Asia: Gold, USD, Crude Oil, Stocks & Commodities

Asia: Gold, USD, Crude Oil, Stocks & Commodities

$GLD, $SLV, $USD, $USO, $OIL, $WEAT, $CORN, $SOY

FLASH: Gold Up, USD Flat, Crude Oil Off, Stocks Bounced

Notes: USD struggled near 7 week lows Wednesday after Fed officials hinted at the possibility of an interest rate cut in the face of rising risks to trade and global growth.

JPMorgan expects the Fed to cut rates 2X this year, a major change from its previous forecast that rates will stay on hold until the end of Y 2020.

Holdings of SPDR Gold Trust (GLD), the world’s largest gold-backed exchange-traded fund, rose 2.2% Monday, its biggest 1-day percentage gainer since July 2016, as investors sought safe havens.

In Asia

Gold: Gold prices up Wednesday, holding near 3-month highs, as USD weakened on rising prospects of a rate cut by the Fed.

  • Spot gold was +0.2% at $1,326.93 oz, as of 0553 GMT,
  • Gold futures were +0.2% higher at $1331.70 oz.

After the announcement from President Trump on tariffs on Mexico, markets are starting to come to grip with how these disputes might slow down the global economy.

Energy: Crude Oil prices resumed their declines Wednesday, dragged down by a gainer in US inventories and comments from the head of Russian state Crude Oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies.

  • ICE Brent Crude Oil futures were down 42c, or 0.7%, at $61.55 bbl by 0552 GMT,
  • NYMEX WTI Crude Oil was down 48c, or 0.9%, at $53 bbl.

Crude Oil prices have fallen sharply on fears about slowing global demand, but won a respite on Tuesday after a global stock market rally on hopes of a cut in US interest rates.

Equities: Asian shares tracked Wall Street’s rally Wednesday, after the Fed’s comments pointed to increasing prospects of an interest rate cut, boosting investor sentiment and pushing USD South.

MSCI’s broadest index of Asia-Pacific shares sans Japan gained 0.5%, while Japan’s Nikkei average climbed 1.9%.

Chinese shares also rebounded, with the benchmark Shanghai Composite up 0.4% and the blue-chip CSI 300 rising 0.5%, while Hong Kong’s Hang Seng advanced 0.6%.

Currencies: The .DXY Vs a basket of 6 peers was last flat at 97.077, within reach of a recent low of 96.995 brushed overnight, its lowest mark since 18 April. It has now fallen 1.3% from a more than 2-year high at 98.371 touched on 23 May.

AUD rose 0.15% to $0.7000 despite data showing growth in the Australian economy picked up modestly in Q-1, while the annual pace was at its slowest in 10 yrs.

The New Zealand dollar (NZD) was in the spotlight after a senior official of the Reserve Bank of New Zealand was quoted as saying the central bank’s central view was that interest rates would remain broadly around current levels for the foreseeable future.

NZD was last + 0.3% at $0.6629, having tapped a 1 month low earlier in the session.

Vs JPY, USD edged down 0.02% to 108.125 JPY, within a near 5 month high of 107.845, its highest since 10 January, hit during the Tuesday’s session.

Commodities (quotes): Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »53.01 USD-0.47-0.89%Jun 192:04AM EDT
ICE Brent Crude »61.61 USD-0.36-0.58%Jun 192:05AM EDT
NYMEX RBOB Gasoline »1.70 USD-0.03-1.55%Jun 192:05AM EDT
Dubai Crude Spot »59.35 USD-0.10-0.17%Dec 022:15AM EDT
ICE Gas Oil »556.00 USD-4.50-0.81%Jun 192:04AM EDT
NYMEX No2 Heating Oil »1.80 USD-0.02-1.09%Jun 192:04AM EDT
NYMEX Nat Gas »2.41 USD-0.00-0.08%Jun 192:06AM EDT
ICE NBP Nat Gas »29.18 GBP+0.000.00%Jun 1911:55AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,329.69USD+4.81+0.36%Dec 022:20AM EDT
COMEX 100oz Gold »1,323.40USD+0.000.00%Jun 197:01PM EDT
Silver Spot »14.83USD+0.02+0.12%Dec 022:18AM EDT
Platinum Spot »823.06USD+7.56+0.92%Dec 022:18AM EDT
Palladium Spot »1,340.95USD-5.55-0.41%Dec 022:18AM EDT
COMEX Copper »2.67USD+0.000.00%Jun 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »422.75USC-2.50-0.59%Jul 192:16AM EDT
CBOT Wheat »503.50USC-3.75-0.74%Jul 192:16AM EDT
KCBT Wheat »462.25USC-6.25-1.35%Jul 192:16AM EDT
MGE Spring Wheat »557.00USC-3.50-0.63%Jul 191:58AM EDT
Euronext Milling Wheat »182.50EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »879.75USC-2.00-0.23%Jul 192:15AM EDT

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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