$GLD,$SLV,$USD,$USO,$OIL,$SOY,$CORN,$WEAT
FLASH: Gold Steady, USD Soft, Crude Oil Up, Stocks Higher
Notes: Market focus on Fed Chairman Powell’s testimony in front of the House of representatives Wednesday. Will be the same as to the Senate.
The Fed’s policy statements grew so complicated after the Great Recession that standard gauges of readability suggested people needed 4 years of university + to decipher them, or they were just double speak.
President Trump in Hanoi for 2nd Summit with Chairman Kim
In Asia
Gold: Gold held steady Wednesday as USD traded near 3-week lows, after Fed Chairman Jerome Powell reiterated that the central bank will be patient in hiking interest rates, while palladium hanging near the psych mark at $1,550 oz.
- Spot gold -0.1 percent to $1,327.31 oz as of 0625 GMT
- US gold futures +0.1% at $1,329.4.
Gold has very good support at $1,300 on Fed’s stance
Energy: Crude Oil futures rose slightly on Tuesday after news that OPEC planned to continue production cuts despite President Trump criticizing the producer group for rising prices a day earlier.
Wednesday
- US Crude Oil futures stood at $55.98 bbl +0.9%.
- ICE Brent Crude Oil was 0.7% higher at $65.66 bbl.
US Crude Oil inventories fell by 4.2-M bbl in the week to 22 February, to 444.3-M bbl, the American Petroleum Institute (API) estimated in a weekly report Tuesday.
Equities: Asian shares edged towards 5-month highs Wednesday and USD hovered near a 3-week low after Fed Chairman Powell reiterated the central bank’s shift to a more “patient” approach to policy amid slowing economic growth.
Spreadbetters pointed to a soft start for Europe with futures for London’s FTSE down 0.2% and those for Frankfurt’s DAX off 0.1%.
MSCI’s broadest index of Asia-Pacific shares sans Japan rose a tenth of a percent, climbing back toward the 5-month high marked Monday.
Japan’s Nikkei share average closed up 0.5%, while Australian stocks gained 0.4%.
Hong Kong’s Hang Seng Index +0.2%
China’s blue-chip CSI300 bucked the trend, falling 0.8%.
US stock futures were also down, with E-Minis for the S&P 500 giving up 0.1%. Trading in the contracts had been delayed for several hours following a technical disruption earlier in the session.
Currencies: .DXY down against peer currencies was at 96.134, after shedding 0.4% overnight to its lowest mark since 5 February at 95.948.
Against JPY, the Buck held steady at 110.53 JPY
EUR was off a bit to $1.1376 after hitting a 3-week high of $1.1402 overnight.
Commodities (live quotes): Energy, Metals, and Agriculture Grains
COMMODITY | LAST | CHANGE | % CHANGE | EXP DATE | TIME |
---|---|---|---|---|---|
NYMEX Crude Oil » | 55.88 USD | +0.38 | +0.68% | Mar 19 | 1:33AM EST |
ICE Brent Crude » | 65.52 USD | +0.31 | +0.47% | Feb 19 | 7:00PM EST |
NYMEX RBOB Gasoline » | 1.60 USD | +0.01 | +0.83% | Feb 19 | 12:00AM EST |
Dubai Crude Spot » | 65.50 USD | -0.06 | -0.09% | Dec 02 | 1:43AM EST |
ICE Gas Oil » | 616.00 USD | +0.25 | +0.04% | Mar 19 | 7:00PM EST |
NYMEX No2 Heating Oil » | 2.01 USD | +0.01 | +0.42% | Feb 19 | 11:59PM EST |
NYMEX Nat Gas » | 2.78 USD | -0.01 | -0.54% | Mar 19 | 1:33AM EST |
ICE NBP Nat Gas » | 43.76 GBP | +0.00 | 0.00% | Feb 19 | 7:00PM EST |
COMMODITY | LAST | CHANGE | % CHANGE | EXP DATE | TIME |
---|---|---|---|---|---|
Gold Spot » | 1,327.17USD | -1.39 | -0.10% | Dec 02 | 7:00PM EST |
COMEX 100oz Gold » | 1,326.00USD | +0.70 | +0.05% | Mar 19 | 1:30AM EST |
Silver Spot » | 15.86USD | -0.07 | -0.47% | Dec 02 | 7:00PM EST |
Platinum Spot » | 858.56USD | +2.56 | +0.30% | Dec 02 | 7:00PM EST |
Palladium Spot » | 1,549.42USD | -10.58 | -0.68% | Dec 02 | 7:00PM EST |
COMEX Copper » | 2.93USD | -0.01 | -0.41% | Mar 19 | 1:34AM EST |
COMMODITY | LAST | CHANGE | % CHANGE | EXP DATE | TIME |
---|---|---|---|---|---|
CBOT Corn » | 366.00USC | -0.25 | -0.07% | Mar 19 | 1:25AM EST |
CBOT Wheat » | 460.75USC | +0.50 | +0.11% | Mar 19 | 1:33AM EST |
KCBT Wheat » | 438.50USC | +2.75 | +0.63% | Mar 19 | 12:41AM EST |
MGE Spring Wheat » | 563.50USC | +0.00 | 0.00% | Mar 19 | 1:11AM EST |
Euronext Milling Wheat » | 191.75EUR | +0.00 | 0.00% | Mar 19 | 7:00PM EST |
CBOT Soybean » | 903.25USC | -0.50 | -0.06% | Mar 19 | 1:35AM EST |
Stay tuned.
Paul Ebeling
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