A glance at overnight markets

28 December, 2015

Key Quotes:

"After rallying last week, oil prices are off 2%, base and precious metals lower. No end to the political uncertainty in Spain, but Spanish 10-year bonds are matching regional performance. 

Equities have a heavier bias. Asian shares were mixed. 

The Nikkei rose 0.6% while the Shanghai Composite fell 2.6%. Reports suggest that the anticipation of the end of the sales ban on large investors and a new IPO regime, weighed on Chinese sentiment. This is the biggest decline in a month for Chinese shares. Weak industrial profits, especially among state-owned enterprises (-9.5%) also took a toll. 

"The US dollar is mixed. European currencies are a little firmer while the dollar-bloc is softer. 

Last week, the dollar eased against the Chinese yuan every day on a closing basis, but bounced back smartly today after the PBOC fixed it higher. The close (CNY6.4873) represents a new four-year high. "


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Gold trades with gains, around $1215

A subdued USD demand helps build on this week's rebound. Improving risk sentiment does little to prompt fresh selling. US-China trade optimism/Fed rate hike...

WTI vulnerable, but holds $ 66

Bearish API report, Saudi's pledge and stronger US weigh down on oil. Attention turns towards EIA crude stocks data for fresh impetus to the oil markets...

Gold holds steady below 2 month highs

Rising diplomatic tensions continue to underpin safe-haven demand. Subdued USD price-action remains supportive of a mildly positive tone. A modest...


USD/JPY remains in daily range

Struggles to build on overnight strong up-move despite a goodish USD rebound. Bulls tracked retracing US bond yields, tough risk-on mood...

US Dollar Index challenges recent tops

The index rebounds from tops and tests 95.70. Yields of the US 10-year note ease a tad from peaks around 2.90%. US trade balance figures next of relevance...

USD losing ground in the longer run

USD weakness came to a halt yesterday after the Fed's Kaplan emphasised the central bank's independence, thus reassuring markets that


GBP/USD on the offers around 1.2750

Brexit uncertainty, Turkish contagion fears leave the higher-yielding GBP vulnerable. Attention turns to Tuesday UK jobs report amid empty docket today...

Gold bears await a break below

The commodity extended last week's rejection slide from $1235 horizontal resistance and remains within striking distance of an important horizontal...

Gold near term weakness

Gold has fallen to a yearly low, as it lost around 4% in June itself (end-of period prices), contrasting sharply with the above $13000/oz. price performance in the early part...


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