IKON FINANCE Forex Analysis (March)

IKON FINANCE Forex Analysis (March)

Postby Ajawed » Fri Mar 01, 2013 6:56 am

March 1, 2013

Gold (spot) closed down on Thursday, made its intraday high of US$1,603.06/ounce after setting intraday low of US$1,1575.05/ounce. Gold went down by 1.10% at US$1,579.61/ounce.

Silver (spot) closed down on Thursday made its intraday high of US$29.18/ ounce before setting intraday low of US$28.42/ounce. Silver settled 1.59% down at US$28.54/ounce.

Crude futures (March 2013) on Thursday made an intra‐day high of US$93.18/bbl and made an intraday low of US$91.57/bbl and settled down by 0.77% at US$92.05/bbl on session close.

EUR/USD on Thursday made an intra‐day low of US$ 1.3052/EUR and made an intraday high of US$1.3161/EUR and settled the day 0.616% down at US$1.3056/EUR on session close.

USD/JPY on Thursday an intra‐day low of JPY92.01/USD and made an intraday high of JPY 92.85/USD and settled the day 0.385% up at JPY92.54/USD on session close.

GBP/USD on Thursday made an intra‐day low of US$1.5148/GBP and made an intraday high of US$1.5221/GBP and settled the day up by 0.0395% at US$1.5161/GBP on session close.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Tue Mar 05, 2013 5:51 am

March 5, 2013

Despite downbeat Chinese economic data and lingering sequestration problem, U.S. stocks continued their winning streak as Fed's Yellen said the Fed will maintain to purchase mortgage-backed securities to support the economy. The Dow rose 38 points, closing 37 points shy of its record high close in 2007, while the S&P 500 and the NASDAQ advanced 0.45 percent and 0.39 percent, respectively.


Actually, stocks tumbled early in the trading day as China’s services industries expanded last month at the slowest pace since September. The non-manufacturing Purchasing Managers' Index retreated to 54.5 in February from 56.2 in January, dampening global market mood. Meanwhile, Chinese regulators restricted lending rules to hinder housing boom, raising the rates and imposing new taxes. However, investors continued to buy stocks as Fed's Yellen remarked that the Fed will continue its dovish stance on monetary policy, restoring market confidence on the equities.

On the corporate front, Google Inc. edged up 1.9 percent to a record, while Apple Inc. sank 2.4 percent to its lowest level in more than a year. Delta Air Lines Inc. rallied 5.6 percent to $15.65. Caterpillar Inc. slumped 1.8 percent to $89.75 for the largest decline in the Dow.

The Stoxx Europe 600 Index fell less than 0.1 percent to 288.89 at the close of trading as utility equities offset downbeat Chinese data and weaker HSBC results.

The common currency was little changed against the dollar as equities ended on mixed note and Italy could renew elections in the face of ongoing uncertainty, spurring some investors to liquidate long positions on the euro ahead of releasing of fourth quarter growth rate in the euro zone.

Weaker Chinese service industries data and stronger dollar hit oil prices in the markets. Crude oil for April lost 56 cents, or 0.6%, to settle at $90.12 a barrel on the New York Mercantile Exchange, the lowest level for a front-month contract since Dec. 24.

Gold for delivery in April added 10 cents to settled at $1,572.40 an ounce on the Comex division of the New York Mercantile Exchange after three day decline as investors snapped up precious metal at cheaper levels despite strong dollar.

Today, we will focus on ISM Non-Manufacturing Index and inconclusive debates on sequester ahead of important ADP Employment Report, Factory Orders and Beige Book due tomorrow.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Thu Mar 07, 2013 3:54 am

March 7, 2013

Given upbeat jobs data and Beige Book's report, U.S. stocks continued to gain Wednesday. The Dow passes all-time high, reaching 14,296, and the S&P 500 added 0.08 percent, while, the NASDAQ was unable to finish in positive territory.

As is known, the Dow climbed to a record Tuesday for the first time since 2007 as better than expected corporate reports and Fed's ongoing dovish stance on monetary policy to galvanize the economy spurred investors to purchase equities. Stocks extended gains yesterday as encouraging ADP employment report matched earlier estimates despite factory orders came in less better than forecast.

