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

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

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

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

Note: Traders are also keenly waiting on the Fed’s Jackson Hole seminar and a G-7 Summit this weekend for clues on what additional steps policymakers will take to bolster growth.

Headlines

  • USD steps up before Powell, Kiwi jumps on RBNZ comments
  • Crude Oil prices edge up ahead of speech by Fed Chairman
  • Asian stocks struggle ahead of Fed’ Powell speech
  • Gold set for worst week in about 5 months

Gold: Gold eased Friday and was set for its worst week in nearly 5 months, as lack of clarity from Fed on the outlook for interest rate cuts triggered investors to cash in some gains ahead of Chairman Powell’s speech at Jackson Hole.

  • Spot gold was down 0.3% to $1,494.76 oz as of 0551 GMT,
  • US gold futures off 0.3% at $1,504.40 oz.

The market is closely watching Fed Chairman Powell’s speech at the Jackson Hole Seminar due later in the day (1400 GMT) for clarity on monetary policy after FOMC mins of the July meeting tempered hopes of aggressive rate cuts.

Energy: Crude Oil prices clawed back Thursday’s losses Friday, with Brent marking above 60 a barrel, as tighter supplies from Key producers offset slowing demand growth and investors await clues on the Fed’s monetary policy.

  • ICE Brent Crude Oil LCOc1 rose 9c to $60.01 bbl by 0422 GMT,
  • NYMEX Crude Oil futures CLc1 were at $55.38 bbl, up 3c.

Crude Oil is set to trade quietly today as itis all about the Jackson Hole for now.

Equities: Asian shares struggled to make headway Friday as uncertainty over how much further the Fed would cut interest rates added to investors’ worries over slowing global growth.

MSCI’s broadest index of Asia-Pacific shares sans Japan edged 0.1% higher and was up 0.8% on the week, on track to break a 4-week losing streak.

Japan’s benchmark Nikkei added 0.3% and Australian stocks rose 0.3%.

The Shanghai Composite and the blue-chip CSI300 were up 0.5% and 0.7%, respectively, while Hong Kong’s Hang Seng gained 0.5%

Wall Street stocks were mixed Thursday, with the S&P 500 closing little changed, while the DJIA was up 0.2% and the NAS Comp falling 0.4%.

Currencies: .DXY Vs a basket of 6 peer currencies rose 0.2% to 98.344 and was headed for a 2nd weekly gainer.

The Buck hit another 11-year high Vs RMB Yuan CNY=CFXS Friday, while GBP retreated from more than 3-week highs.

The New Zealand Dollar was the bigger mover on the day, jumping from a 3.5-year low after the nation’s central bank chief said he was “pleased” with where interest rates were, hosing down expectations of more immediate rate cuts to follow this month’s aggressive easing.

USD higher at 106.59 JPY=EBS Friday, but was stuck in its recent trading range. On the week, the Buck was on course for a 0.2% gainer Vs JPY.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,493.65USD-4.95-0.33%Dec 022:09AM EDT
COMEX 100oz Gold »1,493.50USD-3.80-0.25%Aug 191:53AM EDT
Silver Spot »16.96USD-0.05-0.29%Dec 022:09AM EDT
Platinum Spot »854.60USD-2.66-0.31%Dec 022:09AM EDT
Palladium Spot »1,486.76USD-0.25-0.02%Dec 022:08AM EDT
COMEX Copper »2.55USD+0.000.00%Aug 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »55.50 USD+0.15+0.27%Sep 191:57AM EDT
ICE Brent Crude »60.15 USD+0.23+0.38%Aug 191:57AM EDT
NYMEX RBOB Gasoline »1.66 USD-0.00-0.24%Aug 191:00AM EDT
Dubai Crude Spot »59.76 USD+0.13+0.22%Dec 022:06AM EDT
ICE Gas Oil »564.50 USD-0.50-0.09%Sep 191:54AM EDT
NYMEX No2 Heating Oil »1.84 USD-0.00-0.10%Aug 1912:41AM EDT
NYMEX Nat Gas »2.15 USD-0.01-0.47%Aug 191:57AM EDT
ICE NBP Nat Gas »30.63 GBP+0.000.00%Aug 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »362.25USC-1.00-0.28%Sep 192:01AM EDT
CBOT Wheat »468.00USC+0.75+0.16%Sep 191:36AM EDT
KCBT Wheat »395.25USC+2.00+0.51%Sep 191:59AM EDT
MGE Spring Wheat »564.00USC-1.25-0.22%Dec 021:00AM EDT
Euronext Milling Wheat »165.75EUR+0.000.00%Sep 1912:29PM EDT
CBOT Soybean »858.25USC+2.25+0.26%Sep 191:59AM 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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