IKON FINANCE Forex Analysis (February)

Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Thu Feb 14, 2013 7:17 am

February 14, 2013

Gold (spot) closed down on Wednesday, made its intraday high of US$1,653.73/ ounce before setting intraday low of US$1,640.75/ounce. Gold went down by 0.52% at US$1,642.55/ounce.

Silver (spot) closed down on Wednesday made its intraday high of US$31.23/ ounce before setting intraday low of US$30.73/ounce. Silver settled 1.06% down at US$30.78/ounce.

Crude futures (March 2013) on Wednesday made an intra‐day high of US$98.11/bbl and made an intraday low of US$96.63/bbl and settled down by 0.51% at US$97.01/bbl on session close.

EUR/USD on Wednesday made an intra‐day low of US$ 1.3426/EUR and made an intraday high of US$1.3519/EUR and settled the day 0.029% down at US$1.3450/EUR on session close.

GBP/USD on Wednesday made an intra‐day low of US$1.5525/GBP and made an intraday high of US$1.5688/GBP and settled the day down by 0.778% at US$1.5440/GBP on session close.

USD/JPY on Wednesday an intra‐day low of JPY92.82/USD and made an intraday high of JPY 93.78/USD and settled the day 0.074% down at JPY93.39/USD on session close.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Fri Feb 15, 2013 5:43 am

February 15, 2013

U.S. stocks remained on mixed note Thursday as the S&P 500 reached to 5-year high, while the Dow ended modestly lower even though global equity markets suffered from weaker growth rates in Europe and Japan.

Indeed, stocks lost notable ground in early trading hours as euro zone GDP shrank 0.6 percent, while Japanese gross domestic product contracted 0.4 percent in the face of weakening exports and deteriorating business investments. However, stocks trimmed earlier losses as weekly jobless claims posted strong horizon, falling to 341000 from 361000. In the meantime, Buffett's Berkshire offered 20 percent premium to buy Heinz's majority stake, restoring market confidence on the equity prices.

On the corporate front, General Mills Inc., the maker of Cheerios cereal, rallied 3.1 percent to $44.31. US Airways edged down 67 cents to $13.99. Heinz soared 20 percent on acquisition news. Constellation surged $11.87 to a record $43.75. Berkshire Hathaway’s Class A shares advanced 1 percent to $149,240.

Despite encouraging news in the U.S., European stocks drifted lower as reports showed the economies of the euro area and Japan shrank in the fourth quarter. FTSE 100 lost 0.50 percent, while DAX and CAC 40 sank 1.05 percent and 0.77 percent, respectively.

The common currency slumped to a three-week low against the dollar after a report revealed Europe’s recession deepened more than forecast last quarter and uncertainty on currency wars weighed on the euro as investors flocked towards less risky assets. The euro tumbled 0.7 percent to $1.3363 and touched $1.3315, the worst level since Jan. 24.

March crude added 30 cents, or 0.3%, to settle at $97.31 a barrel on the New York Mercantile
Exchange despite stronger dollar as investors purchased oil in the wake of strong jobs report.

Strengthening dollar, upbeat jobs report and uncertainty ahead of G20 meeting hit precious metal prices. Gold for delivery in April plunged
$9.60, or 0.6%, to settle at $1,635.50 an ounce on the Comex division of the New
York Mercantile Exchange, the lowest settlement for a most-active
futures contract since Aug. 20.

Today, we will pay close attention to Empire State Manufacturing Survey, Treasury International Capital, Industrial Production and all important Consumer Sentiment data to find direction in the markets.
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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Tue Feb 19, 2013 6:40 am

February 19, 2013

Gold (spot) closed down on Monday, made its intraday high of US$1,618.90/ ounce before setting intraday low of US$1,607.30/ounce. Gold went down by 0.001% at US$1,610.05/ounce.

Silver (spot) closed down on Monday made its intraday high of US$30.17/ ounce before setting intraday low of US$29.81/ounce. Silver settled 0.47% up at US$29.94/ounce.

Crude futures (March 2013) on Monday made an intra‐day high of US$95.97/bbl and made an intraday low of US$95.24/bbl and settled down by 0.50% at US$95.48/bbl on session close.

EUR/USD on Monday made an intra‐day low of US$ 1.3321/EUR and made an intraday high of US$1.3379/EUR and settled the day 0.007% down at US$1.3350/EUR on session close.

