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

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

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

FLASH: Gold Higher, USD Up, Crude Oil Mixed, Stocks Down

Notes: Crude Oil output in the United States, which turned into the world’s Top producer last year, last week edged back to its record high at 12.2-M BPD, while net imports rose 900,000 BPD, EIA data showed.

German business morale deteriorated in April, bucking expectations for a small improvement, as trade tensions hurt the industrial engine of Europe’s largest economy, leaving domestic demand to support slowing growth.

Attesting the Bearish momentum in gold, holdings of SPDR Gold Trust , the world’s largest gold-backed ETF, dipped 0.2% to 747.87 tonnes Wednesday, its lowest since 19 October.

In Asia

Gold: Gold prices edged up Thursday as weak data from Germany and a dip in equities raised concerned about the pace of global economic growth, while a firm USD curbed further gains for the precious Yellow metal.

  • Spot gold was up 0.1% at $1,276.19 oz, as of 0335 GMT,
  • US gold futures -0.1% to $1,278 oz.

Gold is often used as a hedge against economic and financial uncertainties.

Energy: Crude Oil prices hovered near six-month highs on Wednesday after data showed US stockpiles surged to their highest marks since October 2017, countering fears of tight supply resulting from OPEC output cuts and US sanctions on Venezuela and Iran.

  • ICE Brent Crude Oil futures rose 6c to settle at $74.57 bbl and reached $74.73 bbl Tuesday and Wednesday, highest since 1 November,
  • NYMEX WTI Crude Oil futures were under more pressure from the build in domestic stocks, and ended off 41c lower at $65.89 bbl.

US Crude inventories rose 5.5-M bbl last week, the Energy Information Administration said, far more than analysts’ forecast of an increase of 1.3-M bbl.

Equities: Asian shares slipped after the data from Germany deflated risk appetite, stoking concerns that global economy may still not be out of the woods despite recent positive data from China and the United States.

Market participants will now shift focus towards the release of the US GDP data due Friday.

Investors are focused on trade negotiations between the United States and China. The 2 countries are slated to begin the next round of talks on trade on 30 April, in an attempt to conclude a nearly year-long tariff dispute.

Currencies: EUR steadied Vs USD Thursday after renewed worries about a growth slowdown in Germany pushed it to a 22-month low overnight, while the JPY showed little reaction to a Bank of Japan policy decision.

.DXY rallied to a 23-month high of 98.189 Vs a basket of Key rivals overnight while gaining more than half a percent, largely propelled by EUR’s weakness. .DXY last traded 0.15% lower at 98.027.

EUR sat at $1.1158, having suffered its biggest 1-day loss Vs USD since early March when the ECB pushed back plans for its 1st post-crisis interest rate hike.

The single currency also shed nearly 0.4$ Vs the JPY overnight and was last trading at 125.02.

The Australian Dollar was largely unchanged at $0.7019. Aussie had given up nearly 1.3% during the prior session after weaker-than-expected Australian inflation numbers heightened the prospect of an interest rate cut.

The Canadian Dollar was a bit stronger at $1.3487, edging off a 4-month low hit overnight as investors raised bets on a Bank of Canada interest rate cut this year after the central bank slashed its economic growth outlook.

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »65.95 USD-0.35-0.53%May 191:27AM EDT
ICE Brent Crude »74.15 USD-0.36-0.49%Apr 191:26AM EDT
NYMEX RBOB Gasoline »2.10 USD-0.03-1.33%Apr 191:24AM EDT
Dubai Crude Spot »73.36 USD-0.19-0.26%Dec 021:37AM EDT
ICE Gas Oil »646.00 USD-2.25-0.35%May 191:24AM EDT
NYMEX No2 Heating Oil »2.11 USD-0.01-0.44%Apr 191:24AM EDT
NYMEX Nat Gas »2.47 USD+0.01+0.49%Apr 191:21AM EDT
ICE NBP Nat Gas »34.34 GBP+0.000.00%Apr 1911:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,269.65USD-2.50-0.20%Dec 021:39AM EDT
COMEX 100oz Gold »1,267.80USD-1.50-0.12%Apr 1910:46PM EDT
Silver Spot »14.80USD-0.01-0.09%Dec 021:39AM EDT
Platinum Spot »884.50USD+0.000.00%Dec 021:39AM EDT
Palladium Spot »1,386.01USD-4.49-0.32%Dec 021:39AM EDT
COMEX Copper »2.90USD+0.000.00%Apr 197:01PM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »352.00USC+0.75+0.21%May 1912:54AM EDT
CBOT Wheat »438.00USC-0.75-0.17%May 191:13AM EDT
KCBT Wheat »413.50USC-1.00-0.24%May 1912:11AM EDT
MGE Spring Wheat »512.50USC+1.25+0.24%May 191:14AM EDT
Euronext Milling Wheat »182.50EUR+0.000.00%May 1912:29PM EDT
CBOT Soybeans »864.50USC+2.50+0.29%May 191:38AM EDT

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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