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

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

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

Notes: White House Economic advisor Larry Kudlow has confirmed top representatives from the United States and China will meet in the coming week to continue trade talks.

Iran said Sunday it will shortly boost its uranium enrichment above a cap set by a landmark Y 2015 nuclear deal, prompting a warning ‘to be careful’ from President Trump, who pulled the US out of the pact last year.

In Asia

Gold: Gold prices are lower Monday following a fall in Friday’s session, as the strong US jobs report dashed hopes of an aggressive interest rate cut by the Fed later this month.

  • Spot gold was down 0.1% at $1,398.75 per ounce as of 0118 GMT. Gold marked its 1st weekly decliner in 7 weeks last week,
  • US gold futures were up 0.1% at $1,401 oz.

Friday is a spill over of what we saw Friday. Despite the NFPs strong numbers, market is expecting rate cut just not as aggressive it would be but having said that we are still on rate easing cycle right now.

On the technical front, spot gold may retest a resistance at $1,445 oz, and as long as the precious Yellow metal stays above the support at $1,384, it may resume its uptrend towards $1,500,

Energy: Crude Oil prices were flat to little changed Monday as traders weighed geopolitical risks against the impact of the US-China trade dispute on the global economy.

  • ICE Brent Crude futures were -3c by 0300 GMT at $64.20,
  • NYMEX WTI Crude Oil was +6c at $57.57 bbl.

A very cautious Asian open this morning supported by a better than expected NFPs. Traders remain are very cautious about the dimmer global economic overhang.

Equities: Asian shares fell Monday after strong US NFPs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near 2-week lows on worries about central bank independence.

MSCI’s broadest index of Asia-Pacific shares sans Japan .MIAPJ0000PUS lost more than 1%, with every market in the Red.

Japan’s Nikkei .N225 off 0.9%. Chinese shares started lower with the blue-chip index .CSI300 off 1.7% and Hong Kong’s Hang Seng index .HSI down 1.5%.

SKorea’s KOSPI .KS11 was off 1.8% and Australian shares slipped about 1% to 5-week lows.

Currencies: USD rose Monday after strong US jobs growth in June suggested the Fed will not aggressively cut interest rates later this month.

.DXY climbed to as high as 97.443 Friday, its highest mark since 19 June, as US Treasury yields rose across the board.

.DXY measures the Buck against a basket of 6 peer currencies was last quoted at 97.215, almost flat in Asian trade Monday, while EUR traded at $1.1226.

Vs JPY, USD advanced to as high as 108.640 Friday, its highest since 18 June The pair was last quoted at 108.33 JPY.

GBP hit a 6-month low Vs USD Friday, after poor economic data and a rise in expectations that the Bank of England will cut interest rates, a rally in USD added to GBPs losses, it plunged to as low as $1.2481, its lowest since the “flash crash” on 3 January when it dropped to $1.2409.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »57.47 USD-0.04-0.07%Jul 192:08AM EDT
ICE Brent Crude »64.22 USD-0.01-0.02%Jul 192:09AM EDT
NYMEX RBOB Gasoline »1.92 USD-0.01-0.36%Jul 192:07AM EDT
Dubai Crude Spot »62.54 USD-0.13-0.21%Dec 022:16AM EDT
ICE Gas Oil »577.75 USD+1.00+0.17%Jul 191:13AM EDT
NYMEX No2 Heating Oil »1.90 USD-0.00-0.09%Jul 192:04AM EDT
NYMEX Nat Gas »2.42 USD-0.00-0.04%Jul 192:08AM EDT
ICE NBP Nat Gas »29.59 GBP+0.000.00%Jul 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,403.16USD+3.61+0.26%Dec 022:18AM EDT
COMEX 100oz Gold »1,396.70USD+0.000.00%Jul 197:01PM EDT
Silver Spot »15.04USD+0.07+0.47%Dec 022:18AM EDT
Platinum Spot »812.82USD+8.31+1.02%Dec 022:18AM EDT
Palladium Spot »1,564.12USD-2.38-0.15%Dec 022:18AM EDT
COMEX Copper »2.65USD-0.00-0.13%Jul 191:52AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »442.00USC+8.00+1.81%Jul 199:03PM EDT
CBOT Wheat »520.00USC+0.75+0.14%Jul 1910:38PM EDT
KCBT Wheat »439.00USC+0.000.00%Jul 195:20PM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »178.25EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »878.50USC+6.25+0.71%Jul 198:53PM EDT

Have a terrific week.

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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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