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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2017-10-12 06:46:09
Dollar prices hit a two-week low versus a basket of currencies on Thursday after minutes from the U.S. Federal Reserve's latest meeting suggested some central bankers are still concerned about persistently low inflation. The dollar index, which measures the greenback's value against a basket of six major currencies, touched 92.827, its lowest level since Sept. 26. It was last down 0.2 percent at 92.854. The Fed minutes on Wednesday showed many policymakers still felt that another rate increase this year "was likely to be warranted" but several noted that additional tightening was dependent on upcoming inflation data. "Many participants expressed concern that the low inflation readings this year might reflect... the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted," the Fed said in its minutes. "The FOMC minutes indicated that the board was still profoundly divided about the slow pick up in prices," Stephen Innes, head of trading in Asia-Pacific at Oanda, said in a note. "As always, the Fed will continue to watch the data as we move into December," he wrote. U.S. producer price data on Thursday and consumer price data on Friday will be the next focus, after U.S. jobs figures last week showed a rise in wages that boosted expectations that inflation is picking up. The dollar slipped 0.1 percent against the yen to 112.38 yen, but remained above Wednesday's intraday low of 112.08 yen. Analysts said the dollar had found some support against the yen on Wednesday, after a survey published by the Nikkei business daily showed that Japanese Prime Minister Shinzo Abe's ruling bloc could come close to keeping its two-thirds "super" majority in an Oct. 22 lower house election. The Nikkei poll suggested that Abe could solidify his grip on power, defying some predictions that the ruling bloc may suffer substantial losses in the election. Such an electoral outcome would suggest a continuation of Abe's reflationary economic policies, said Heng Koon How, head of markets strategy for United Overseas Bank in Singapore. "It means that the Bank of Japan's quantitative easing will continue, that will keep the yen on balance weak and so it supports dollar/yen," Heng said. Since the global economy remains on solid footing and investor risk sentiment has been holding up, the dollar's downside against the yen appears limited, said Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo. The dollar will probably find some support around 111.80 yen, near the 200-day moving average, he added. The yen is a low-yielding currency that is often used to fund investments in higher-yielding currencies and assets, especially when the economic outlook is benign and market volatility is subdued. The euro touched its highest in more than two weeks at $1.1878, and was last up 0.1 percent on the day at $1.1874. The euro has risen this week, after Catalonia stopped short of formally declaring independence from Spain. The single currency was also supported by expectations that the European Central Bank would announce at its policy meeting later this month that it would wind back its 2.3 trillion euro bond-buying program. More»
Amwal Al Ghad English - 2017-10-11 06:52:36
Oil prices edged up on Wednesday, rising for a third day, on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain. U.S. West Texas Intermediate (WTI) crude futures were trading at $51.06 per barrel at 0523 GMT, up 14 cents, or 0.3 percent, from their last settlement. Prices rose 2 percent the day before to back above $50 a barrel. Brent crude futures, the international benchmark for oil prices, were at $56.69, up 8 cents, or 0.1 percent, from their last close. Brent also rose 2 percent the previous day. Traders said they would look to U.S. fuel inventory data on Wednesday and Thursday for indicators on price direction. A U.S. federal holiday on Monday delayed the release of weekly inventory numbers by a day. The American Petroleum Institute (API) is scheduled to release its data for last week at 2030 GMT on Wednesday, and the U.S. Department of Energy's report is due Thursday. Overall, analysts said short-term conditions were tightening. "We...raise our Q1 2018 (Brent) price forecast by $5 per barrel to $56," Barclays bank said. "Inventory draws will likely cause the market to refocus on geopolitical risks and low levels of spare capacity." Price support is also coming from economic growth, which the International Monetary Fund forecast late on Tuesday would be 3.6 percent globally this year and 3.7 percent for 2018. Brent has so far averaged $52.70 per barrel this year. By the end of the year, Barclays said it expected Brent to have averaged around $53 per barrel. Despite this, Barclays said oil could dip again