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European Interbank Money Market Liquidity Press Gold Under $ 1600

Tuesday, December 27, 2011

Gold futures fell below $ 1,600 per troy ounce in thin trading conditions ahead of the volume end of the year, as investment managers close the book and wait and see attitude for a new beginning in January.

Observed so far for February Gold contract, traded down -0.56% to as low as $ 1,597.48 per troy ounce, after reaching its lowest level daily at $ 1,591.74 per troy ounce of gold at once is the lowest level since December 19. Technically, Gold likely to find short-term technical support in the range of $ 1,585.65 (lowest December 19), while the top side, closest resistance level look at the area of ​​$ 1,615.55 (highest December 23).

Gold trading volume was thin, as the closure of Australia's financial markets, Hong Kong, New Zealand and England, at the same time investors are still reluctant to take risks before the new year given the anxiety that the eurozone debt crisis maish large enough.

Rating agency Standard & Poor's rating downgrade is not yet announced the 15-nation European region are still in negative observation. Two independent ratings of Europe believes that pruning will not diberkan until at least January 2012.

Gold in recent months has been depressed, due to fading safe-haven appeal of gold as investors tend to prefer the U.S. dollar as a hedge instrument choice in value amid concerns that European debt crisis deepened. Overall sales of hedge funds at year end and tight liquidity in the European Interbank money markets has led to the downfall of Gold.

News and Economic Review Asia (Japan)

There will still be Haunted by Japan Yen Appreciation

Tuesday, December 27, 2011

There is no currency that scored the best performance in 2011 in addition to the Japanese yen. Though the central bank had to spend some time in deeply to intervene into the market.

Currency JPY strengthened against all major currencies, including the rise of more than 4% against the dollar. Escalation of inter-regional economic crisis led investors to enter into yen-based assets. Although the Japanese bond yields is one of the lowest in the world and a very large amount of government debt, foreign ownership in Japan's debt is now the highest since 2008.

So far the government has been selling the yen, at least 14.3 trillion ($ 183 billion) to stem the strengthening of domestic currency. Policy interventions are needed that revenues are not eroded over time exporters. Finance ministers in June Azumi already far today confirmed that it is ready to enter the market again next year if conditions force. But no one can guarantee a series of interventions authority could produce different results than what is already applied in 2011.

Government's job more difficult because more and more European debt crisis is far from complete. Difficult expect any surefire steps for the next year as Italy and Spain also need help. France in fact not free of the threat rating agencies downgrade. While the fragile banking crisis resulted in more severe, a high ratio of sectoral bankruptcy could trigger a split community euros. As a result, the worse the condition of the fundamental, more preferably also the existence of the yen by investors.

The exchange rate of JPY also rose 6.6% versus the euro this year. The total sales of the Japanese currency until the end of November last recorded seven times greater than the major interventions in 2010, who was then at 2.1 trillion yen. JPY managed to make up for an average decrease every five days post-correction and perched 12% higher in December 23 compared to an average against the dollar in the last three years. Although protection has been repeatedly affirmed commitment to the exchange rate, nothing could wipe the appreciation of the yen over the global conditions remain poor. Similar to the Swiss Central Bank, the Japanese authorities would be confused by the extraordinary appreciation of local currency next year.

News and Review of European Economic

Note the strengthening of Europe ahead of U.S. data

Tuesday, December 27, 2011

French and German stock exchanges are leading the increase in session Tuesday after European stock markets resume trading after the long Christmas holiday weekend, with a focus on U.S. data to be released later.

Stoxx Europe 600 Index rose 0.2 percent to 242.31. Index closed last week rose 3.5 percent amid optimism over U.S. data, which shift the focus from Europe's debt crisis.

London market was closed Tuesday. Exchanges Smeentara China reached a new low point in the last 33 months in a thin volume. U.S. markets will reopen today with the data will be the focus.

Index Case-Shiller home price for October will be released at 9:00 Eastern time and the Conference Board's Consumer Confidence Index for December will be released at 10:00.

In Europe, the increase was led by defensive sectors, such as pharmaceuticals, energy and food. Sanofi SA rose nearly 1 percent and supermarket group Carrefour SA shares rose 1.4 percent, while shares of Total SA gained 0.7 percent. Total stocks helped the French CAC 40 index rose 0.4 percent to a level of 3,113.87.

