EUR/USD
(Reuters) The euro was little changed on the dollar at $1.3222, having slipped from an 8-month high of $1.33085 reached on Wednesday after German business confidence data beat market expectations. In addition, a fall in southern European countries' bond yields also added to support for the euro earlier. But it later gave up gains against the dollar while the yen also rebounded from multi-month lows as talks to resolve the U.S. fiscal impasse appeared to have taken a turn for the worse. The euro stood at 111.32 yen, down about 0.3 percent from late U.S. levels and off a 16-month high of 112.59 yen hit on Wednesday. The Republicans announced plans to put an alternative tax plan to a vote in the House this week, prompting President Barack Obama to threaten to veto it should Congress approve, threatening to unravel progress made over the last week. "Democrats and Republicans continued to try to frighten each other into gaining the upper hand. They mostly managed to bring in a mild wave of profit-taking in the markets," said Sebastien Galy, strategist at Societe Generale.
GOLD
(Bloomberg) Gold traded near the lowest level since August as an impasse in U.S. budget talks helped to boost the dollar, countering investor holdings in exchange-traded products at an all-time high. Spot gold was little changed at $1,666.80 an ounce at 12:04 p.m. in Singapore after dropping 0.2 percent yesterday and falling to $1,661.10 on Dec. 18, the lowest since Aug. 31, on signs of progress in the U.S. negotiations. Gold for February delivery was at $1,667.90 an ounce from $1,667.70 on the Comex. Officials in President Barack Obama's administration told leaders of business and financial-services groups that talks with House Speaker John Boehner have deteriorated in the past 24 hours, a person familiar with the meeting said. Lawmakers are negotiating to avert more than $600 billion in automatic tax rises and spending cuts set to start in January, known as the fiscal cliff. The Dollar Index snapped a four-day decline. We've had a few violent moves towards the downside, said Jonathan Barratt, chief executive officer of Barratt's Bulletin, a commodity newsletter in Sydney. Looking into 2013, we still feel confident about prices eventually moving higher, he said, citing prospects for increased ETP demand, central-bank buying and a weaker dollar next year. Holdings in ETPs climbed 12 percent this year to 2,631.794 metric tons yesterday, data compiled by Bloomberg show. Bullion has advanced 6.6 percent this year, set for a 12th annual gain, as central banks around the world added to stimulus.
SILVER
(Bloomberg) Cash silver rose as much as 0.5 percent to $31.20 an ounce, and was at $31.0888. The metal, which has risen 12 percent this year, may rally to $40.25 in 2013, based on the median of 49 analyst, trader and investor estimates compiled by Bloomberg.
WTI (Crude Oil)
(Bloomberg) Oil fell from the highest level in two months in New York on speculation its four-day gain was exaggerated as budget negotiations faltered in the U.S., threatening the economy of the world's biggest crude user. West Texas Intermediate futures slid as much as 0.5 percent, snapping the longest winning streak since September. Officials from President Barack Obama's administration told leaders of business and financial services groups that talks with House Speaker John Boehner have deteriorated in the past 24 hours, a person familiar with the meeting said. U.S. oil inventories last week were 15 percent above the five-year average, a report from the Energy Department showed. Oil's had a big rally over the past few days, but looks like it's losing steam, said Victor Shum, the managing director at IHS Consulting in Singapore who predicts New York crude has technical resistance at $90 a barrel. If one looks beyond the near-term bullishness, we have a market that is well supplied. Crude for February delivery slid as much as 45 cents to $89.53 a barrel and was at $89.66 in electronic trading on the New York Mercantile Exchange at 12:26 p.m. Singapore time. The January contract, which expired yesterday, rose $1.58 to $89.51, the highest settlement since Oct. 19. The volume traded for all futures today was about 8 percent below the 100-day average. Brent for February settlement slipped 27 cents to $110.09 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $20.43 to WTI, compared with $20.38 yesterday.