GBP/USD on Monday made an intra‐day low of US$1.5437/GBP and made an intraday high of US$1.5565/GBP and settled the day down by 0.238% at US$1.5465/GBP on session close.

USD/JPY on Monday an intra‐day low of JPY93.70/USD and made an intraday high of JPY 94.22/USD and settled the day 0.22% up at JPY93.95/USD on session close.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Wed Feb 20, 2013 6:55 am

February 20, 2013

Given encouraging acquisition deals and better than expected confidence data in Germany, U.S. stocks reached to multi-year highs, sending the Dow 54 points higher, while the S&P 500 and the NASDAQ advanced 0.74 percent and 0.69 percent, respectively.

Actually, investors flocked towards equities despite downbeat housing data as mergers and acquisitions stoked risk appetite across the board. Office Depot and OfficeMax have discussed a stock swap that would create a single office-supply retailer to compete with Staples Inc, revealing additional value on the companies. Meanwhile, German investor confidence, ZEW, jumped more than economists estimates in February to the highest in almost three years, restoring market mood largest economy in the euro zone. Furthermore, President Obama said the door is open to avoid from automatic spending cuts, which will be effective as of March, 1., calling Republicans to get the job done.

On the corporate side, Google Inc. advanced 1.8 percent, surpassing $800 for the first time. Bank of America added 1.3 percent to $12.19. Citigroup edged up 1.5 percent to $44.50, its highest level since May 2011, while JPMorgan Chase & Co. climbed a more than four-year high after gaining 1.2 percent to $49.45.

European stocks increased to the highest level in three weeks as German economic sentiment improved more than estimate and Danone SA jumped after reporting earnings, spurring investors to stay long on the equities. The Stoxx Europe 600 Index rose 1.1 percent to 290.01 at the close.

The common currency posted notable gains against the buck as German confidence data showed that European economic horizon is gaining ground, prompting investors to liquidate long positions on the dollar in the wake of resurging risk appetite. Euro climbed to 1.3390 vs. the buck, signaling more upward momentum for near future.

Crude oil for March delivery settled at $96.66 a barrel, up 80 cents, or 0.8%, from
Friday’s settlement on the New York Mercantile Exchange as weaker dollar and upbeat German data raised hopes over sustainable demand.

Despite weaker dollar, April gold shed
$5.30, or 0.3%, to settle at $1,604.20 an ounce on the Comex division of the New
York Mercantile Exchange, the lowest close for a most-active contract since Aug.
14. Rising equities and better than expected German ZEW index triggered another round of selling on precious metal as investors purchased risky assets.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Thu Feb 21, 2013 6:50 am

February 21, 2013

Gold (spot) closed down on Wednesday, made its intraday high of US$1,609.25/ ounce before setting intraday low of US$1,1559.36/ounce. Gold went down by 2.52% at US$1,564.55/ounce.

Silver (spot) closed down on Wednesday made its intraday high of US$29.65/ ounce before setting intraday low of US$29.65/ounce. Silver settled 3.08% down at US$28.57/ounce.

Crude
futures (March 2013) on Wednesday made an intra‐day high of US$97.07/bbl and made an intraday low of US$93.92/bbl and settled up by 2.28% at US$94.46/bbl on session close.

EUR/USD on Wednesday made an intra‐day low of US$ 1.3271/EUR and made an intraday high of US$1.3433/EUR and settled the day 0.814% up at US$1.3280/EUR on session close.

GBP/USD on Wednesday made an intra‐day low of US$1.5191/GBP and made an intraday high of US$1.5451/GBP and settled the day down by 1.24% at US$1.5231/GBP on session close.

USD/JPY on Wednesday an intra‐day low of JPY93.13/USD and made an intraday high of JPY 94.04/USD and settled the day 0.010% up at JPY93.56/USD on session close.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Fri Feb 22, 2013 6:15 am

February 22, 2013

Despite paring earlier losses, U.S. stocks ended the day in negative territory as FOMC minutes spooked investors and weaker economic data dampened market mood on the equities. The Dow lost 47 points, while the S&P 500 and the NASDAQ retreated 0.66 percent and 1.06 percent, respectively.

