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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Tue Mar 19, 2013 6:07 am
by Ajawed
March 19, 2013

U.S. stocks started the week in negative territory on resurging concerns over euro zone debt crisis, sending the Dow 62 points lower, while the S&P 500 and the NASDAQ lost 0.55 percent and 0.35 percent, respectively.

Actually, global equities sank in early trading hours as euro zone officials said Cyprus should put tax on bank deposits in order to cut the cost of bail-out of battered country. Meanwhile, banks will be closed until Thursday as Cyprus government and European officials discussed tax rules on deposits, spurring investors to sell risky assets worldwide. However, Eurogroup said Cyprus deposit tax is a one-ff measure and deposits under 100k should be guaranteed, easing concerns in the markets.

On the corporate front, Goldman Sachs Group Inc. fell 1.9 percent to $151.95. Schlumberger slumped 3.9 percent to $76.34. Apple rallied 2.7 percent to $455.72, while Hewlett-Packard advanced 2.9 percent to $22.83, rising the most in the Dow.

European stocks drifted lower after the euro zone leaders forced Cyprus to adopt a levy on bank deposits, triggering concern that the region’s debt crisis will deepen. The Stoxx 600 lost 0.2 percent to 296.81 at the close of trading.

The euro weakened to its lowest level this year as gloomy environment in Cyprus reignited fears over ongoing debt crisis in the euro zone, dampening market confidence on the euro. Investors flocked towards less risky assets, liquidating long positions on the common currency. The euro sank 1.1 percent to $1.2930 vs. dollar.

Crude oil for April delivery added 29 cents, or 0.3%, to settle at $93.74 a barrel on the New York Mercantile Exchange despite stronger dollar and renewing concerns over debt crisis in the euro zone as investors speculated that crisis in Cyprus might not be contagious.

Despite strengthening dollar, gold added $12, or 0.8%, to settle at $1,604.60 an ounce on the Comex division of the
New York Mercantile Exchange, its highest close since Feb. 26, as investors purchased precious metal as safe haven in the face of deepening debt crisis in the euro zone.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Wed Mar 20, 2013 6:56 am
by Ajawed
March 20, 2013

Gold (spot) closed up on Tuesday made its intraday high of US$1,615.60/ounce after setting intraday low of US$1,600.20/ounce. Gold went up by 0.454% at US$1,612.80/ounce.

Silver (spot) closed up on Tuesday made its intraday high of US$29.09/ ounce after setting intraday low of US$28.65/ounce. Silver settled 0.069% up at US$28.90/ounce.

Crude futures (March 2013) on Tuesday made an intra‐day high of US$94.08/bbl and made an intraday low of US$92.01/bbl and settled down by 1.929% at US$92.02/bbl on session close.

EUR/USD on Tuesday made an intra‐day low of US$ 1.2843/EUR and made an intraday high of US$1.2969/EUR and settled the day 0.571% down at US$1.2881/EUR on session close.

GBP/USD on Tuesday made an intra‐day low of US$1.5072/GBP and made an intraday high of US$1.5144/GBP and settled the day down by 0.033% at US$1.5072/GBP on session close.

USD/JPY on Tuesday an intra‐day low of JPY95.16/USD and made an intraday high of JPY 95.75/USD and settled the day 0.042% down at JPY95.16/USD on session close.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Thu Mar 21, 2013 5:58 am
by Ajawed
March 21, 2013

U.S. stocks advanced yesterday as European leaders weighed options on Cyprus issue and Federal Reserve will maintain its dovish stance on monetary policy. The Dow gained 56 points, while the S&P 500 and the NASDAQ added 0.69 percent and 0.77 percent, respectively.

Actually, Cyprus officials and European leaders continued to work on debt issue in ailing country after parliament rejected proposed tax on deposits. Cyprus Finance Minister is seeking a deal in Russia, while European officials are evaluating different options to stave off the problem. As is known, the ECB said it will continue to support the country’s banks until next week. Meanwhile, European leaders and Fed chairman Bernanke said the problem is serious, but it is not big threat for the U.S. and global economy, relieving markets worldwide. However, Federal Reserve unchanged tha rates as expected. After the FOMC meeting, Bernanke said the bank will maintain its bond buying program to back the economy, spurring investors to stay long on equities.

On the corporate front, Adobe rallied 4.2 percent to $42.46. BlackBerry, formerly Research In Motion Ltd., jumped 6.5 percent to $16. FedEx tumbled 6.9 percent to $99.13 on weaker results. In the meantime, Oracle Corp. plunged 7.5 percent to $33.10 as quarterly report disappointed investors.

Given ongoing efforts to resolve debt issue in Cyprus, European stocks posted solid gains after three-day losing streak. The Stoxx 600 increased 0.3 percent to 296.5 at the close of trading.

After touching four-month low, the common currency rebounded against the dollar as European and Cyprus officials remained to mull over alternative solution in order to unlock banking system. Meanwhile, Fed's ongoing dovish stance on rates restored market mood the euro as higher yielding currency. The euro edged up 0.6 percent to $1.2954.