S & P 500 Index
U.S. stocks fell, pulling the Standard & Poor's 500 Index (VIX) down from a two-month high, as deteriorating federal budget negotiations fueled concern that automatic tax increases and spending cuts will be triggered. The S&P 500 lost 0.8 percent to 1,435.81 today. The Dow Jones Industrial Average slipped 98.99 points, or 0.7 percent, to 13,251.97. The Chicago Board Options Exchange Volatility Index, known as the VIX, jumped 12 percent to 17.36 for the biggest gain since Oct. 23. The underlying situation for U.S. equities isn't bad, but a lot hinges on the fiscal cliff negotiations, George Feiger, chief executive officer of Contango Capital Advisors Inc., the San Francisco-based wealth management arm of Zions Bancorporation, said in a phone interview. He manages about $3.6 billion at Contango and Western National Trust Co. If we get through the fiscal cliff with a reasonable result, then the odds are quite substantial that things are going to be better than many people expect by the middle of 2013, he said. All of this can be postponed for a year if they screw up on the negotiations and we slide into a recession.
(Reuters) The euro was little changed on the dollar at $1.3222, having slipped from an 8-month high of $1.33085 reached on Wednesday after German business confidence data beat market expectations. In addition, a fall in southern European countries' bond yields also added to support for the euro earlier. But it later gave up gains against the dollar while the yen also rebounded from multi-month lows as talks to resolve the U.S. fiscal impasse appeared to have taken a turn for the worse. The euro stood at 111.32 yen, down about 0.3 percent from late U.S. levels and off a 16-month high of 112.59 yen hit on Wednesday. The Republicans announced plans to put an alternative tax plan to a vote in the House this week, prompting President Barack Obama to threaten to veto it should Congress approve, threatening to unravel progress made over the last week. "Democrats and Republicans continued to try to frighten each other into gaining the upper hand. They mostly managed to bring in a mild wave of profit-taking in the markets," said Sebastien Galy, strategist at Societe Generale.
Support
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Resistance
|
|
EUR/USD
|
1.31678
|
1.32872
|
1.31182
|
1.33570
|
|
1.30484
|
1.34066
|
USD/JPY
(Reuters) The yen kept slim gains on Thursday after the Bank of Japan eased monetary policy as expected, increasing its asset purchases by 10 trillion yen and saying it would review its policy goal in a likely move towards adopting an inflation target. After choppy moves, the dollar steadied at around 84.14 yen , almost the same level as before the BOJ's decision and down about 0.3 percent from late U.S. levels. "Some people are selling the dollar/yen after the big event is over ahead of Christmas holidays," said Yunosuke Ikeda, senior FX strategist at Nomura Securities. The dollar has gained about 6 percent against the yen in the past month or so, on speculation that Japan's new government will push the BOJ to take more aggressive easing steps. In a move seen as an attempt to placate incoming prime minister Shinzo Abe, who has called for unlimited easing to achieve 2 percent inflation, the BOJ also said it would review its stance on price stability. At present, the BOJ has a goal of 1 percent inflation. Still, all that had already been priced in when the dollar hit a 20-month high of 84.62 yen on Wednesday, market players said. The euro stood at 111.32 yen, down about 0.3 percent from late U.S. levels and off a 16-month high of 112.59 yen hit on Wednesday.
(Reuters) The yen kept slim gains on Thursday after the Bank of Japan eased monetary policy as expected, increasing its asset purchases by 10 trillion yen and saying it would review its policy goal in a likely move towards adopting an inflation target. After choppy moves, the dollar steadied at around 84.14 yen , almost the same level as before the BOJ's decision and down about 0.3 percent from late U.S. levels. "Some people are selling the dollar/yen after the big event is over ahead of Christmas holidays," said Yunosuke Ikeda, senior FX strategist at Nomura Securities. The dollar has gained about 6 percent against the yen in the past month or so, on speculation that Japan's new government will push the BOJ to take more aggressive easing steps. In a move seen as an attempt to placate incoming prime minister Shinzo Abe, who has called for unlimited easing to achieve 2 percent inflation, the BOJ also said it would review its stance on price stability. At present, the BOJ has a goal of 1 percent inflation. Still, all that had already been priced in when the dollar hit a 20-month high of 84.62 yen on Wednesday, market players said. The euro stood at 111.32 yen, down about 0.3 percent from late U.S. levels and off a 16-month high of 112.59 yen hit on Wednesday.