On the corporate side, Best Buy Co. edged up 1.9 percent to $18.75. Freeport-McMoran Copper & Gold Inc. rallied 4.1 percent to $32.84. Johnson Controls Inc. increased 2.6 percent to $32.63 after rising as much as 8.3 percent earlier. Staples plunged 7.2 percent to $12.34 on weaker projections.

After reaching five-year high Tuesday, European stocks ended the day in negative territory as companies posted weaker reports, prompting selling in the markets. The Stoxx Europe 600 Index fell 0.3 percent to 293.38 at the close of trading.

The common currency slumped against the dollar ahead of ECB meeting today as investors speculated that ECB President Mario Draghi and his policy board will revise down their economic outlook and hint monetary easing today. The dollar touched 1.2965 vs. the euro.

April crude lost 39 cents, or 0.4%, to settle at $90.43 a barrel on the New York Mercantile Exchange as stronger dollar and rising oil stockpiles weighed on the prices.

April gold settled at $1,574.90 an ounce on the Comex division of the New York Mercantile Exchange, unchanged from Tuesday's close despite strengthening dollar as investors braced for the ECB meeting.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Fri Mar 08, 2013 7:20 am

March 8, 2013

Gold (spot) closed down on Thursday, made its intraday high of US$1,585.40/ounce before setting intraday low of US$1,575.10/ounce. Gold went down by 0.239% at US$1,578.90/ounce.

Silver (spot) closed down on Thursday made its intraday high of US$29.08/ ounce before setting intraday low of US$28.75/ounce. Silver settled 0.447% down at US$28.90/ounce.

Crude futures (March 2013) on Wednesday made an intra‐day high of US$91.16/bbl and made an intraday low of US$89.55/bbl and settled down by 0.429% at US$90.40/bbl on session close.

EUR/USD on Thursday made an intra‐day low of US$ 1.2266/EUR and made an intraday high of US$1.3118/EUR and settled the day 1.079% up at US$1.3107/EUR on session close.

GBP/USD on Thursday made an intra‐day low of US$1.4965/GBP and made an intraday high of US$1.5082/GBP and settled the day down by 0.019% at US$1.5011/GBP on session close.

USD/JPY on Thursday an intra‐day low of JPY93.79/USD and made an intraday high of JPY 95.09/USD and settled the day 0.807% up at JPY94.82/USD on session close.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Mon Mar 11, 2013 6:53 am

March 11, 2013

U.S. stocks ended the week with substantial gains on better than expected jobs data, pushing the Dow up a record high, while the S&P 500 and the NASDAQ both rallied by 2.2 percent.

Indeed, global equities posted notable gains as Japanese economy expanded 0.2 percent in fourth quarter, while Chinese exports jumped more than 20 percent, restoring market confidence on global economies. Meanwhile, U.S. jobs data showed that U.S. economy is accelerating as non-farm payrolls rose to 246000 and unemployment rate unexpectedly fell to 7.7 percent from 7.9 percent, spurring investors to buy stocks. Moreover, Fed Chairman Bernanke said the Fed will maintain its bond buying program until job environment improves. Furthermore, 17 of 18 biggest banks in the U.S. passed Fed's stress tests, which were designed for severe financial downturn, indicating strength of financial system.

On the corporate front, Citigroup Inc. rallied 3.7 percent, while Goldman Sachs Group Inc. lost 2.3 percent. McDonald’s Corp. gained 1.7 percent after less worse results. Pandora Media Inc. surged 18 percent on revenues. H&R Block Inc. soared 9.2 percent to $27.28, the most in the S&P 500.

European stocks posted their biggest weekly gain in two months as U.S. employment situation signaled robust economic environment and global central banks said they will continue backing economies on lower rate policies. The Stoxx Europe 600 Index edged up 2.3 percent to 295.55 last week, ending at the highest level since June 2008.