German DAX 30 index climbed 0.3 percent to as low as 5,898.01 with shares of business-software group SAP AG rose 1 percent and retail company Metro AG rose 1 percent.

German Economy Minister Philipp Roesler told the Handelsblatt newspaper that the economy was "very strong" and "complete" for the coming year, even amid difficulties in the international and European level.

News and Review of European Economic

Index Euro Weakens, Italy encroached Crisis

Tuesday, December 27, 2011

Euro in trading today (27-12) tracked down and has not demonstrated the potential performance improvements.

Running index value was observed in the range of Euro 103.08 and fell approximately - 0.03% in intraday trading forex today.

Codacons consumer group today, released a report on the occurrence of apathy in the Italian retail sector.

The agency reported that households in the country is still in line with efforts to restrain consumption menganggulangi debt crisis that undermined the development in Italy.

Reported a decline in spending around 48 Euros per person ($ 62.75 USD / person) in this holiday season.

Sales of shoes and clothing sub-sector is suffering the most severe where sales were down approximately -30% from a year ago.

Although the euro has not shown the potential to weaken significantly, but the pressure of the currency is still quite large.

News and Review of European Economic

Expanding Euro Moderate Increase

Tuesday, December 27, 2011

Euro rebounds expand slowly during Asian trading hours on Tuesday (27/12), but the volume still reported low because of the holidays.

The euro edged up to $ 1.3078 from $ 1.3060 Monday in Asia, with several major European markets since returning from holiday break later in the day globally.

The dollar index, which tracks the greenback against a number of major currencies, slipped to 79,826, down 0.2% from the previous day, according to FactSet data.

The dollar also weakened against the Japanese yen, down to? 77.83 from? 77.95 Monday.

The pound rose to $ 1.5681 from $ 1.5636 Monday.

Australian dollar back to a level on Friday at $ 1.0145, after rising slightly to $ 1.0161 Monday, with the Sydney market continues to break for Christmas and Boxing Day holidays.

Crude Oil Prices Week Ending Up Thin; Volume Lonely

December 26, 2011

In late trading in New York Mercantile Exchange late last week the price of crude oil that had penetrated 100 dollars back slip (26/12). Yet oil prices still managed to stay in positive territory, ending little changed ahead of Christmas holidays.

There is little real news that drives the market, but analysts said that the optimism in the market and "short covering" traders ahead of the holidays in general help keep the price level.

New York's main contract, light sweet crude for delivery in February, closed 15 cents higher from Thursday to 99.68 dollars per barrel.

Brent North Sea crude for February delivery added seven cents to 107.96 dollars in London.

U.S. jobless claims numbers are encouraging on Thursday continued to affect the perception that the economy is increasing the speed, traders said. However, due to the Christmas holiday season and the light trading volume.

While the Russian oil company, Tatneft, say, has ceased operations in Syria, where at least 40 people were killed on Friday in a suicide bomb attack in the capital Damascus.

News and Economic Review Asia (China)

Gold prices declined, the Chinese will buy.

Monday, December 26, 2011

Commodity price of gold declined in trading Monday (26/12) in Asian trading time.

The fall in gold prices as the impact of sluggish trading after the Christmas holidays in various global markets. Gold for February delivery fell $ 1.60, or 0.1%, to $ 1,609.00 per troy on the Comex.

The market was quiet because many stocks are still closed, however there is news about a possible rise in commodity metals after one senior official at the Central Bank of China, People's Bank of China in Beijing said it would use foreign exchange reserves them to buy gold as an effort to protect their investment from of inflation.

Director of Research at the Bank Jianhua Zhang added that when gold prices decline, then a good time to buy more gold again. However, he did not give an indication of how much gold will be purchased from the Chinese foreign exchange reserves reached $ 3.2 trillion, including the amount of foreign exchange allocation percentage that will be in use.

News and Review of European Economic Zone

The euro strengthened amid thin holiday.

Monday, December 26, 2011

The euro gained in thin trading today (26/12) during the Asian session where the dollar weakened against most major currencies.

EURUSD trade changed only slightly to $ 1.3059, up slightly from Friday's close at $ 1.3047. Dollar up last weekend by the Italian bond auction results imbalnya interest surged to a level of 7%, this increase will market concerns current European conditions.