Support
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Resistance
|
|
USD/JPY
|
84.010
|
84.687
|
83.631
|
84.985
|
|
83.333
|
85.364
|
GOLD
(Bloomberg) Gold traded near the lowest level since August as an impasse in U.S. budget talks helped to boost the dollar, countering investor holdings in exchange-traded products at an all-time high. Spot gold was little changed at $1,666.80 an ounce at 12:04 p.m. in Singapore after dropping 0.2 percent yesterday and falling to $1,661.10 on Dec. 18, the lowest since Aug. 31, on signs of progress in the U.S. negotiations. Gold for February delivery was at $1,667.90 an ounce from $1,667.70 on the Comex. Officials in President Barack Obama's administration told leaders of business and financial-services groups that talks with House Speaker John Boehner have deteriorated in the past 24 hours, a person familiar with the meeting said. Lawmakers are negotiating to avert more than $600 billion in automatic tax rises and spending cuts set to start in January, known as the fiscal cliff. The Dollar Index snapped a four-day decline. We've had a few violent moves towards the downside, said Jonathan Barratt, chief executive officer of Barratt's Bulletin, a commodity newsletter in Sydney. Looking into 2013, we still feel confident about prices eventually moving higher, he said, citing prospects for increased ETP demand, central-bank buying and a weaker dollar next year. Holdings in ETPs climbed 12 percent this year to 2,631.794 metric tons yesterday, data compiled by Bloomberg show. Bullion has advanced 6.6 percent this year, set for a 12th annual gain, as central banks around the world added to stimulus.
Support
|
Resistance
|
|
GOLD
|
1668.9
|
1682.3
|
1659.4
|
1686.2
|
|
1655.5
|
1695.7
|
SILVER
(Bloomberg) Cash silver rose as much as 0.5 percent to $31.20 an ounce, and was at $31.0888. The metal, which has risen 12 percent this year, may rally to $40.25 in 2013, based on the median of 49 analyst, trader and investor estimates compiled by Bloomberg.
Support
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Resistance
|
|
SILVER
|
31.32
|
32.14
|
30.74
|
32.38
|
|
30.50
|
32.96
|
WTI (Crude Oil)
(Bloomberg) Oil fell from the highest level in two months in New York on speculation its four-day gain was exaggerated as budget negotiations faltered in the U.S., threatening the economy of the world's biggest crude user. West Texas Intermediate futures slid as much as 0.5 percent, snapping the longest winning streak since September. Officials from President Barack Obama's administration told leaders of business and financial services groups that talks with House Speaker John Boehner have deteriorated in the past 24 hours, a person familiar with the meeting said. U.S. oil inventories last week were 15 percent above the five-year average, a report from the Energy Department showed. Oil's had a big rally over the past few days, but looks like it's losing steam, said Victor Shum, the managing director at IHS Consulting in Singapore who predicts New York crude has technical resistance at $90 a barrel. If one looks beyond the near-term bullishness, we have a market that is well supplied. Crude for February delivery slid as much as 45 cents to $89.53 a barrel and was at $89.66 in electronic trading on the New York Mercantile Exchange at 12:26 p.m. Singapore time. The January contract, which expired yesterday, rose $1.58 to $89.51, the highest settlement since Oct. 19. The volume traded for all futures today was about 8 percent below the 100-day average. Brent for February settlement slipped 27 cents to $110.09 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $20.43 to WTI, compared with $20.38 yesterday.
Support
|
Resistance
|
|
+CLG13
|
87.41
|
89.46
|
86.81
|
90.91
|
|
85.36
|
91.51
|
S & P 500 Index
U.S. stocks fell, pulling the Standard & Poor's 500 Index (VIX) down from a two-month high, as deteriorating federal budget negotiations fueled concern that automatic tax increases and spending cuts will be triggered. The S&P 500 lost 0.8 percent to 1,435.81 today. The Dow Jones Industrial Average slipped 98.99 points, or 0.7 percent, to 13,251.97. The Chicago Board Options Exchange Volatility Index, known as the VIX, jumped 12 percent to 17.36 for the biggest gain since Oct. 23. The underlying situation for U.S. equities isn't bad, but a lot hinges on the fiscal cliff negotiations, George Feiger, chief executive officer of Contango Capital Advisors Inc., the San Francisco-based wealth management arm of Zions Bancorporation, said in a phone interview. He manages about $3.6 billion at Contango and Western National Trust Co. If we get through the fiscal cliff with a reasonable result, then the odds are quite substantial that things are going to be better than many people expect by the middle of 2013, he said. All of this can be postponed for a year if they screw up on the negotiations and we slide into a recession.
Support
|
Resistance
|
|
@ESZ12
|
1436.38
|
1454.63
|
1425.06
|
1461.56
|
|
1418.13
|
1472.88
|
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