As is known, several members of the Fed discussed the central bank should be ready to vary the pace of its $85 billion in monthly bond purchases, triggering heavy selling in the markets. Meanwhile, worse than expected weekly jobless claims and Philly Fed survey bruised economic horizon further, raising concerns over sustainable recovery. Moreover, corporate earnings released yesterday were unable to shift market confidence across the board, revealing weaker results.

On the corporate front, Wal-Mart Stores Inc. advanced 1.5 percent on better earning results. Bank of America Corp. sank 3.2 percent to $11.42 for the biggest loss in the Dow. Caterpillar Inc. slumped 1.8 percent to $91.53. Home Depot Inc. tumbled 3.1 percent to $64.38.

European stocks continued to lose ground as worse than expected services PMI in the euro zone deteriorated market confidence on the economy. Meanwhile, changing stance of the Fed prompted selling spree on risky assets. The Stoxx Europe 600 Index edged down 1.5 percent, the most in two weeks.

Resurging risk aversion amid concerns the Fed will likely change its dovish stance on the monetary policy and gloomy services PMI data in the euro zone ignited euro selling in the markets. The common currency lost notable ground against dollar, trading at 1.3190.

Oil for April delivery lost $2.38, or 2.5%, to settle at $92.84 a barrel on the Comex division of the New York Mercantile Exchange, weakest closing price in 2013. Weaker economic data in the U.S. and Europe and strong dollar petered out oil's appeal.

Gold futures ended modestly higher Thursday to log the first gain in six sessions even though the dollar posted substantial gains. Investors purchased precious metal as safe haven in the face of global economic uncertainties. Gold for delivery in April added 60 cents to settle at $1,578.60 an ounce on the Comex division of the New York Mercantile Exchange.

Today, there is no scheduled economic data in the U.S. Hewlett-Packard released its fourth quarter report after markets closed, beating earlier estimates and shares jumped more than 5 percent in electronic trading. Investors will likely buy stocks on upbeat H-P report.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Mon Feb 25, 2013 6:48 am

February 25, 2013

Gold (spot) closed up on Friday, made its intraday high of US$1,587.15/ounce before setting intraday low of US$1,1570.10/ounce. Gold went up by 0.295% at US$1,580.90/ounce.

Silver (spot) closed up on Friday made its intraday high of US$28.93/ ounce before setting intraday low of US$28.73/ounce. Silver settled 0.209% up at US$28.73/ounce.

Crude futures (March 2013) on Friday made an intra‐day high of US$93.46/bbl and made an intraday low of US$92.44/bbl and settled up by 0.311% at US$93.33/bbl on session close.

EUR/USD on Friday made an intra‐day low of US$ 1.3145/EUR and made an intraday high of US$1.3245/EUR and settled the day 0.03% down at US$1.3186/EUR on session close.

GBP/USD on Friday made an intra‐day low of US$1.5161/GBP and made an intraday high of US$1.5320/GBP and settled the day down by 0.522% at US$1.5171/GBP on session close.

USD/JPY on Friday an intra‐day low of JPY92.92/USD and made an intraday high of JPY 93.51/USD and settled the day 0.279% up at JPY93.35/USD on session close.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Tue Feb 26, 2013 6:44 am

February 26, 2013

U.S. stocks erased Friday's gains and posted substantial losses on partial results of election in Italy, sending the Dow 216 points lower, while the S&P 500 and the NASDAQ sank 1.83 percent and 1.44 percent, respectively.

As is known, equities had advanced Friday on upbeat environment in the economy. Yet, partial election results in Italy suggested Berlusconi may have built a blocking minority in the Senate, threatening austerity measures. Investors sold equities amid speculation that Italy might drift deepening political crisis in the face of unstable horizon. Meanwhile, if Congress doesn’t act, federal spending will be reduced by $85 billion in the final seven months of this fiscal year and by $1.2 trillion over the next nine years as Obama is seeking compromise with Republicans to resolve the lingering problem.

On the corporate front, Dynavax Technologies Corp. plunged 32 percent to $2.01. Apple tumbled 1.78 percent. IBM lost 1.77 percent, while Coca Cola edged down 2.55 percent. Hertz gained 31 cents to $19.04. Barnes & Noble Inc. added 11 percent to $15.06.

European stocks ended little changed as investors scrutinized post-election polls for signs of who will be governing party in Italy. The Stoxx Europe 600 Index fell less than 0.1 percent to 288.40 at the close of trading.