in 2018, with second-quarter 2018 Brent likely to fall back to $48 a barrel, thanks largely to rising global output. A pact between the Organisation of the Petroleum Exporting Countries (OPEC)and other producers including Russia to cut output by 1.8 million barrels per day (bpd) in order to prop up prices is due to expire by the end of March 2018. Discussions to extend the pact are taking place, but production elsewhere is rising. "It has...been a tricky year for OPEC," said Lukman Otunuga, analyst at futures brokerage at FXTM. "Although Saudi Aramco plans to make 'the deepest customer allocation cuts in its history' by cutting 560,000 bpd next month, its impact could be diluted if the U.S. shale producers see this as a Christmas gift." U.S. producers are not participating in any pledge to restrain supply, and output has risen by 10 percent this year to over 9.5 million bpd. Speaking in an interview at the Reuters Global Commodities Summit, Ian Taylor, chief executive of top oil trader Vitol, said on Tuesday that U.S. output would climb by another 0.5 million to 0.6 million bpd next year before flattening out. Overall, Taylor said, markets were "boringly rangebound" and that "margins are very, very tight". More»
Amwal Al Ghad English - 2017-10-11 06:48:50
Gold stood little changed on Wednesday after the dollar recouped early losses, with investors awaiting the release of the U.S. Federal Reserve's minutes from its September meeting for clues on further interest rate hikes this year. Spot gold was unchanged at $1,287.70 an ounce by 0409 GMT. It touched its highest level since Sept. 27 in the previous session. U.S. gold futures for December delivery eased 0.3 percent to $1,290 per ounce. "Some money is just coming off the table ahead of the FOMC minutes and its just a bit of risk on. It just feels a little bit of heavier (for gold) with what's going on with the dollar in Asia," a Hong Kong-based trader said. "It's probably going to be in $1280-1300 range for the moment." Asian shares rose on Wednesday, tracking Wall Street's rally to all-time highs, and the dollar pared early losses ahead of the release of the minutes from the Fed's September policy meeting later in the day, with a buoyant euro keeping a check on its gains. Markets are widely expecting the U.S. central bank to raise rates in December, for a third time this year. Gold is highly sensitive to rising interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar in which the metal is priced. "$1,300 is a very psychological level for gold. We really need to peck on through that to see some more buying. We're just going to be waiting for the FOMC minutes and run into a bit of profit taking for the time being," the trader added. Spot gold may retrace to a support at $1,281 per ounce before resuming its rally towards a resistance at $1,299, Reuters technical analyst Wang Tao said. In other precious metals, silver rose 0.2 percent to $17.11 an ounce, having hit a three-week high in the previous session. Platinum was up 0.2 percent at $931.10 an ounce and palladium was trading 0.3 percent higher at $935.85 an ounce. More»
Amwal Al Ghad English - 2017-10-11 06:44:18
Speculation that President Donald Trump's tax overhaul plan would stall kept the dollar below a recent 10-week peak against major currencies on Wednesday, and the euro held near a 12-day high as political tensions over Catalonia receded slightly. The euro was flat at $1.1808 after touching $1.1828, its highest since Sept. 29, thanks partly to upbeat euro zone economic indicators that have helped it rally from a seven-week low of $1.1669 on Friday. The euro's rally strengthened after Catalan leader Carles Puigdemont on Tuesday proclaimed the region's independence from Spain but said the effects would be postponed to allow for talks, averting an immediate crisis. "That Puidgemont has suggested making time for talks is supporting the euro. The main scenario is likely to involve the Spanish central government award some concessions to Catalonia to defuse the situation," said Daisuke Karakama, chief market economist at Mizuho Bank. Strong economic data out of Germany boosted confidence in the euro, as robust industrial output numbers posted on Monday were followed by figures on Tuesday showing exports surged in August. "The Catalonia issue is likely to fade away as a market theme and speculators will find it harder to sell the euro in turn," said Yukio Izhizuki, senior currency strategist at Daiwa Securities. "The dollar is also looking heavy against the euro due to uncertainty over U.S. tax issues. Squabbles surrounding Trump's efforts come as no surprise, but it is still not helping the dollar." President Trump's public feud with Tennessee Senator Bob Corker, an influential fellow Republican, has raised concern that his push for a tax-code overhaul could