Despite quiet trading, amid a lot of lid stock exchanges, but trading volume is quite decent for a transaction in akhri this year.

Lainyya against major currencies, weakening dollar weakened against the Japanese yen fell to? 77.99 from the previous in? 78.03 on Friday.

GBPUSD, rose tupis where Pound was trading at $ 1.5612 from $ 1.5609 sebelunya. while against the Australian dollar also rose to $ 1.0159 from $ 1.0148, while the Sydney stock exchange closed until Wednesday.

News and European Economic Review (Switzerland)

Swiss National Bank Determined Will Stay Forced Swissie Weakens

Monday, December 26, 2011

Swiss Franc exchange rate on trade in the spot market during the year 2011 until today, overall weakened monitored very thin - 16 pips, or about - 0.17% from opening price at the beginning of the year.

Opened in the range of 0.9335, the pair USD / CHF was observed moving in the range of 0.9351 at the end of this year.

These currencies tend to strengthen in the period with increasing investor interest in Swiss Francs as a safe haven currency, amid increasingly poor European economy and rising concerns that the global economic recovery can not proceed smoothly.

But the strengthening Swiss franc currency affects economic performance so that the Swiss National Bank (SNB) as the Swiss central bank, forex intervention to weaken the Swiss franc and the currency moves tend to be weakening in the period August to the end of this year.

Swiss franc weakened monitored around - 2281 pips in that period.

In its decision on 15 December, the SNB reiterated that the agency would remain melakuakan intervention in the form of foreign currency transaction that is not limited, in order to force the Swiss franc strengthened to not return.

In addition the SNB also said that the loose monetary policy will still be maintained in the near future is.

Adapu trading spot forex market today is very limited runs, with her off the banks in various countries including Switzerland.

News and Review of European Economic

Thin Euro Rise in Quiet Trading Holidays

Monday, December 26, 2011

The euro gained thin in most of the action for a quiet holiday at the East Asian afternoon trade on Monday (26/12), with a thin dollar weakened against most major rivals.

Euro beubah position at $ 1.3059, up slightly from 1.3047 in North American trading Friday.

Seen a slight increase in U.S. unit Friday after the Italian bond yields rose above the level of 7%, raising concerns about European finances.

But peradgangan weak, with many stock and bond markets closed for the Christmas holiday, and the volume can still highlight to the new year.

Among the other major currency pairs, the dollar declined against the Japanese yen, slipping to? 77.99 from? 78.03 Friday.

Pound rose slightly to $ 1.5612 from $ 1.5609. Australian dollar also rose moderately to $ 1.0159 from $ 1.0148, with the Sydney market closed until Wednesday.

Michael Kitchen is the Asia editor for MarketWatch and is based in Los Angeles.

Gold weakened by selling in the ETF

Friday, December 23, 2011

Gold futures fell for the third time in four trading sessions in the session last Thursday as a sell on Exchange Traded Funds and increasing the U.S. labor market.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $ 1,606.35 per troy ounce in the U.S. during the last trading down 0.45 percent. previously had touched the level of $ 1618.55 and below 1599.65 level.

The low trading volumes ahead of the holidays combined with the sales of gold bullion ETF based on the metal pressing down on the session.

Positive employment data from the U.S. jobless claims fell to their lowest level since April 2008 increase the risk appetite to trigger a sell the precious metal.

In addition to other trading on the Comex, Silver March delivery traded down 0.41 percent at the price of $ 29.13 per troy ounce, while copper for delivery in March rose 0.76 percent traded at the price of $ 3.42 per pound.

News and Economic Review Asia (Hong Kong)

Technical Outlook The Hang Seng Index

Friday, December 23, 2011

Until the entry into the year 2012, the Hong Kong stock market will again confronted with the issues surrounding the crisis in Europe, which now sits in a critical phase.

The Hang Seng Index's main stock will carry a big chore, which survive in the midst of the potential emergence of new crises. The biggest threat is nothing but the chances of the condition of the global slowdown in mainland China, despite both countries. So in general the Hang Seng index rallied likely be limited, especially during the first quarter.