The dollar advanced against major rivals as better than expected jobs data petered out rival currencies' appeal. However, investors flocked towards the dollar as euro zone unemployment rate climbed to 11.9 percent, dampening market mood on the single currency. The dollar added 0.8 percent to 1.3005 per euro.

Despite stronger dollar, oil gained 1.4 percent, settling at t $91.95 a barrel on the New York Mercantile Exchange as upbeat Chinese export data and encouraging jobs data in the U.S. raised hopes over global energy demand.

Gold for April delivery added $1.80, or 0.1%, to settle at $1,576.90 an ounce on the Comex division of the New York Mercantile Exchange, ending the week with 0.3 percent gain. Investors purchased precious metal at cheaper levels after recent notable losses even though the buck strengthened and global economic data revealed improvements on the economies.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Tue Mar 12, 2013 7:04 am

March 12, 2013

Gold (spot) closed up on Monday, made its intraday high of US$1,583.20/ounce after setting intraday low of US$1,575.45/ounce. Gold went up by 0.139% at US$1,581.40/ounce.

Silver (spot) closed down on Monday made its intraday high of US$29.10/ ounce before setting intraday low of US$28.71/ounce. Silver settled 0.137% down at US$28.96/ounce.

Crude futures (March 2013) on Monday made an intra‐day high of US$92.14/bbl and made an intraday low of US$90.89/bbl and settled up by 0.316% at US$91.97/bbl on session close.

EUR/USD on Monday made an intra‐day low of US$ 1.2979/EUR and made an intraday high of US$1.3053/EUR and settled the day 0.462% up at US$1.3045/EUR on session close.

GBP/USD on Monday made an intra‐day low of US$1.4865/GBP and made an intraday high of US$1.4943/GBP and settled the day down by 0.67% at US$1.4913/GBP on session close.

USD/JPY on Monday an intra‐day low of JPY95.94/USD and made an intraday high of JPY 96.36/USD and settled the day 0.323% up at JPY96.28/USD on session close.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Wed Mar 13, 2013 5:20 am

March 13, 2013

U.S. stocks ended the day on mixed note as the Dow finished at a record high, while the S&P 500 and the NASDAQ lost 0.24 percent and 0.32 percent, respectively.

As is known, Fed's ongoing dovish stance on monetary policy and better than expected jobs data fueled buying spree last week, restoring market confidence on the equities. However, Republican Ryan rolled out a plan to cut the deficit $528 billion in 2014 and then to $69 billion by 2016. Democrats and Republicans will kick off a debate on the matter today. Meanwhile, sequester is still weighing on the markets amid concern automatic spending cuts will impact the economic recovery.

On the corporate front, Citigroup fell 1.4 percent to $46.95. Salesforce.com Inc. lost 2.8 percent to $180.79. Apple Inc. slumped 2.2 percent. Red Hat Inc. sank 4.8 percent to $50.60, while Google Inc. fell 0.9 percent to $827.61.

European stocks were little changed as fundamental data showed weaker horizon on the economic activity. Total industrial production in the European Union’s third-largest economy fell 1.2 percent in January after gaining 1.1 percent in the previous month. The Stoxx 600 increased less than 0.1 percent to 295.37 at the close.

Despite weakening equities, the euro continued to consolidate above 1.3020 vs. the dollar. However, European Central Bank council member Jens Weidmann said the euro’s exchange rate won’t derail the region’s economic recovery, spurring investors to stay long on the single currency.

Crude oil for April delivery increased 48 cents, or 0.5%, to settle at $92.54 a barrel on the New York Mercantile Exchange as dollar was unable to gain further and global data showed robust environment for oil demand.

Gold for April delivery advanced $13.70, or 0.9%, to settle at $1,591.70 an ounce on the Comex division of the New York
Mercantile Exchange on short covering.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Thu Mar 14, 2013 7:33 am

March 14, 2013

Gold (spot) closed down on Wednesday, made its intraday high of US$1,599.20/ounce after setting intraday low of US$1,585.55/ounce. Gold went down by 0.288% at US$1,588.05/ounce.

