$GLD,$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

Stay tuned.

  China, Corn, GLD, oil, president, SLV, SOY, stock, stocks, trade, Trump, USD

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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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