Oil closed strongly

4 August, 2016

Research Team at ANZ, notes that the oil closed strongly while most other commodities struggled with the stronger USD.

Key Quotes

“Oil prices rallied after the EIA weekly report showed gasoline inventories declined the most at this time of the year for at least five years. Stocks dropped 3.26 million barrels to 238.2 million barrels. The market was also buoyed by a fall in US oil production, down 55kb/d to 8.46mb/d last week.

The strong USD, driven by a positive private sector jobs report by ADP, created a headwind too strong for most other commodities. Gold eased back from a ten day rally as investors took profits. Industrial metals also struggled, with copper trading sideways. Weaker steel prices in China weighed on iron ore, with physical traders sitting on the sidelines.”


Source link  
EUR sluggish in recent weeks

EUR has also been surprisingly soft in light of the convincing win by French President Macron...

EUR/USD sinks to session lows

The single currency is now losing the grip vs. the buck, sending EUR/USD to test the area of daily lows in the 1.1240/30. Spot met extra downside pressure...

Euro is consolidating below the 1.1300

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation...


Dollar Index rebound looks plausible

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come...

Gold hovering around 3-week high

Gold on Wednesday traded in a narrow band but maintained its bid tone and is hovering around 3-week high level touched on Tuesday to currently trade around $1364 region...

US Dollar weaker, finds support at 97.00

The greenback, tracked by the US Dollar Index, is now picking up some pace after finding some support in the 97.00 neighbourhood...


Gold rises to a four-week high

After hitting a four week high level of $1284 during early late Asian early European session, Gold prices remained bouyant for fourth session in a row and are currently holding steady around $1282 level...

Gold pauses after hitting three-week high level

Gold is seen retracing a bit from a 3-week high level of $1266 touched during Asian trading session on Thursday and is currently trading with only a marginal cut, at $1261...

Gold slides further, drops back below $128

Gold weakened on Monday and extended its weakness during European session and dipped back below $1280 to currently trade near session low of $1279...

  


Share: