Friday's Global Roundup
Matt Simpson | Mar 14, 2014 11:09AM ET
Trader's Corner:
- EUR/USD: Key Reversal on heavy volume suggests interim reversal
- USD/JPY: Real money investors pile into Yen; USDJPY due another dip lower?
- GOLD: At 6-month high but suspecting a pullback
MARKET SNAPSHOT:
NYLON ROUNDUP (New York - London) China's Premier, Li Keqiang, warns of industrial bankruptcies as they encounter serious challenges for the year ahead. Soft numbers from Industrial production, Asset investment and retail sales added to the worries of growth which saw bond yields and equities drop with a rising VIX, as money flowed into safe havens following continued tensions regarding Ukraine.
Golman Sachs lower targets on AUD/USD to 0.80 expecting further rate cuts from RBA
- USD: Core/Retail sales, unemployment and import prices all beat expectations to see USD Index recoup losses seen earlier in the session.
- EUR: The Euro tested a new 2.5 yr high of 1.3966 to reverse lower and close down for the day. Volume was heavy to suggest potential key reversal.
- GBP: Cable saw an intraday high of 1.67 and hit yesterday's initial target to then reverse and close back at the open price of 1.661
- JPY: Increased volume on Yen Currency Basket highlights flow of money into this safe haven.
- INDICES: European Equities felt the pinch with DAX at 3-month lows CAC and FTSE at 5-week lows. US Equities, whilst down, are holding above last week's lows.
- COMMODITIES: Gold traded to a 6-month high to close at $1370.17; WTI holds above 97.60 support; Brent is now trading at 5-week lows; Copper trading back near yesterday's multi-month lows
ASIA ROUNDUP
Narrow ranges during Asia following a volatile session from the US.
- AUD: Trading at yesterday's lows against the Yen to further highlight risk-off sentiment;
- NZD: Key Reversal on NZD/JPY;
- INDICES: Hang Seng opened down 0.7%; Nikkei 225 continues sell-off for 5th consecutive session; AUS200 trading back at last week's lows;
- COMMODITIES: Gold continued to break to new highs following comments from China's premier of debt defaults.
Get The News You Want
CHART OF THE DAY:
GOLD: Intraday Levels
With the tension in Ukraine and further weak data from China I am calling no major tops in Gold just yet. However there is argument for a retracement (as outlined in today's post) but either way there are clear levels of support and resistance to use as targets for your intraday trading going into the weekend.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.