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

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

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

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

Notes: The New York Fed said Monday that its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2.5 years, suggesting an abrupt contraction in regional activity.

In Asia

Gold: Gold prices are up Tuesday as the USD pulled back from multi-week highs ahead of the FOMC’s 2-day monetary policy meeting.

  • Spot gold was + 0.2% at $1,341.91 oz as of 0525 GMT,
  • US gold futures rose 0.2% to $1,345.80 oz.

The overall sentiment in the gold markets is positive. There are expectations that the Fed will cut interest rates, which has weakened the USD some and remains a main driver for prices.

Energy: Crude Oil prices were falling for a second day Tuesday, after more signs that global economic growth is being hit by US-China trade tensions, although losses were limited amid tensions in the Middle East after tanker attacks last week.

  • ICE Brent Crude Oil futures were down 16c, or 0.3%, at $60.78 bbl by 0215 GMT,
  • NYMEX WTI Crude Oil futures were down 12c, or 0.2%, at 51.92.

The Crude Oil market is in a rut and in need of some strong economic data to get it out of its funk.

Crude Oil prices have fallen around 20% since Y 2019 highs reached in April, in part due to concerns about the US-China trade dispute and disappointing economic data.

Equities: Investor caution ahead of the FOMC interest rate meeting capped Asian stocks Tuesday, while Crude Oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions.

The Shanghai Composite Index lost 0.25%, Hong Kong’s Hang Seng rose 0.15% and Japan’s Nikkei dipped 0.3%.

MSCI’s broadest index of Asia-Pacific shares sans Japan edged up 0.2%.

Bucking the trend were Australian stocks, which rose 0.3% after minutes from the Reserve Bank of Australia’s (RBA) last policy meeting pointed to the possibility of another interest rate cut.

Currencies: .DXY Vs a basket of 6 peer currencies little changed at 97.468 after pulling back from a 2-week high on the decline in Treasury yields.

The Australian dollar (AUD) fell to a fresh 5-month low of $0.6851 after minutes from the RBA’s June meeting showed the central bank thinks it may have to ease policy again to push down unemployment and revive wages and inflation, it cut rates to a record low of 1.25% at its meeting earlier this month, to support the slowing economy.

The GBP extended an overnight slump and brushed $1.2512, its lowest since 3 January. Concerns that arch-BREXITEER Boris Johnson will replace Theresa May as Prime Minister have hurt the Pound Sterling.

EUR was a bit higher at $1.1231 after spending Monday confined to a narrow range.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »51.76 USD-0.17-0.33%Jun 192:22AM EDT
ICE Brent Crude »60.74 USD-0.20-0.33%Jun 192:23AM EDT
NYMEX RBOB Gasoline »1.69 USD-0.00-0.25%Jun 192:18AM EDT
Dubai Crude Spot »58.48 USD-0.29-0.50%Dec 022:32AM EDT
ICE Gas Oil »552.75 USD-5.25-0.95%Jul 192:22AM EDT
NYMEX No2 Heating Oil »1.80 USD-0.00-0.12%Jun 192:19AM EDT
NYMEX Nat Gas »2.38 USD-0.01-0.29%Jun 192:22AM EDT
ICE NBP Nat Gas »29.31 GBP+0.000.00%Jun 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,346.46USD+7.18+0.53%Dec 022:28AM EDT
COMEX 100oz Gold »1,338.70USD+0.000.00%Jun 197:01PM EDT
Silver Spot »14.91USD+0.07+0.48%Dec 022:28AM EDT
Platinum Spot »796.95USD+4.95+0.62%Dec 022:28AM EDT
Palladium Spot »1,470.00USD+20.00+1.36%Dec 022:28AM EDT
COMEX Copper »2.65USD+0.000.00%Jun 197:01PM ED
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »447.50USC-7.25-1.62%Jul 192:28AM EDT
CBOT Wheat »531.25USC-8.25-1.55%Jul 192:27AM EDT
KCBT Wheat »468.50USC-7.00-1.49%Jul 192:14AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »182.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean»908.00USC-4.75-0.52%Jul 192:27AM 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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