Thursday, September 16, 2010

LATEST FOREX NEWS

Posted by naila at 1:28 PM Labels: 0 comments

Forex: USD/CHF consolidates gains at 1.0150
FXstreet.com | Thu, Sep 16 2010, 20:27 GMT

Forex: EMU worries may keep EUR/USD in range this autumn – UniCredit
FXstreet.com | Thu, Sep 16 2010, 20:09 GMT

Forex: USD/JPY tests daily highs
FXstreet.com | Thu, Sep 16 2010, 19:01 GMT

Forex: AUD/USD tests 0.9330 support
FXstreet.com | Thu, Sep 16 2010, 16:34 GMT

US GOLD - Comex gold punches through to new record, eyes more gains
Fastmarkets | Thu, Sep 16 2010, 16:33 GMT

Forex: EUR/USD back under 1.3100
FXstreet.com | Thu, Sep 16 2010, 16:16 GMT

Forex: USD/CAD finds resistance at 1.0290
FXstreet.com | Thu, Sep 16 2010, 16:08 GMT

Forex: EUR/CHF holds close to 1.3300
FXstreet.com | Thu, Sep 16 2010, 15:36 GMT

Forex: GBP/USD rises to test 1.5650
FXstreet.com | Thu, Sep 16 2010, 15:17 GMT

US stocks held under in early trading
FXstreet.com | Thu, Sep 16 2010, 14:55 GMT

Forex: EUR/USD reaches 1.3115, fresh 5-week high
FXstreet.com | Thu, Sep 16 2010, 14:47 GMT

BULLION LATEST - Gold settles below all-time highs, euro keeps rising after last set of US data
Fastmarkets | Thu, Sep 16 2010, 14:47 GMT

Crude oil remains near $75.00 after US data
FXstreet.com | Thu, Sep 16 2010, 14:29 GMT

Forex: USD/JPY exploring levels above 85.75
FXstreet.com | Thu, Sep 16 2010, 14:11 GMT

The Philadelphia Fed Manufacturing Survey improves
FXstreet.com | Thu, Sep 16 2010, 14:09 GMT

US Philadelphia Fed Manufacturing index improves to -0.7 in Sept
FXstreet.com | Thu, Sep 16 2010, 14:00 GMT

Forex: EUR/JPY resurfaces over 112.00
FXstreet.com | Thu, Sep 16 2010, 13:39 GMT

Forex: AUD/USD: Chances of an upmove to 0.9500/50 - Kshitij
FXstreet.com | Thu, Sep 16 2010, 13:28 GMT

The US Net Long-Term TIC flows increase
FXstreet.com | Thu, Sep 16 2010, 13:19 GMT

Forex: USD/CHF surges beyond 1.0150, Swissy plunging after SNB
FXstreet.com | Thu, Sep 16 2010, 13:06 GMT

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US GOLD - Comex gold punches through to new record, eyes more gains

Posted by naila at 1:22 PM Labels: 0 comments
New York, 16 September 2010 - The bulls continue to run as Comex gold futures touched a new all-time high Thursday morning and $1,300 per ounce is now in plain sight.

Gold for December delivery in New York recently traded at $1275.60 per ounce, up $6.90, from the previous day's settlement. Earlier in the morning, the yellow metal hit a new record price of $1279.50.

"This is a pattern that will likely continue in the near-term as prices move past $1,300 and towards $1,350. The focus is turning towards the Fed meeting next week and whether or not they will move into further quantitative easing. That seems to be the bullish factor du jour," Tom Pawlicki, a precious metals and energy analyst at MF Global, said.

Pawlicki, however, did note that the gold market has become separated from supply/demand dynamics.

"This rally isn't getting much fundamental support. Physical demand is weak and is only going to soften further as prices increase. That would would lead me to believe that this is led by investors, but then I read about declines in ETF holdings. So in someways it's puzzling that gold has has moved up as it has," Pawlicki said.

The world’s largest gold ETF, SPDR Gold Trust, recorded outflows of nearly 4 tons yesterday.

The price of gold is being driven by QE speculation and factors outside the fundamentals, Pawlicki said.

"There's still this prospect of sub-par economic recovery or even the possibility of a double-dip recession. Both of those are favorable for gold and I suspect that we could rally on those arguments alone," he said.

Standard Bank said that due to the latest push in gold, physical demand has dried up.

"This pattern has repeated itself in the past, with demand falling away when the gold price rises fast. However, we expect demand to return should gold settle in a range for a few days," the bank analysts said.

It has also been another difficult morning for the dollar as the the euro moved up to 1.3115 shortly after the Philly Fed Index showed that general business activity for factories in its district dropped to minus 0.7 in September against exceptions of a 0.9 percent gain.

That negative news overwhelmed some mildly positive US weekly initial jobless claims and producer price inflation data from earlier in the morning.

In other precious metals, silver on the Comex was recently up 22 cents to $20.79 per ounce, which is a 26-month high, while the October contract for platinum on the Nymex was trading at $1616.40, up $11.10.

"Silver remains in high demand as a cheaper alternative to gold," Commerzbank analysts said in a note. "The largest silver ETF, iShares Silver Trust, has recorded strong inflows of 36.5 tons. The gold/silver ratio has fallen from a good 68 to 61.5 in the past four weeks, but silver still has a low valuation compared to the spring of 2008, when the ratio was a good 50. We therefore see further catch-up potential here."

Forex: USD/JPY tests daily highs

Posted by naila at 1:14 PM Labels: 0 comments

FXstreet.com (Córdoba) – The Yen is trading close to daily lows across the board. USD/JPY found support at 85.65 and rose back above to test daily highs that are located at the 85.80/85 zone. The pair trades near the highs at the same price level it had at the beginning of the day at 85.75/80.

The rally of the US Dollar stalled under key resistance in the 86.00 price region according to James Chen, chief technical analyst at FX Solutions,a level that has been tested but not breached over a month and also hit a key downtrend resistance trendline.

“If this resistance confluence is ultimately respected, price could begin to retrace the gains made on Wednesday”, Chen said. To the upside, if the resistance is broken strongly, the next important target resides around 88.00.

USD/JPY (Sep 16 at 20:11 GMT)

85.88/90 (0.17%)

H 85.935 L 85.21

S3S2S1R1R2R3
85.341285.555685.770085.895086.109786.3245
[?]Trend Index[?]OB/OS Index
Slightly BullishNeutral
Data updated on Sep 16 at 20:00 (15-minute timeframe)
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