Daily Market Outlook from ACFX 09/12/2013

[Atlas CapitalFx]

Daily Market Outlook from ACFX 09/12/2013


Important Financial Indicators of the day


GBP - 10:00 (GMT) - Inflation Report Hearings
EUR - 12:40 (GMT) - ECB President Draghi Speaks
USD - 13:30 (GMT) - Unemployment Claims - Forecast 332K - Previous 323K


Currencies

◾EUR/USD The dollar remained lower against most of its major peers as traders speculated whether the U.S. economy is strong enough for Federal Reserve policy makers to consider a reduction in stimulus when they meet next week. The greenback traded near the lowest this month against the euro before a report forecast to show U.S. jobless claims rose.

◾The dollar was little changed at $1.3315 per euro as of 1:27 p.m. in Tokyo from yesterday, when it touched $1.3325, the weakest since Aug. 29.

◾GBP/USD The pound strengthened to a seven-month high against the dollar after a government report showed unemployment unexpectedly declined, adding to signs the U.K. economy is gaining momentum.

◾The pound advanced 0.5 percent to $1.5811 at 4:42 p.m. London time after rising to $1.5827, the highest since Feb. 8.

◾AUD/USD Australia’s dollar slid versus all its major counterparts after data showed the nation’s payrolls unexpectedly fell and unemployment climbed to a four-year high.

◾The Australia’s currency lost 0.8 percent to 92.52 U.S. cents as of 3:22 p.m. in Sydney, after earlier reaching 93.54 cents, the strongest since June 19.



Commodities

◾Oil West Texas Intermediate crude swung between gains and losses after Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, said the global oil market is well-supplied.

◾WTI for October delivery was at $107.59 a barrel in electronic trading on the New York Mercantile Exchange, up 3 cents, at 1:36 p.m. Singapore time. The contract climbed 17 cents to $107.56 yesterday. The volume of all futures traded was about 54 percent less than the 100-day average.

◾Gold retreated to a three-week low on speculation that the U.S. Federal Reserve will commit to reducing stimulus next week. Silver fell, while platinum declined to the lowest in a month.

◾Gold for immediate delivery dropped as much as 0.8 percent to $1,354.51 an ounce, the lowest level since Aug. 20, and traded at $1,358.42 at 2:07 p.m. in Singapore. Bullion for December delivery lost as much as 0.7 percent to $1,353.80 an ounce on the Comex in New York, also the lowest since Aug. 2



Equities

◾Asian stocks. Asia’s benchmark stock index swung between gains and losses after Japanese machinery orders accelerated less than expected and as investors await the outcome of the Federal Reserve’s meeting next week.

◾The MSCI Asia Pacific Index fell less than 0.1 percent to 137.55 as of 3:30 p.m. in Tokyo, trading near a three-month high. About five shares rose for every four that fell on the measure, which swung between gains of 0.1 percent and losses of 0.2 percent. The index climbed 6.6 percent in the past 10 days.

◾European stocks rose, sending the benchmark index to a five-year high, after investors said the region’s economy was improving. The Australian dollar fell for the first time in a week and the nation’s bonds rallied after unemployment increased. The yen strengthened and metals dropped.

◾The Stoxx The Stoxx Europe 600 Index advanced 0.1 percent by 8:24 a.m. in London, while Standard & Poor’s 500 Index contracts lost 0.1 percent.

◾U.S stocks rose, sending the Standard & Poor’s 500 Index to a one-month high, as diminishing concern over a military strike against Syria offset Apple Inc.’s biggest decline since April.

◾The S&P 500 rose 0.3 percent to 1,689.13 at 4 p.m. in New York, the seventh straight winning session and the highest level since Aug. 13.