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 Off, USD Up, Crude Oil Up, Stocks Up

Notes: President Trump said Tuesday he will have an extended meeting with Chinese President Xi at the G-20.

The world’s 2 largest economies are in the middle of a costly trade dispute that has pressured financial markets and damaged the world economy. Signs of a thaw between the 2 countries encouraged “risk off” trades

In Asia

Gold: Gold prices moved lower Wednesday as hopes of a resolution to the US-China trade dispute and a dovish ECB lifted riskier assets, while investors awaited the Fed’s monetary policy decision later in Wednesday.

  • Spot gold was down 0.1% to $1,345.30 oz, as of 0547 GMT,
  • US gold futures also declined 0.1%, to $1,349.70 oz.

We have equity markets surging because of President Trump’s Tweet last night, which has taken a lot of the skepticism out of the market.

Energy: Crude Oil prices extended gains Wednesday after rising in the prior session on hopes for a US-China trade deal and on the potential for conflict between the US and Iran in the Middle East after tanker attacks there last week.

  • ICE Brent Crude Oil futures were up 3c at $62.17 bbl by 0330 GMT,
  • NYMEX WTI Crude Oil gained 12c to $54.02 bbl.

Global demand for Crude Oil got a boost on expectations that trade talks are showing some positive signs following President Trump’s Tweets.

The report from the government’s Energy Information Administration are due late Wednesday.

OPEC and non-OPEC states are discussing holding meetings on 10-12 July in Vienna, a date range proposed by Iran, OPEC sources said Tuesday. OPEC itself is considering meeting on 1-2 July though it is still saying meeting will be held on 25-26 June on its website

Equities: Equity markets jumped after Washington said it would resume trade talks with Beijing and as investors dared to hope the Fed would follow the lead of the ECB and open the door to future rate cuts at its policy meeting Wednesday.

Currencies: USD held near a 2-week high Wednesday ahead of the FOMC’s closely-watched policy decision later in the day, supported by a surprisingly dovish ECB Bearish Eurozone economic data.

.DXY Vs a basket of 6 peer currencies was steady at 97.653 after climbing to 97.766 Tuesday, its highest mark since 3 June.

The focus was on whether the Buck can retain its strength after the Fed’s 2-day policy meeting ends later Wednesday.

EUR traded at $1.1190 near session lows after shedding 0.2% overnight, when it brushed a 15-day low of $1.1181.

RMB Yuan advanced to its strongest mark over 3 weeks on the trade news before paring its gains on doubts the Trump-Xi talks would produce a durable trade deal.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »54.03 USD+0.13+0.24%Jun 191:46AM EDT
ICE Brent Crude »62.21 USD+0.07+0.11%Jun 191:45AM EDT
NYMEX RBOB Gasoline »1.73 USD+0.00+0.28%Jun 1912:58AM EDT
Dubai Crude Spot »60.09 USD+0.01+0.02%Dec 021:56AM EDT
ICE Gas Oil »561.50 USD-1.00-0.18%Jul 191:45AM EDT
NYMEX No2 Heating Oil »1.83 USD+0.00+0.04%Jun 191:41AM EDT
NYMEX Nat Gas »2.34 USD+0.01+0.34%Jun 191:46AM EDT
ICE NBP Nat Gas »27.82 GBP+0.000.00%Jun 1911:56AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,345.79USD-0.29-0.02%Dec 021:58AM EDT
COMEX 100oz Gold »1,346.60USD+0.000.00%Jun 197:01PM EDT
Silver Spot »14.99USD-0.02-0.12%Dec 021:58AM EDT
Platinum Spot »802.67USD+3.17+0.39%Dec 021:58AM EDT
Palladium Spot »1,484.95USD+4.95+0.33%Dec 021:58AM EDT
COMEX Copper »2.71USD+0.000.00%Jun 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »448.25USC-1.50-0.33%Jul 191:50AM EDT
CBOT Wheat »527.25USC-4.25-0.81%Jul 191:51AM EDT
KCBT Wheat »461.00USC-4.25-0.92%Jul 191:51AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »181.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean»908.75USC-4.75-0.52%Jul 191:51AM 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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