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 Spiked, USD Down, Crude Oil Up, Stocks Up

Notes: The Fed Wednesday signaled interest rate cuts beginning as early as July, saying it is ready to battle growing global and domestic economic risks as it took stock of rising trade tensions and growing concerns about weak inflation. That action has put the USD under extreme pressure in here.

A weaker USD supports gold and Crude Oil prices because, as they are usually priced in US dollars.

In Asia

Gold: Gold rose more than 1.5% Friday, breaking above $1,400 for the 1st time since September 2013, as hints of a rate cut from the Fed took a toll on the Buck and US Treasury yields.

Tensions in the Middle East also boosted gold’s rally, which has lifted the precious Yellow metal nearly 5% this week and almost 10% YTD.

  • Spot gold was up 1.2% at $1,404.35 oz, as of 0537 GMT, after earlier hitting its highest since 4 September 2013, at $1,410.78,
  • US gold futures +0.9% to $1,408.90 oz.

The dovishness of the Fed and ECB, geopolitical tensions in the Middle East, and a technical breakout above $1,350 on volume gave strong support for the precious Yellow metal,

Energy: Crude Oil prices reversed earlier gains Friday but benchmark Brent Crude Oil was set for its first weekly gainer in 5 weeks amid rising tensions in the Middle East and on hopes for a drop in US interest rates that may stimulate global growth.

  • ICE Brent Crude Oil was down 20c, or 0.31%, at $64.25 bbl by 0630 GMT. The global benchmark jumped 4.3% Thursday, leaving it set for a weekly gainer of almost 4%,
  • NYMEX WTI Crude Oil was down 16c, or 0.28%, at $56.90 bbl. The US benchmark spiked 5.4% Thursday and is on track for a more than 8% increase on the week.

Equities: Asian stocks struggled Friday to follow Wall Street’s euphoria about a possible Fed rate cut next month as anxiety over US-China trade negotiations clouded investor sentiment in the region.

MSCI’s broadest index of Asia-Pacific shares sans Japan rose 0.1%. The index was up about 4% on the week when marked its highest level since May 8.

The Shanghai Composite Index rose 0.4%, Australian stocks declined 0.3% and Japan’s Nikkei shed 0.2% on the JPY’s surge.

The S&P 500 hit record highs Thursday after this week’s FOMC meeting boosted expectations that the Fed will cut interest rates as soon as next month to keep the US-China trade war from stalling economic growth.

Currencies: .DXY Vs a basket of peers currencies fell to a 2-week low of 96.495. .DXY shed roughly 1% this week.

The Buck has fallen 1.3% Vs JPY this week and slid to a 6-month low of 107.12 JPY Friday.

EUR was higher at $1.1302 after spiking up to an 8-day high of $1.1317 in the previous session. The single currency was headed for a weekly gainer of 0.8%.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.97 USD-0.10-0.18%Jul 193:08AM EDT
ICE Brent Crude »64.44 USD-0.01-0.02%Jun 193:07AM EDT
NYMEX RBOB Gasoline »1.78 USD-0.00-0.17%Jun 192:54AM EDT
Dubai Crude Spot »62.50 USD-0.60-0.96%Dec 023:17AM EDT
ICE Gas Oil »580.75 USD+1.25+0.22%Jul 193:07AM EDT
NYMEX No2 Heating Oil »1.89 USD+0.00+0.16%Jun 193:06AM EDT
NYMEX Nat Gas »2.21 USD+0.03+1.18%Jun 193:06AM EDT
ICE NBP Nat Gas »26.10 GBP-0.17-0.65%Jun 193:04AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,391.49USD+3.71+0.27%Dec 023:28AM EDT
COMEX 100oz Gold »1,406.00USD+13.10+0.93%Jun 1910:30PM EDT
Silver Spot »15.31USD-0.11-0.72%Dec 023:28AM EDT
Platinum Spot »805.71USD+3.21+0.40%Dec 023:28AM EDT
Palladium Spot »1,479.57USD+1.58+0.11%Dec 023:28AM EDT
COMEX Copper »2.72USD+0.000.00%Jun 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »452.00USC+2.00+0.44%Jul 193:20AM EDT
CBOT Wheat »526.75USC+0.25+0.05%Jul 193:19AM EDT
KCBT Wheat »461.75USC+1.25+0.27%Jul 192:53AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »180.00EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »912.00USC-3.50-0.38%Jul 193:19AM EDT

Have a terrific weekend.

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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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