Crude oil for April delivery added 80 cents, or 0.9%, to settle at $92.96 a barrel on the New York Mercantile Exchange as crude supplies unexpectedly diminished and the Fed maintained zero rate policy, raising demand hopes on oil.

Gold lost some ground on easing environment over Cyprus and Fed's ongoing stance on monetary policy.April futures for gold fell $3.80, or 0.2%, to settle at $1,607.50 an ounce on the Comex division of the New York Mercantile Exchange.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Fri Mar 22, 2013 6:58 am
by Ajawed
March 22, 2013

Gold (spot) closed up on Thursday made its intraday high of US$1,616.70/ounce after setting intraday low of US$1,604.60/ounce. Gold went up by 0.466% at US$1,614.70/ounce.

Silver (spot) closed up on Thursday made its intraday high of US$29.33/ ounce after setting intraday low of US$28.73/ounce. Silver settled 1.214% up at US$29.16/ounce.

Crude futures (March 2013) on Thursday made an intra‐day high of US$93.48/bbl and made an intraday low of US$91.83/bbl and settled up by 1.082% at US$92.42/bbl on session close.

EUR/USD on Thursday made an intra‐day low of US$ 1.2879/EUR and made an intraday high of US$1.2955/EUR and settled the day 0.270% down at US$1.2898/EUR on session close.

GBP/USD on Thursday made an intra‐day low of US$1.5088/GBP and made an intraday high of US$1.5209/GBP and settled the day down by 0.476% at US$1.5170/GBP on session close.

USD/JPY on Thursday an intra‐day low of JPY94.55/USD and made an intraday high of JPY 96.11/USD and settled the day 1.15% down at JPY94.55/USD on session close.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Mon Mar 25, 2013 7:23 am
by Ajawed
March 25, 2013

Despite Friday's notable gains, major indices ended the week in negative territory. With Friday's gains, U.S. stocks trimmed earlier losses, sending the Dow less than 0.1 percent lower, while the S&P 500 and the NASDAQ dipped 0.2 percent and 0.1 percent, respectively.

Indeed, ongoing banking crisis in Cyprus hit equities throughout the week even though upbeat economic data and encouraging corporate earnings came in better than expectations. As is known, leading indicators, Philadelphia Fed survey and housing starts and permissions showed that U.S. economy is gaining ground, restoring market confidence on equities. Meanwhile, Federal Reserve left the rates unchanged as expected and Fed Chairman Bernanke said the Fed will maintain its bond buying program to back the economy, spurring investors to buy riskier assets.

On the corporate side, Tiffany gained 1.9 percent to $69.23, while Nike soared 11 percent to $59.53 for its biggest gain since 2008 on better than expected sales and projections. Apple advanced 2 percent to $461.91, ending above its 50-day moving average for the first time since Oct. 4.

European stocks ended the week on mixed note as weaker German data overshadowed upbeat developments on the debt crisis in Cyprus. The Stoxx 600 lost 0.2 percent to 294.04 at the close of trading.

The common currency climbed to $1.30 for the first time in a week amid optimism Cyprus is moving closer to a deal to fend off financial meltdown and prevent contagion from infecting the rest of the region. Investors shrugged off downbeat German data as resolution loomed on the debt crisis.

Crude oil for May delivery added $1.26, or 1.4%, to settle at $93.71 a barrel on the New York Mercantile Exchange as dollar weakened and concerns on debt crisis eased.

Gold for delivery in April lost $7.70, or 0.5%, to settle at $1,606.10 an ounce on the Comex division of the New York Mercantile Exchange. However, prices finished the week up 0.9%, the third straight weekly gain.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Tue Mar 26, 2013 6:46 am
by Ajawed
March 26, 2013

Gold (spot) closed down on Monday made its intraday high of US$1,613.72/ounce before setting intraday low of US$1,590.01/ounce. Gold went down by 0.20% at US$1,605.30/ounce.

Silver (spot) closed up on Monday made its intraday high of US$28.92/ ounce before setting intraday low of US$28.50/ounce. Silver settled 0.34% down at US$28.84/ounce.

Crude futures (March 2013) on Monday made an intra‐day high of US$95.65/bbl and made an intraday low of US$93.70/bbl and settled up by 1.17% at US$94.81/bbl on session close.

EUR/USD on Monday made an intra‐day low of US$ 1.2829/EUR and made an intraday high of US$1.3048/EUR and settled the day 0.749% down at US$1.2852/EUR on session close.

GBP/USD on Monday made an intra‐day low of US$1.5142/GBP and made an intraday high of US$1.5261/GBP and settled the day down by 0.404% at US$1.5171/GBP on session close.

USD/JPY on Monday an intra‐day low of JPY93.53/USD and made an intraday high of JPY 94.97/USD and settled the day 0.254% down at JPY94.16/USD on session close.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Wed Mar 27, 2013 7:13 am
by Ajawed
March 27, 2013

U.S. stocks posted substantial gains Tuesday as investors said glass is half full in the wake mixed data. The Dow rallied 110 points, while the S&P 500 and the NASDAQ advanced 0.79 percent and 0.52 percent, respectively. With the gains, the S&P 500 ended the day just two points away from all time high.