Technically after failing to continue to rally to above the level of 20,000, the Hang Seng Index (HK_HKK50) finally corrected and changed to bearish. Confirmation is achieved after the main indicators, such as Moving Average, Stochastic and MACD, re-established downtrend. Then the direction of the trend, the index will be eroded to support 17 730 (61.8% Fibo) and 17,000 to 16,135 or even 15,500.

While the rally in the index are minor only occur when there is demand buyback of bargain hunting and short covering. Such conditions could lift Hang Seng resistant to 18 655 (38.2% Fibo), 19 270 (23.6% Fibo) to 20,200 (the highest level in October) or even reach the area of ​​21 000.

News and Review of European Economic

Stable Close 1.3050 Euro

Friday, December 23, 2011

Euro opened the Asian session almost did not experience any movement from the opening price on Thursday, around 1.3050, after trading in a range between 1.3120 and 1.3015; euro fell from its session high downgrade rumors related to France.

"The graph shows hourly rates in the range is limited only under-20 high school level while the indicator is still almost flat, without giving any sign," according to comments from Valeria Bednarik, chief analyst at FXstreet.com.

Finally at the level of 1.3050, say analysts who provide analysis to support level at 1.3040, 1.3010 and 1.2980. As for the movement increased, the resistance level at the level of 1.3070, 1.3100 and 1.3145.

News and Review of European Economic

Action Selling Euro Spying Continues

Friday, December 23, 2011

Anxiety that the debt crisis of the Euro zone will increasingly worse in the next year has forced investors to maintain the strategy sell on rally for the Euro, which inhibits the movement of the single currency and continue to hold it around the opening price level versus the U.S. dollar on Thursday.

The first liquidity operations launched by the European Central Bank tried earlier in the day also seems not much help Euros, and it raises doubts about the amount of the funds must be spent to restore the euro zone economy is increasingly approaching recession.

"The crisis is far from over. Maybe we will see more pressure on the Italian and Spanish bonds, and more pressure on the euro," said Ulrich Leuchtmann, head of research at Commerzbank forex. "There are not enough factors that support the euro to move higher against the dollar today." he added, forecasting the euro to dip to $ 1.25 in 2012.

Leuchtmann added that the number of speculative short positions in the euro against the dollar have slowed the momentum of decline, although he estimates as the single currency will fall down to the range of $ 1.25 in 2012.

News and Economic Review Europe (UK)

UK GDP Sterling Not Much Help

Friday, December 23, 2011

Pound traded flat against the U.S. dollar tends on Thursday amid thin trading volumes approaching the end of the year. Nevertheless, the overall British currency is still on the path to a moderate annual rise against the greenback. British economic growth data release is faster than eskpektasi in the period from July to September is also not much help to the movement of Pound.

UK in Q3 GDP was revised upward by the Office for National Statistics to 0.6% from the previous 0.5%, with some economists expect economic growth to decline sharply in the last quarter of 2011 and early 2012. While separate data are also released ONS shows UK trade deficit widened to a record high? 15.226 billion in Q3, largely triggered by a sharp decline in investment income and rising merchandise trade deficit.

"Despite the improved sentiment towards risk seen, the majority of market participants appear reluctant to take positions began towards the end of the year," said Jeremy Stretch, currency analyst at CIBC. "For now $ 1.57/1.58 area might be a good enough level to take a short position until well into 2012 given the dollar still seems to be showing a strong performance in the first quarter," he added.

Market concerns over the fragility of the UK economy is likely to continue into next year, with BoE policy makers continue to maintain the opportunity for additional quantitative easing, which ends in February 2012.

Strengthen the Middle East Oil Situation

Thursday, December 22, 2011

Oil prices rose on the New York session as investors worried about the disruption of supplies from the Middle East. The clash between the Sunnis with the Shiites have sparked a bombing in Baghdad kills 57 people. This is the biggest upheaval in Iraq after the withdrawal of U.S. troops. The situation in Iraq began to deteriorate after Prime Minister Nuri al-Maliki fired two Sunni leaders in government.

Meanwhile, Iranian state television reported navy of the Islamic Republic will begin war games in the Strait of Hormuz starting Saturday. Exercise was performed for 10 days starting from the east of the Strait of Hormuz to the Gulf of Eden. In Kazakhstan, KazMunaiGas express will meet the target of lower oil production after the police secure the oil refinery hit by riots this week.