be harmed. The dollar was effectively unchanged at 112.470 yen after slipping to as low as 111.990 overnight. Stronger than expected U.S. wages had helped the greenback rise to a three-month high of 113.440 yen on Friday, but the latest flare up in tensions with North Korea reduced the gains. The dollar index against a basket of six major currencies was steady at 93.282 on Wednesday, having come back from a 10-week peak of 94.267 on Friday. Investors were awaiting the release of minutes of the September Federal Reserve policy meeting later in the session. The Fed had signaled at the meeting that it may raise interest rates for a third time this year even with inflation staying below its 2 percent goal. But with the Fed funds futures almost fully pricing in the likelihood of a rate hike in December and the recent spike in Treasury yields losing momentum, analysts said fresh factors could be needed for the dollar to renew its advance. The Australian dollar was steady at $0.7781 after rising to $0.7810 earlier on an upbeat domestic consumer confidence reading. The New Zealand dollar was 0.1 percent higher at $0.7077 after a brief foray to $0.7099. The kiwi remained in reach of a four-month low of $0.7052 struck on Monday after a final vote count in the country's tight general election failed to identify a clear winner. A wait and see mood prevailed as small party that holds the balance of power is holding a fourth day of talks aimed at forming a government in New Zealand, having delayed a decision on which party it would back. The pound was nearly flat at $1.3202. Sterling had risen 0.5 percent overnight after stronger-than-expected British industry data cemented expectations that the Bank of England would raise rates for the first time in more than a decade next month. More»
Amwal Al Ghad English - 2017-10-10 11:09:23
Progress to overhaul the U.S. tax system and U.S. President Donald Trump's choice to lead the Federal Reserve could be two major events that lead to weakness for the dollar, according to one currency expert. "I think the USD will likely be impacted by a few key decisions in the near term. The next Fed chairperson and how much the person President Donald Trump nominates believes in the 'low rates' path is important," Itay Tuchman, global head of forex trading at Citi, told CNBC via email. One of the most mentioned names to replace Janet Yellen as chair of the Fed is Kevin Warsh, a former Fed member. He is perceived to be more hawkish policymaker — meaning that he would probably support a strong increase in interest rates for the country. However, some traders remain unconvinced. "Our base case is that the new Fed chair appointee will not be an aggressive hawk," Stephen Gallo, European head of forex strategy at Bank of Montreal, told CNBC via email. "Once we remove the risk of a hawkish Fed chair appointee and once we see clear signs that the European Central Bank (ECB) is embarking on the quantitative easing (QE) taper, the stage will be set for more fundamentally-driven USD weakness over the medium-term," Gallo added. Gallo believes that euro zone's central bank could be about to tighten policy, thus strengthening the euro against the greenback. Next Fed chair Trump said in the last week of September that his choice for the next chair of the U.S. central bank would be announced "over the next two or three weeks." Trump has also promised one of the biggest changes to the country's tax system, reducing individual tax bands from seven to three. Under his plans, corporate tax would also be reduced from 35 to 20 percent and there would be a repatriation tax to ensure that companies would be bringing offshore money back to the U.S. Tuchman believes that what happens in the tax reform debate in Congress over the next one to two months will certainly have an impact on the dollar. "I am much more skeptical than most that something substantive enough to support a rising USD can get through a Republican congress, which seems to struggle to reach consensus at the moment," he said. Gallo added that on a medium-term basis he doesn't see much strength on the U.S. dollar because "ultimately the tax cuts will cause the fiscal deficit to balloon." Also, a lower corporate tax rate would likely boost business investment, which could dent a recent runup in inflation given that firms might opt to invest in machinery and not increase wages, according to Gallo. This could therefore affect the Fed's plans to tighten its policy, he said. Gallo noted that the proposed repatriation tax would be a dollar-positive event if it passes as part of an overall package. "But the gains for the USD would only be temporary and they would not offset the medium-term downward trend in the USD," Gallo added. The U.S. dollar is 9 percent lower since the start of the year against a basket of major foreign currencies. The currency is currently trading at similar levels to those seen at the start of 2015. More»