Silver (spot) closed down on Wednesday made its intraday high of US$29.28/ ounce before setting intraday low of US$28.91/ounce. Silver settled 0.75% down at US$28.91/ounce.

Crude futures (March 2013) on Wednesday made an intra‐day high of US$93.38/bbl and made an intraday low of US$91.91/bbl and settled up by 0.15% at US$92.45/bbl on session close.

EUR/USD on Wednesday made an intra‐day low of US$ 1.2923/EUR and made an intraday high of US$1.3064/EUR and settled the day 0.55% down at US$1.2960/EUR on session close.

GBP/USD on Wednesday made an intra‐day low of US$1.4891/GBP and made an intraday high of US$1.4981/GBP and settled the day up by 0.140% at US$1.4921/GBP on session close.

USD/JPY on Wednesday an intra‐day low of JPY95.44/USD and made an intraday high of JPY 96.26/USD and settled the day 0.052% up at JPY96.12/USD on session close.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Fri Mar 15, 2013 7:28 am

March 15, 2013

U.S. stocks extended earlier gains yesterday as the Dow reached new all-time high, its longest streak in 16 years, while the S&P 500 ended just 2 points shy of its record since 2007 and the NASDAQ added 0.43 percent.

Indeed, investors didn't hesitate to buy stocks at highest level as weekly jobless claims unexpectedly fell 10000 to 332000, showing that U.S. economy is generating better job environment despite lingering budget debate, which might deteriorate business activity as automatic spending cuts are weighing on the economy. However, upbeat economic fundamentals spurred investors to stay long on the equities, offsetting inconclusive budget debates.

On the corporate side, Apple Inc. gained 1 percent to $432.50. CBS Corp. rallied 2.2 percent to its highest level since 2000 at $46.95. Verizon Communications Inc. increased 1.1 percent to $48.48. Amazon sank 3.4 percent to $265.74 after downgraded by JPMorgan.

European stocks climbed to a 4 1/2-year high as policy makers gathered for a two-day summit in Brussels and U.S. weekly jobless claims fell to the lowest level in almost two months. The Stoxx Europe 600 Index edged up 1.1 percent to 298.52 at the close of trading, the highest level since June 2008.

After testing highest level against the common currency since December, the buck retreated as European law makers discussed budget problems and better economic data in the U.S. prompted buying on riskier assets. The dollar fell 0.3 percent to $1.3005 per euro as the rally faded.

Crude oil for delivery in April increased 51 cents, or 0.6%, at $93.03 a barrel. Given upbeat jobs report and declining dollar, investors flocked towards oil on demand hopes.

Gold for April delivery tacked on $2.30, or 0.1%, to settle at $1,590.70 an ounce on the Comex division of the New York Mercantile Exchange as dollar weakened. However, gains were limited on the precious metal as encouraging jobs numbers fueled equity buying, keeping gold prices in check.

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Re: IKON FINANCE Forex Analysis (March)

Postby Ajawed » Mon Mar 18, 2013 6:36 am

March 18, 2013

Gold (spot) closed up on Friday made its intraday high of US$1,598.90/ounce after setting intraday low of US$1,588.45/ounce. Gold went up by 0.135% at US$1,592.15/ounce.

Silver (spot) closed down on Friday made its intraday high of US$29.02/ ounce before setting intraday low of US$28.71/ounce. Silver settled 0.621% down at US$28.77/ounce.

Crude futures (March 2013) on Friday made an intra‐day high of US$93.82/bbl and made an intraday low of US$93.00/bbl and settled up by 0.461% at US$93.57/bbl on session close.

EUR/USD on Friday made an intra‐day low of US$ 1.2999/EUR and made an intraday high of US$1.3106/EUR and settled the day 0.55% up at US$1.3075/EUR on session close.

GBP/USD on Friday made an intra‐day low of US$1.5067/GBP and made an intraday high of US$1.5176/GBP and settled the day up by 0.172% at US$1.5180/GBP on session close.

USD/JPY on Friday an intra‐day low of JPY95.31/USD and made an intraday high of JPY 96.27/USD and settled the day 0.82% down at JPY95.31/USD on session close.

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