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

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

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

FLASH: Gold Off, USD Up, Crude Oil Off, Stocks Flat (May Day Holiday)

Note: USD consolidated in Asia Thursday after recovering from a brief spill overnight when markets were whipsawed by mixed messages on policy from the Fed.

There was little immediate reaction to a report the United States and China were nearing a trade deal that would roll back a portion of the $250-B in US tariffs on Chinese goods.

India’s gold demand is expected to rise in the June Quarter from a year ago due to a higher number of auspicious days for weddings and a fall in local prices ahead of a key festival, the World Gold Council sai Thursday.

A rise in consumption by the world’s 2nd-biggest gold consumer could help global prices, currently hovering near a 4-month low, but could widen India’s trade deficit and put pressure on the Rupee.

In Asia

Gold: Gold fell Thursday after comments from Federal Chairman Powell dampened hopes of a near-term rate cut, boosting the Buck and US Treasury yields.

  • Spot gold shed 0.2% to $1,274.50oz as of 0403 GMT,
  • US gold futures fell 0.7oz to $1,275.70 oz.

The Fed held interest rates steady Wednesday, emphasizing on the rhetoric that it does not see a readjustment of rates near term.

We know that the Fed is going to be on pause for a while, but the market was pricing in a more Dovish lean towards the end of Y 2019, and investor bets say it will do.

Energy: Crude Oil prices fell Thursday, pulled down by record US production that led to a spike in stockpiles.

  • Spot ICE Brent Crude Oil futures were at $71.91 bbl at 0239 GMT, -27c, or 0.4%, below Wednesday’s close,
  • NYMEX WTI Crude Oil futures were down 19c, or 0.3%, at $63.41 bbl.

Outside the United States Crude Oil markets remained tense as exemptions to US sanctions on Iran expired, a political crisis in Venezuela escalates, and as OPEC keeps withholding supply.

For producers, the tight market conditions mean higher profits.

Equities: Asian markets marched in place Thursday with 2 major centers, Japan and China shuttered for holidays.

MSCI’s broadest index of Asia-Pacific shares sans Japan was off 0.1%, trading in a tight range.

Australian shares slipped 0.7%, while New Zealand was up 0.4% and SKorea’s KOSPI index added 0.1%.

E-Mini futures for the S&P 500 were flat to unchanged.

Trading in Japan will resume next Tuesday while China will be back in action next Monday.

Currencies: .DXY rebounded Vs a basket of peer currencies, seeing it last at 97.606 compared to a low of 97.149 Wednesday.

EUR at $1.1207, after reaching as high as $1.1265 overnight, while USD steadied at 111.54 JPY from a low of 111.03.

The next major test for the Buck will be US payrolls Friday where any surprise has the power to shift Fed rate expectations again.

GBP was 1 of the few currencies to buck USD, tapping a 2-week high Wednesday on speculation BREXIT talks between the British government and the main opposition party were making some progress, GBP was last at $1.3054 in Asia, having been as high as $1.3101 overnight

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

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »63.34 USD-0.26-0.41%May 192:58AM EDT
ICE Brent Crude »71.86 USD-0.32-0.45%May 192:58AM EDT
NYMEX RBOB Gasoline »2.06 USD-0.01-0.35%May 192:55AM EDT
Dubai Crude Spot »70.96 USD-0.27-0.38%Dec 023:07AM EDT
ICE Gas Oil »642.25 USD+3.25+0.51%May 192:55AM EDT
NYMEX No2 Heating Oil »2.09 USD-0.01-0.29%May 192:59AM EDT
NYMEX Nat Gas »2.61 USD-0.01-0.34%May 192:59AM EDT
ICE NBP Nat Gas »33.25 GBP+0.66+1.98%May 192:59AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,271.71USD-4.64-0.36%Dec 023:09AM EDT
COMEX 100oz Gold »1,281.40USD+0.000.00%May 197:01PM EDT
Silver Spot »14.65USD-0.03-0.20%Dec 023:09AM EDT
Platinum Spot »865.75USD+1.75+0.20%Dec 023:09AM EDT
Palladium Spot »1,355.35USD+2.85+0.21%Dec 023:09AM EDT
COMEX Copper »2.81USD+0.00+0.07%May 192:54AM EDT
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »362.25USC+2.25+0.62%May 1911:42PM EDT
CBOT Wheat »425.00USC+0.000.00%May 195:27PM EDT
KCBT Wheat »389.25USC+0.000.00%May 191:00AM EDT
MGE Spring Wheat »495.00USC+0.000.00%May 192:37AM EDT
Euronext Milling Wheat »183.25EUR+0.000.00%May 1912:29PM EDT
CBOT Soybean »839.00USC-0.50-0.06%May 199:27PM 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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