Amwal Al Ghad English - 2017-10-10 06:11:49
Oil prices were steady on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate. U.S. West Texas Intermediate (WTI) crude futures were trading at$49.66 per barrel at 0442 GMT, up 8 cents, or 0.2 percent, from their last close. Brent crude futures, the international benchmark for oil prices, were up 7 cents, or 0.1 percent, at $55.86 a barrel. Traders said prices were supported as the Organisation of the Petroleum Exporting Countries (OPEC) said oil markets were rebalancing fast after years of oversupply. "There is clear evidence that the market is rebalancing," OPEC's secretary general Mohammad Barkindo told Reuters on Monday. "The process of global destocking continues, both onshore and offshore, with positive developments in recent months showing not only a quickening of the process but a massive drainage of oil tanks across all regions," he said. OPEC has led an effort to cut output to end years of overproduction that created a huge supply overhang. Tighter market conditions are reflected in the shape of the Brent crude forward curve, which has flipped from contango - when future deliveries are priced higher than those for immediate sale- into backwardation, when it is more profitable to sell oil promptly than storing it for sale later. The OPEC-led production cuts started in January and are set to expire at the end of March 2018. There have been talks about extending the curbs, but no formal agreement has been reached. JP Morgan said that previous "concerns that OPEC compliance would fade into the fourth quarter now appear unfounded", and that "stronger than assumed economic growth offers the potential for tight market conditions to continue if OPEC extends the current deal for another nine months". The bank also said political disputes between the United States and Iran could drive oil prices higher. Short-term price support was also coming from the United States, where 85 percent of U.S. Gulf of Mexico oil production, or 1.49 million barrels a day, was offline following Hurricane Nate, according to the U.S. Department of the Interior's Bureau of Safety and Environmental Enforcement late on Monday. Oil companies evacuated staff from Gulf platforms and curtailed output ahead of the storm, which hit the region last weekend. Traders said they did not expect the disruptions to last long. "Units that were shut down as a precautionary measure in the advent of Tropical storm Nate have commenced restarting of operations. Not much damage appears to have been done," said Sukrit Vijayakar, managing director of consultancy Trifecta. More»
Amwal Al Ghad English - 2017-10-10 06:09:23
Dollar prices were little changed against the yen on Tuesday, with the market wary of potential North Korean provocations, while the euro extended gains following upbeat German data and hawkish-sounding comments from a European Central Bank official. The greenback was steady at 112.670 yen. It had popped up to a near three-month high of 113.440 on Friday on robust U.S. wages data before pulling back on North Korea concerns. The dollar was hit late last week by a report that North Korea was preparing a long-range missile test. There were concerns that Pyongyang could mark the days leading to Tuesday, when it celebrates the founding of its ruling party, with some sort of provocation. "The market will be keeping a side glance on North Korea, but much of the latest tension could have been priced in on Friday when the dollar slipped," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities. "Still, the dollar is well supported and not an easy currency to sell at the moment after Friday's data showed that U.S. wages are improving steadily." The index was last at 93.557, down 0.1 percent on the day but still in reach of a 10-week high of 94.267 scaled on Friday when surprisingly stronger U.S. September wages data enhanced already high expectations that the Fed would hike rates for a third time in 2017. The euro advanced following data showing German industrial output notched its biggest monthly increase in more than six years in August. A call from Sabine Lautenschlaeger, a member of the European Central Bank executive board, for the ECB to roll back asset purchases in 2018 also lifted the common currency. The euro was up 0.25 percent at $1.1768. It had fallen to $1.1669 on Friday, its lowest since Aug. 17. The Turkish lira pulled back from nine-month lows probed the previous day after the United States and Turkey mutually scaled back visa services amid the latest sign of deteriorating relations between Ankara and its NATO allies. The lira stood at 3.6990 against the dollar after tumbling to 3.9223 the previous day, its weakest since January. During