Analysts say the worsening situation in the Middle East can trigger fears of disruption of supplies from Iraq's oil producers and Kazakhstan as well as the threat of Iranian oil embargo. "The development of geopolitics in the Middle East oil will sustain performance. Quite clearly, investors anticipate worsening situations in the middle of the Middle East," said David Wech, head of research at JBC Energy.

News and Economic Review Asia (Japan)

BOJ Undermine Yen Outlook

Thursday, December 22, 2011

In trading GBP / JPY the European session this afternoon (22-12) Japanese Yen weakened against Sterliong and monitored in the range of 122.55.

Yen forex investors become less desirable in line with the indication of the Bank of Japan.

Japan's economic recovery process was observed stalled mainly due to the occurrence of an international economic slowdown and also pressure from the tendency of Japanese yen appreciation.

In addition to these developments led to the export and production runs flat, plus the effects of flooding in Thailand contributed to the lackluster performance of the Japanese economy back.

BOJ suggests that the outlook for the Japanese economy is flat for the time being.

Yen in the currency pair GBP / JPY is still expected to weaken further, especially until the data was announced. The range of estimated 123.42 is a pretty strong resistance to trade the European session.

News and Economic Review Europe (UK)

GDP Support Sterling Performance

Thursday, December 22, 2011

Sterling rose on the London session, supported by GDP data confirm the sustainability of the UK's economic recovery. The third quarter GDP was revised higher to 0.6%, better than forecast and the publication of the previous 0.5%. Traders also look at buying from the Middle East that support the strengthening of sterling.

However, the potential rally was also limited because the data this afternoon also reiterate lack of recovery. UK trade balance deficit rose by? 15.2 billion, worse than predicted? 5.6 billion and previous publications? 7.4 billion. Analysts see the sterling resistance at 1.5780, the highest price November 30. "For now, the chances of selling area of ​​1.57/1.58 give it enters 2012. The performance of the dollar will remain bright in the first quarter of next year," said Jeremy Stretch, an analyst at CIBC. Anxiety over the fragility of Britain's economic recovery will likely take place with the BoE monetary stimulus will re-injection in February.

News and Economic Review Europe (UK)

The rate of UK Q3 GDP Revised Up

Thursday, December 22, 2011

UK GDP report for the third quarter was revised higher to 0.6% compared to previous estimates on the rate of 0.5%.

Output of production in various industries rose 0.2%, while the manufacturing sector increased 0.1%.

The services industry output rose 0.7%, while the construction industry output increased 0.3%.

News and Review of European Economic

Bond Yields Down, European Stocks Up

Thursday, December 22, 2011

European stocks rose in trading Thursday (22/12) ended weaker yesterday ahead of year-end holidays.

The FTSE rose 0.6% to 5427, the CAC rose 1.1% to 3065 and the DAX index rose 1.2% to 5866.12. Bluechips stock index rose 0.7% after on Wednesday fell 0.5%. So quoting yahoofinance.com.

European banking index rose 1.2% after they take advantage of loans from the European Central Bank (ECB) up to 490 billion euros for 3 years. This condition could assuage fears of debt crisis. But eventually become doubt they will use those funds to buy European government bonds.

"Yields on Italian and Spanish bonds fell indicate the bank will not do the carry trade. They object to using the funds LTROs EDB to buy government bonds," said analysts at Paris.

PNP Paribas bank shares rose 2.6% and shares of UniCredit up 1.6% bak.

Gold advanced to its highest level in a week

Wednesday, December 21, 2011

The price of gold advanced to its highest level in a week. U.S. economic data releases and Germany that exceeded predictions, leading to positive sentiment in the market, thereby reducing investor demand for the dollar as safe haven currencies.

Cash bullion (physical gold) rallied for a second day, and rose by 0.8% to the position of U.S. $ 1628.30 per troy ounce. This is the highest price since December 14. Meanwhile, at 11:07 am in Singapore, traded at U.S. $ 1627.30 per troy ounce. Meanwhile, gold contract for February delivery on the Comex rose 0.7% to as low as U.S. $ 1629.60 per troy ounce.

German business confidence index rose in December for the second month. Meanwhile, housing data in the U.S. in November and then rose to its highest level for over a year.