The common currency sank to the lowest level in six weeks versus the dollar after partial election results from Italy showed a divided parliament, signaling unstable political and economic environment as Berlusconi acted against austerity measures before the election. The euro declined 1 percent to $1.3061 after increasing as much as 1 percent earlier on the day.

Crude ended Monday with a modest decline, pressured by a turn higher
in the greenback and as a slowdown in Chinese manufacturing fueled concerns over
energy demand. Oil for April delivery slid
2 cents to settle at $93.11 a barrel on the New York Mercantile Exchange.

Gold for delivery in April settled at $1,586.60 an ounce on the Comex division of the
New York Mercantile Exchange, up $13.80, or 0.9%. Despite stronger dollar, the precious metal surged as analysts say a recent report hinted at a potential bottom for the metal’s prices and political uncertainty after Italian election and rating downgrade on the United Kingdom spurred investors to buy gold as safe haven.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Wed Feb 27, 2013 7:57 am

February 27, 2013

Gold (spot) closed up on Tuesday, made its intraday high of US$1,620/ounce after setting intraday low of US$1,1584.40/ounce. Gold went up by 1.289% at US$1,613.75/ounce.

Silver (spot) closed up on Tuesday made its intraday high of US$29.46/ ounce before setting intraday low of US$28.59/ounce. Silver settled 1.362% up at US$29.38/ounce.

Crude futures (March 2013) on Tuesday made an intra‐day high of US$93.46/bbl and made an intraday low of US$92.01/bbl and settled up by 0.69% at US$92.71/bbl on session close.

EUR/USD on Tuesday made an intra‐day low of US$ 1.3018/EUR and made an intraday high of US$1.3122/EUR and settled the day 0.01% up at US$1.3060/EUR on session close.

GBP/USD
on Tuesday made an intra‐day low of US$1.5112/GBP and made an intraday high of US$1.5219/GBP and settled the day down by 0.250% at US$1.5122/GBP on session close.

USD/JPY
on Tuesday an intra‐day low of JPY91.12/USD and made an intraday high of JPY 92.74/USD and settled the day 0.206% up at JPY91.98/USD on session close.

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Re: IKON FINANCE Forex Analysis (February)

Postby Ajawed » Thu Feb 28, 2013 7:41 am

February 28, 2013

Given better than expected housing data and easing concerns over Italian stalemate, U.S. stocks posted notable gains, sending the Dow 175 points higher, while the S&P 500 and the NASDAQ rallied 1.27 percent and 1.03 percent, respectively.

Actually, equities advanced as contracts of pending home sales climbed more than forecast in January, signaling robust environment for housing industry in 2013. Meanwhile, core durable goods orders rose, whereas aircraft orders tumbled. As is known, new home sales and consumer confidence showed that U.S. economy is gaining ground despite weaker jobs horizon. However, Bernanke assured markets that the Fed will maintain its dovish monetary policy by purchasing mortgage-backed assets as much as $85 billion monthly. The Fed Chairman defended low rates in House hearing.

On the corporate front, Coach Inc. rallied 2.8 percent to $47.82. LinkedIn Corp. jumped 6.8 percent to $168.55. Priceline added 2.6 percent to $695.91. Apple fell 1 percent to $444.57.

European stocks rebounded from the lowest level in more than two weeks as Italian political tension eased, consumer confidence climbed in the euro zone and corporate earnings spurred investors to buy stocks across the board. The Stoxx Europe 600 Index increased 0.9 percent to 287.17 at the close of trading after earlier declining as much as 0.3 percent.

The common currency edged higher for the first time in three days against the dollar as fears eased that Italy's election deadlock would deepen Europe's debt crisis and Fed Chairman Bernanke said the bank’s stimulus policies are working. In the meantime, rising consumer confidence in Europe and encouraging housing numbers in the U.S. fueled risk appetite. The euro gained 0.6 percent to $1.3136.

Crude oil for April delivery tacked on 13 cents, or 0.1%, to settle at $92.76 a barrel on the New York Mercantile Exchange despite weakening dollar as crude inventories slightly rose and durable goods orders data deteriorated demand outlook.

Gold for delivery in April slumped $19.80, or 1.2%, to settle at $1,595.70 an ounce on the Comex division of the New York Mercantile Exchange as equities rallied and upbeat economic data petered out gold's luster.

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