Monday's fall the lira had approached a record low of 3.9417 struck at the start of the year on inflation woes and concerns over domestic politics. "The visa issue between Turkey and the United States probably won't generate further selling of the lira for the time being. Scaling back of visa services will only have limited economic impact and it is unlikely to become a permanent measure," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities. "In the longer term though, Turkey will need to improve its political situation and enable the lira to strengthen from current levels. Otherwise it will be faced with a jump in inflation next year." The New Zealand dollar was up 0.1 percent at $0.7069 to put a bit of distance between a four-month trough of $0.7052 touched the previous day after a final vote count in the country's tight general election failed to identify a clear winner. Offshore Chinese yuan surged and touched 6.5790 per dollar, its strongest in more than two-weeks, after the central bank set a firmer-than-expected official fix on Tuesday. The move suggests that the authorities are trying to stabilize the currency ahead of next week's key national leadership meeting. The pound nudged up 0.1 percent to $1.3157, having bounced overnight from a one-month low of $1.3027 as news of rising labor costs hardened expectations of higher interest rates, and after Prime Minister Theresa May vowed to ward off challenges to her leadership. More»
Amwal Al Ghad English - 2017-10-09 06:38:57
Gold prices climbed to their highest in more than a week on Monday as renewed concerns over North Korea's nuclear ambitions stoked safe-haven demand for the precious metal and weighed on the dollar. Spot gold was up 0.5 percent to $1,282.39 an ounce by 0357 GMT, after earlier touching its highest since Sept. 29. U.S. gold futures for December delivery gained 0.8 percent to $1,284.80 per ounce. The dollar held steady against the yen on Monday, having retreated from 12-week highs set last week, due to a renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test. "This is really arbitrage driven, and the Chinese having come back and trading the difference between the arb," a Hong Kong-based trader said, adding that comments over the weekend concerning North Korea provided support for gold. Geopolitical risks can boost demand for safe-haven assets such as gold and the Japanese yen. North Korea's leader said his nuclear weapons were a "powerful deterrent" that guaranteed its sovereignty, hours after U.S. President Donald Trump said "only one thing will work" in dealing with the isolated country. "If gold continues this movement, I think you'll run into some resistance here. $1,285 looks top at the moment. I'm looking for strength to buy into and we might get that in the next few days," the trader said. Meanwhile, Asian shares rose on Monday and Chinese shares rallied after a week-long break, as optimism on global growth remained. U.S. employment fell in September for the first time in seven years due to impacts from Hurricanes Harvey and Irma. Chocking up employment losses last month to the temporary hit of a severe hurricane season, and reiterating expectations that inflation will firm, Federal Reserve policymakers on Friday signaled they continue to see gradual U.S. interest-rate hikes ahead. Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on the greenback-denominated, non-yielding bullion. Spot gold may rise to $1,299 per ounce as it has broken a resistance at $1,281, Reuters technicals analyst Wang Tao said. Speculators reduced their net long positions in COMEX gold and silver contracts for the third straight week, in the week to Oct. 3, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. In other metals, silver was up 0.8 percent at $16.91 an ounce and was near its highest in nearly two weeks. Platinum and palladium were both up nearly 0.4 percent, at $916.24 an ounce and $923.50 an ounce, respectively. More»
Amwal Al Ghad English - 2017-10-09 06:34:11
Dollar prices held steady against the yen on Monday, having retreated from 12-week highs set last week, due to renewed focus on geopolitical risks amid concerns that North Korea may be preparing another missile test. North Korea is preparing to test a long-range missile, which it believes can reach the west coast of the United States, a Russian lawmaker who had returned from a visit to Pyongyang was quoted by Russia's RIA news agency as saying on Friday. The renewed focus on geopolitical tensions helped lend support to the safe haven yen, and helped pull the dollar down from its post-U.S. jobs data highs. On Friday, the dollar was already in retreat due to profit-taking, when the North Korea-related headlines reached the market, exacerbating the greenback's drop, said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore. "Asia