Indeed, S&P Case Shiller HPI and durable goods orders data showed that the economy is accelerating, whereas consumer confidence sank more than forecast this month, falling to 59.7 from 68.0 and new home sales fell to 411K from 431K, disappointing investors. However, investors shrugged off downbeat numbers, flocking towards equities. Meanwhile, impact of Cyprus issue eased in the markets, prompting heavy buying across the board.

On the corporate side, Intel increased 2.9 percent to $21.77 and Hewlett-Packard Co. rallied 2.3 percent to $23.64, for the biggest gains in the Dow. Pfizer Inc. advanced 1.6 percent to $28.60, the highest level since 2005. Netflix jumped 5.4 percent, the most in the S&P 500, to $190.61.

European stocks edged up as better-than-estimated U.S. durable-goods orders and housing data offset euro-area concerns. The Stoxx Europe 600 Index increased 0.2 percent to 293.76 at the close in London.

The common currency slumped a four-month low versus the dollar as investors mulled whether Cyprus’s bailout signaled deeper private-sector losses in bank restructurings and also upbeat U.S. fundamentals restored market confidence on the buck.

Despite strengthening dollar, crude oil for May delivery added $1.53, or 1.6%, to settle at $96.34 a barrel on the New York Mercantile Exchange in the wake of better than expected durable goods orders and home prices data.

Gold for April delivery tumbled $8.80, or 0.6%, to settle at $1,595.70 an ounce on the Comex division of the New York Mercantile Exchange as encouraging fundamentals in the U.S. dented gold's safe haven appeal.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Thu Mar 28, 2013 7:29 am
by Ajawed
March 28, 2013

Gold (spot) closed up on Wednesday made its intraday high of US$1,608.40/ounce after setting intraday low of US$1,591.50/ounce. Gold went up by 0.318% at US$1,605.10/ounce.

Silver (spot) closed down on Wednesday made its intraday high of US$28.66/ ounce after setting intraday low of US$28.11/ounce. Silver settled 0.243% down at US$28.66/ounce.

Crude futures (March 2013) on Wednesday made an intra‐day high of US$96.83/bbl and made an intraday low of US$95.58/bbl and settled up by 0.519% at US$96.67/bbl on session close.

EUR/USD on Wednesday made an intra‐day low of US$ 1.2750/EUR and made an intraday high of US$1.2867/EUR and settled the day 0.629% down at US$1.2780/EUR on session close.

GBP/USD on Wednesday made an intra‐day low of US$1.5092/GBP and made an intraday high of US$1.5180/GBP and settled the day down by 0.197% at US$1.5129/GBP on session close.

USD/JPY on Wednesday an intra‐day low of JPY94.02/USD and made an intraday high of JPY 94.91/USD and settled the day 0.01% up at JPY94.45/USD on session close.

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Re: IKON FINANCE Forex Analysis (March)

PostPosted: Fri Mar 29, 2013 6:37 am
by Ajawed
March 29, 2013

Given easing concerns over Cyprus issue and better than expected revised GDP data, U.S. stocks ended the day with notable gains. The Dow advanced 52 points, while the S&P 500 and the NASDAQ increased 0.41 percent and 0.34 percent, respectively. With Thursday's gains, S&P 500 closed at record high.

As is known, Fed's dovish stance on monetary policy had spurred investors to stay long on equities. Meanwhile, upbeat home prices data, durable goods orders and revised GDP numbers showed that U.S. economy is gaining ground and is better shape than global rivals, restoring market confidence. Moreover, encouraging corporate reports underpinned buying spree in the markets. However, German retail sales data also raised hopes over global economy.

On the corporate side, Hewlett-Packard edged up 1.1 percent to $23.84 and IBM gained 1.1 percent to $213.30. EBay Inc. rallied 4.1 percent to $54.22. BlackBerry lost 0.8 percent to $14.45, reversing an earlier gains of 6.8 percent. Toll Brothers Inc. fell 1.4 percent to $34.24, while Lennar Corp. tumbled 0.7 percent to $41.48.

European stocks posted modest gains as Cyprus issue eased and German retail sales unexpectedly rose, triggering buying on risky assets. German DAX added 6 points, while CAC 400 and IBEX 35 advanced 0.52 percent and 0.25 percent, respectively.

The euro pared earlier losses against the buck as Italian and Spanish bond rates retreated in the wake of easing concerns over Cyprus and German retail sales data restored market mood on the single currency, stoking risk appetite across the board. The common currency added 0.3 percent to $1.2816.

Crude oil for May delivery rose 65 cents, or 0.7%, to $97.23 a barrel on the New York Mercantile Exchange, the strongest settlement since Feb. 14. Weakening dollar and encouraging economic data in the U.S. and Germany prompted investors to purchase oil on demand hopes.

June gold tumbled $11.50, or 0.7%, to settle at $1,595.70 an ounce on the Comex division of the New York Mercantile Exchange despite weaker dollar as upbeat economic data in the U.S. and Germany and also easing fears on Cyprus issue petered out gold's luster.

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