Daily Market Outlook from ACFX 29/1/2013

[Atlas CapitalFx]

Daily Market Outlook

Posted by on January 29, 2013

Important Financial Indicators of the day Forecast Previous
USD 15:00 (GMT) CB Consumer Confidence 64.8 65.1

Currencies

■EUR/USD The dollar weakened against most of its 16 major counterparts as investors pared bets the Federal Reserve will signal a change to its asset-buying program at the end of a two-day meeting tomorrow. The U.S. currency was 0.2 percent from its lowest in 11 months versus the euro before a report today forecast to show confidence among U.S. consumers declined this month.
■The dollar traded at $1.3440 per euro as of 3:03 p.m. in Tokyo from $1.3456 in New York. It reached $1.3479 per euro on Jan. 25, the weakest level since Feb. 29, 2012.
■AUD/USD The so-called Aussie dollar rose against 14 of its 16 major counterparts after data showed the nation’s business confidence for December rebounded by the most in more than a decade.
■Australia’s dollar rose 0.4 percent to $1.0454 from the close yesterday when it touched $1.0385, the least since Jan. 2
■USD/CAD The Canadian dollar traded close to a six-month low versus its U.S. counterpart as signs of slower economic growth weighed on demand.
■The loonie, as the Canadian dollar is called for the image of the aquatic bird on the C$1 coin, was little changed at C$1.0063 per U.S. dollar at 5 p.m. in Toronto, after reaching its lowest point since July 26. One loonie buys 99.37 U.S. cents.

Commodities

■Oil traded near the highest level in four months in New York on signs of economic growth in the U.S. and after OPEC Secretary General Abdalla El-Badri said prices are unlikely to drop this year.
■Crude for March delivery was at $96.72 a barrel, up 28 cents, in electronic trading on the New York Mercantile Exchange at 1:22 p.m. Singapore time. The average volume of all contracts traded was 50 percent below the 100-day average. Futures rose to $96.44 yesterday, the highest since Sept. 17.
■Brent for March settlement rose 10 cents to $113.58 a barrel on the London-based ICE Futures Europe exchange. The average volume of all contracts traded was 40 percent below the 100-day average. The European benchmark grade was at a premium of $16.86 to West Texas Intermediate futures, from $17.04 yesterday.
■Gold holdings in exchange-traded products are poised for the biggest monthly decline in more than a year as signs that the global economic recovery is strengthening curb demand for haven investments.
■Gold for April delivery gained as much as 0.4 percent to $1,661.50 an
ounce, and traded at $1,660.40 at 1:11 p.m. in Singapore. Futures fell
0.9 percent this year, lagging behind gains in silver, platinum and
palladium, metals used mainly in industry that benefit from faster
economic growth.

Equities
■Asian stocks rose, with the regional benchmark index headed for its biggest gain in a week, as Japan’s largest lenders jumped on speculation a recent share rally will boost profit. Australia’s market climbed after a holiday and Korean shares rebounded from yesterday’s loss.
■The MSCI Asia Pacific Index rose 0.9 percent to 132.5 as of 3:33 p.m. in Tokyo, headed for its biggest advance since Jan. 18, with more than twice as many shares rising as declining. The gauge jumped 9.6 percent from Nov. 14 through yesterday, led by Japanese shares on optimism Prime Minister Shinzo Abe’s new government will take the necessary steps to fight deflation.
■U.K. stocks rose, extending their highest level since May 2008, as a report showed that durable- goods orders in the U.S., Britain’s biggest trading partner, rose at a faster rate than economists had estimated.
■The FTSE 100 added 9.96 points, or 0.2 percent, to 6,294.41 at the close in London. The equity benchmark has gained 6.7 percent so far in 2013, its best start to a year since 1989, as U.S. lawmakers agreed on a compromise budget. The broader FTSE All-Share Index rose 0.1 percent today, while Ireland’s ISEQ Index was little changed.
■U.S stocks fell, following the longest rally for the Standard & Poor’s 500 Index since 2004, as a drop in pending home sales overshadowed a rise in durable- goods orders while investors watched earnings.
■The S&P 500 fell 0.2 percent to 1,500.18 at 4 p.m. in New York. The equity benchmark closed above 1,500 last week for the first time since December 2007 after an eight-day rally.
■The Dow Jones Industrial Average lost 14.05 points, or 0.1 percent, to 13,881.93 today. The Nasdaq 100 Index added 0.2 percent to 2,742.43. About 6.1 billion shares traded hands on U.S. exchanges today, or 1.1 percent below the three-month average.