is going to really sit back and just see how this is going to play out, keep on the headline watch," Innes said. "This market's very, very jumpy." The dollar last traded at 112.58 yen, steady on the day. The dollar had risen to as high as 113.44 yen on Friday, its highest level since July 14. Since Japan is the world's largest net creditor nation, traders assume Japanese repatriation from foreign countries will eclipse foreign investors' selling of Japanese assets during times of heightened economic uncertainty. This means the yen has continued to behave as a safe-haven currency despite Japan's geographical proximity to North Korea. The dollar index, which measures the greenback against a basket of six major currencies, eased 0.1 percent to 93.733. On Friday, it had scaled a high of 94.267, its strongest in more than two months. The wage data from the U.S. September labor market report was seen as a sign of potentially improving inflation and gave the dollar a lift, as it bolstered expectations for the Federal Reserve to raise interest rates again in December. Average hourly earnings increased 0.5 percent, in September after rising 0.2 percent in August. The gains came as nonfarm payrolls fell 33,000 jobs last month after Hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring. A big mover in Monday's early Asian trade was the Turkish lira, which tumbled amid signs of rising tensions between Turkey and the United States. The U.S. mission in Turkey and subsequently Turkish mission in Washington mutually reduced visa services after a U.S. mission employee was detained in Turkey last week, saying they needed to reassess each other's commitment to the security of their personnel. The U.S. dollar surged 3.3 percent against the Turkish lira to 3.7350. That put the lira on track for its worst daily performance since July 2016. Sterling regained a bit of footing, coming off a week in which it suffered its biggest weekly percentage drop in a year. Sterling has been hampered by growing uncertainty over British Prime Minister Theresa May's control of the leadership. The pound last traded at $1.3084, up 0.2 percent on the day. It fell 2.5 percent against the dollar last week, its worst weekly performance in a year. On Friday, sterling set a one-month low of $1.3027. British Prime Minister Theresa May said on Friday she would stay on as leader to provide stability after a former chairman of her Conservative Party said he had garnered the support of 30 lawmakers who wanted her to quit. The euro edged up 0.1 percent to $1.1743, having pulled up from Friday's low of $1.1669, its lowest level since August 17. More»
Amwal Al Ghad English - 2017-10-09 06:29:36
Oil prices edged up on Monday, after a two percent slide on Friday, on expectations that Saudi Arabia would continue to restrain its output in order to support prices, and as the amount of rigs drilling for new oil in the United States dipped. Oil ports, producers and refiners in Louisiana, Mississippi and Alabama, which shut facilities ahead of Hurricane Nate, were planning to reopen on Monday as the storm moved inland, away from most energy infrastructure on the U.S. Gulf Coast. U.S. West Texas Intermediate (WTI) front-month crude futures were trading at $49.48 per barrel at 0436 GMT, up 19 cents, or 0.4 percent, from their last close. Brent crude futures, the international benchmark for oil prices, were up 16 cents, or 0.3 percent, at $55.78 a barrel. Oil tumbled by around 2 percent on Friday, with WTI dipping back below $50 per barrel, as concerns of overproduction re-surfaced. But analysts said on Monday that a Saudi Arabian commitment to support the market by restraining output would prevent crude from falling further. "We remain fairly confident that the Saudi's will look to continue to support the oil market, especially until the sale of Aramco," said Shane Channel, equity and derivatives adviser at ASR Wealth Advisers. State-owned oil giant Saudi Aramco is planning to float around 5 percent of the firm in an initial public offering next year. A reported cut in the number of U.S. oil rigs drilling for new production provided some price support. The oil rig count fell by two to 748 in the week to Oct 6, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Trading activity was low on Monday due to the Columbus Day federal holiday in the United States though markets are open. As a sign of the more positive sentiment in the market, hedge funds and money managers raised their bullish bets on U.S. crude futures for the third week in a row, the U.S. Commodity Futures Trading Commission reported on Friday. The speculator group raised its combined futures and options position in WTI on the NYMEX and ICE markets by 3,211 contracts to 288,766 in the week to October 3, its highest since mid August, the data showed. More»