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

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

$GLD,$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

US and China have a deal in the works. President Trump extends deadline and sets up Summit with President Xi  at Mar a Lago.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »55.88 USD+0.38+0.68%Mar 191:33AM EST
ICE Brent Crude »65.52 USD+0.31+0.47%Feb 197:00PM EST
NYMEX RBOB Gasoline »1.60 USD+0.01+0.83%Feb 1912:00AM EST
Dubai Crude Spot »65.50 USD-0.06-0.09%Dec 021:43AM EST
ICE Gas Oil »616.00 USD+0.25+0.04%Mar 197:00PM EST
NYMEX No2 Heating Oil »2.01 USD+0.01+0.42%Feb 1911:59PM EST
NYMEX Nat Gas »2.78 USD-0.01-0.54%Mar 191:33AM EST
ICE NBP Nat Gas »43.76 GBP+0.000.00%Feb 197:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,327.17USD-1.39-0.10%Dec 027:00PM EST
COMEX 100oz Gold »1,326.00USD+0.70+0.05%Mar 191:30AM EST
Silver Spot »15.86USD-0.07-0.47%Dec 027:00PM EST
Platinum Spot »858.56USD+2.56+0.30%Dec 027:00PM EST
Palladium Spot »1,549.42USD-10.58-0.68%Dec 027:00PM EST
COMEX Copper »2.93USD-0.01-0.41%Mar 191:34AM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »366.00USC-0.25-0.07%Mar 191:25AM EST
CBOT Wheat »460.75USC+0.50+0.11%Mar 191:33AM EST
KCBT Wheat »438.50USC+2.75+0.63%Mar 1912:41AM EST
MGE Spring Wheat »563.50USC+0.000.00%Mar 191:11AM EST
Euronext Milling Wheat »191.75EUR+0.000.00%Mar 197:00PM EST
CBOT Soybean »903.25USC-0.50-0.06%Mar 191:35AM EST

Stay tuned.

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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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