-term interest rates to zero or below. Analysts say yen weakness could persist until the vote is over. "We think the yen will continue to weaken against the dollar related to elections on December 16 when the BOJ is expected to be more aggressive in its easing...but the move has been a bit too fast," said Marcus Hettinger, Global FX Strategist at Credit Suisse. He added the bank's target for the euro is to reach 108 yen in three months' time. But he said he expects a target of 80 for dollar/yen, largely from dollar weakness in 2013 as the Federal Reserve considers more monetary easing.
Support
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Resistance
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USDJPY
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82.193
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82.767
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81.936
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83.084
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81.362
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83.658
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GOLD
(Bloomberg) Gold headed for a weekly gain in London as a weaker dollar spurred demand for the metal as an alternative investment. Palladium was set for its best week in two months. The U.S. Dollar Index, a measure against six major trading partners, reached a two-week low amid speculation Europes policy makers will agree to keep aid flowing to Greece when they meet on Nov. 26. The nation has been negotiating with the International Monetary Fund and politicians over steps needed to qualify for the release of loan installments frozen since June. The dollar has come off a bit, which is supporting gold, Marc Ground, a commodity strategist at Standard Bank Plc in Johannesburg, said today by phone. Some participants in the U.S. will be back in the office today and that may support gold some more, he said, referring to yesterday Thanksgiving holiday. Gold for immediate delivery rose 0.2 percent to $1,732.58 an ounce by 9:24 a.m. in London. Prices are up 1.1 percent this week. Gold for December delivery was up 0.2 percent at $1,732.40 on the Comex in New York. There was no settlement yesterday because of the holiday. Bullions 50-day moving average is at about $1,740.54, near this months high at $1,739.04, Bloomberg data show. Gains above there would be a crucial bullish development, UBS AG said today in an e-mailed report. The next targets would be $1,748.95, the 61.8 percent retracement of the October-to- November decline, and the October high at about $1,795, it said. Holdings in gold-backed exchange-traded products reached a record 2,605.3 metric tons on Nov. 21, data compiled by Bloomberg show. The U.S. Mint sold 67,000 ounces of American Eagle gold coins this month, exceeding the 59,000 ounces for all of October, data on its website show.
Support
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Resistance
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GOLD
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1,728.5
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1,732.5
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1,726.4
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1,734.4
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1,722.4
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1,738.4
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SILVER
(Bloomberg) Silver for immediate delivery added 0.2 percent to $33.405 an ounce, after reaching $33.505, the highest since Oct. 15. Platinum was 0.1 percent lower at $1,579. Palladium fell 0.2 percent to $654.25 an ounce. It's up 4.3 percent this week, the most since Sept. 14.
Support
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Resistance
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SILVER
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33.24
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33.42
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33.16
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33.52
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32.98
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33.70
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+CLF13
(Bloomberg) Crude dropped in New York, erasing a weekly advance, after a truce between Israel and Hamas held for a second day, easing concern that the conflict would disrupt supplies from producers in the Middle East. West Texas Intermediate declined as much as 0.8 percent after a Egypt-U.S.-crafted cease-fire halted eight days of aerial assaults that killed at least 163 Palestinians and six Israelis. Crude may decline next week following the cessation of hostilities, according to a Bloomberg survey. There was no U.S. floor trading yesterday because of the Thanksgiving holiday. Crude will probably close down on the day as there are no new catalysts and the apparent calming of the situation in Gaza, Michael Hewson, a London-based market analyst at CMC Markets Plc, said by phone today. It's a good day to grab a cup of coffee and kick the feet up. Futures for January delivery dropped as much as 67 cents to $86.71 a barrel in electronic trading on the New York Mercantile Exchange. That's within 4 cents of last weeks close. Futures were down 36 cents to $87.02 at 10:53 a.m. London time.
Support
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Resistance
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+CLF13
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86.83
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87.58
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86.55
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88.05
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85.80
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88.80
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@ESZ12
(Bloomberg) S&P 500 futures expiring in December slipped less than 0.1 percent from the Nov. 21 close to 1,388.2 at 11:07 a.m. in London. The index has gained 2.3 percent this week, the biggest increase since June 8. Contracts on the Dow Jones Industrial Average advanced 9 points, or 0.1 percent, to 12,809 today. U.S. equity markets were closed for the Thanksgiving holiday yesterday and will be open for a half day today.
Support
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Resistance
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@ESZ12
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1,389.00
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1,393.75
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1,386.50
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1,396.00
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1,381.75
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1,400.75
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