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

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

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

FLASH: Gold Spiked, USD Steady, Crude Oil Up, Stocks Up

Note: Friday is options expiry in the US, volatile: maybe, maybe not.

The Buck steadied Friday, but was still on the defensive after Federal Reserve officials bolstered expectations of an aggressive rate cut this month to address weakening price pressures.

US and Chinese officials spoke by telephone Thursday, as the world’s 2 largest economies seek to end a year-long trade dispute, with US Treasury Secretary Steven Mnuchin suggesting in-person talks could follow.

Thailand’s new Finance Minister said he will not interfere in the central bank’s monetary policy decisions and will let it handle the strengthening baht currency.

In Asia

Gold: Gold Friday broke Key resistance at $1,450 for the 1st time since May 2013, after comments from a Top Fed official bolstered expectations of an interest rate cut, while fresh tensions in the Middle East further supported the precious Yellow metal.

  • Spot gold hit $1,452.60 an ounce in early trade, its highest since 10 May, 2013, before easing 0.2% to $1,442.56 as of 0336 GMT,
  • US gold futures +1.1% to $1,444.10 oz,
  • Gold has gained nearly 2% so far this week, on track for a 2nd consecutive weekly gainer.

Energy: Crude Oil prices rose around 2% Friday after the US Navy destroyed an Iranian drone in the Strait of Hormuz again raising tensions in the Middle East.

  • ICE Brent Crude Oil futures were up $1.28, or 2.1%, at $63.21 by 0329 GMT,
  • NYMEX WTI Crude Oil futures firmed 97c, or 1.8%, at $56.27, and are headed for a weekly decliner of more than 6%.

The IEA is revising its Y 2019 global Crude Oil demand growth forecast to 1.1-M BPD, and may cut it again if the global economy and especially China shows further weakness.

Equities: Asian stocks advanced Friday after a Top Fed official cemented expectations of a US interest rate cut later this month, fueling appetite for riskier assets and keeping a cap on USD.

Wall Street shares shook off a sluggish start and moved higher overnight thanks to the Fed’s Williams’ Dovish comments.

The Shanghai Composite Index and Hong Kong’s Hang Seng were both up 1%.

Australian stocks added 0.7%, SKorea’s KOSPI rose 1% and Japan’s Nikkei advanced 1.65%.

MSCI’s broadest index of Asia-Pacific shares sans Japan was up 1%, bouncing back from Thursday’s losses.

Currencies: USD steadied Friday but is still on the defensive after Fed officials bolstered expectations of an aggressive rate cut this month to address weakening price pressures.

USD stood at 107.42 JPY, up 0.2% from late US marks after marking a 3-week low of 107.21 Thursday.

EUR eased slightly to $1.1266 from $1.1282. On the week, USD is down 0.4% Vs JPY and 0.1% on EUR.

GBP stood at $1.2552 flat in Asia after 0.93% gains overnight, though it was the worst performer among G-10 currencies so far this week, with a loss of 0.2%.

The biggest gainer was made by NZD, which is up 1.3% on the week at a 3.5-month high of $0.6785, as the Fed’s anticipated monetary easing is seen boosting the relative yield attraction of the Kiwi.

.DXY hit a 2-week low of 96.648 and bounced to 96.792.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »56.05 USD+0.75+1.34%Jul 191:32AM EDT
ICE Brent Crude »62.99 USD+1.06+1.68%Jul 191:32AM EDT
NYMEX RBOB Gasoline »1.86 USD+0.03+1.45%Jul 191:15AM EDT
Dubai Crude Spot »61.39 USD+0.36+0.59%Dec 021:42AM EDT
ICE Gas Oil »578.50 USD+9.50+1.64%Aug 191:32AM EDT
NYMEX No2 Heating Oil »1.89 USD+0.03+1.42%Jul 191:32AM EDT
NYMEX Nat Gas »2.29 USD+0.00+0.17%Jul 191:31AM EDT
ICE NBP Nat Gas »29.08 GBP+0.000.00%Jul 197:00PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,441.80USD-4.20-0.29%Dec 021:49AM EDT
COMEX 100oz Gold »1,442.00USD+15.90+1.10%Jul 199:42PM EDT
Silver Spot »16.44USD+0.11+0.64%Dec 021:49AM EDT
Platinum Spot »856.84USD+7.84+0.92%Dec 021:48AM EDT
Palladium Spot »1,529.77USD+3.77+0.25%Dec 021:49AM EDT
COMEX Copper »2.76USD+0.05+1.87%Jul 199:59PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »427.00USC+2.50+0.59%Sep 191:41AM EDT
CBOT Wheat »497.75USC+4.25+0.85%Sep 191:41AM EDT
KCBT Wheat »435.75USC+3.00+0.69%Sep 191:40AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »174.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »886.50USC+5.25+0.59%Aug 191:38AM 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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