These positive data push dollar positions close to lows against the euro a week. The dollar also weakened before the European Central Bank today announced the results of a three-year loan related to the first stage. These loans are aimed to guarantee the banks in the euro area have access to funding amid the debt crisis.

"The weakening U.S. dollar have boosted demand for gold. The stock market and commodities moving optimistic following positive economic data," said Lachlan Shaw, an analyst at Commonwealth Bank of Australia.

News and Economic Review Asia (China)

Coming to Lunch, China Stocks Gain Crop

Wednesday, December 21, 2011

By noon, the exchange gain due to the weakening of China cut its property stocks after news that China has added to the pension funding injection of funds into the stock market. The Shanghai Composite Index +0.2%, to 2221.14 with nearest resistance level in 2250.

"Investors expect more good news in the coming days so that it can withstand the index rebounded. The volume of trade is still thin and need time to build trust," according to Xu Yinhui, an analyst at Guotai Junan Securities. China Minsheng Banking Corp.. +0.3% To CNY6.03, and Zijin Mining Group Co.. +0.5% To CNY3.86. Some property stocks fell after the Shanghai government said it would limit the purchase of a house next year. The Shenzhen Composite Index flat at 909.28.

News and Economic Review European (Spanish)

Spanish short-term bond yields fell sharply

Wednesday, December 21, 2011

MADRID. Short-term bond interest rates have fallen sharply Spain. For the six-month tenured bonds slumped from 5.2% to 2.4% at an auction last month. This mendakan pressure on bond markets in the European Union (U.S.) slightly reduced.

Spain also increase lending to the public by increasing the bond tenure of three months and six months amounting to 1 billion euros from the planned to 5.6 billion euros.

Prime Minister of Spain, Mariano Rajoy, said, would reduce government spending in the extreme in the coming years. It is certainly to reduce Spain's budget deficit of 16.5 billion euros in 2012.

If saving is successful, the Spanish could reduce the budget deficit of about 4.4% in 2012. Meanwhile, last year, Spain deficit of 9.2%.

Despite widespread doubts of success Rajoy make budget savings, but he has to convince the market that Spain would reduce the national debt.

That is one reason why governments would lend more money in the market by giving a lower interest rate.

News and Review of European Economic

Despite Rebound, Euro Beware of 'sell on rally'

Wednesday, December 21, 2011

In afternoon trading session on Wednesday (21/12), recorded the single currency euro rose sharply in the range of $ 1.3115, after reaching the peak price of $ 1.3126, Reuters.

Rebound EUR mainly thanks to the emergence of positive news from both European and American continents. From Europe, investors got good news from the success of the strong demand for Spanish bond auction. The market also welcomed the positive data German sentiment index which rose to a level of 107.2 in December, from 106.6 the previous November. And related news, suddenly shot up to the euro immediately above the level of $ 1.31 for the first time in the past week along with a surge in investor interest in risky assets.

The euro also reap support from a news story that mentions the banking sector will have a duration of 3-year loan from the European Central Bank (ECB) this week, which reportedly will be partially used as collateral and bonds to buy euro zone countries.

Nevertheless, the overall sentiment remained fragile and investors were still maintaining the strategy sell on rallies given the absence of credible solutions resulting policy makers to tackle the debt crisis.

News and Economic Review Europe (UK)

UK business confidence falls

Wednesday, December 21, 2011

British consumer confidence fell this month since the crisis of 2009 and increased pessimism about the economy amid the worsening situation in the euro zone, as submitted by GfK NOP Ltd..

Sentiment index fell two points from last November to -33, the lowest since February 2009, as submitted by the group based in London. Economic forecasts next year fell 8 points to -41, the lowest since January 2009.

Consumer confidence weakened as European leaders are still struggling to find a solution to the debt crisis, rising unemployment, and some policy makers that the Bank of England warned the risk of weakening the economy at least for one quarter.

Policy makers to expand their asset purchase program of € 75 billion (118 billion) to € 275 billion in October and December meeting minutes they will be released today and will indicate whether the stimulus continue to be approved.

Nationwide Building Society said yesterday that its consumer confidence index rose in November from a record low. However, the index is nearly 40 points below the long-term average.

FFK gauge the views of consumers about their personal financial situation for next year still remain in this December -10, while the reference that indicates whether the current best time to make major purchases fell 4 points to -31.