Resources | Global Futures
|
Monday, February 6, 2012 - Weekly e-Newsletter & Commentary -
Issue No. 496
| Economic Calendar |
| Date |
ET |
Release |
For |
Consensus |
Prior |
| Feb 7 |
3:00 PM |
Consumer Credit |
Dec |
NA |
$20.4B |
| Feb 8 |
7:00 AM |
MBA Mortgage Index |
02/04 |
NA |
-2.9% |
| Feb 8 |
10:30 AM |
Crude Inventories |
02/04 |
NA |
NA |
| Feb 9 |
8:30 AM |
Initial Claims |
02/04 |
NA |
367K |
| Feb 9 |
8:30 AM |
Continuing Claims |
01/28 |
NA |
3437K |
| Feb 9 |
10:00 AM |
Wholesale Inventories |
Dec |
NA |
0.1% |
| Feb 10 |
8:30 AM |
Trade Balance |
Dec |
NA |
-$47.8B |
| Feb 10 |
9:55 AM |
Mich Sentiment |
Feb |
NA |
75.0 |
| Feb 10 |
2:00 PM |
Treasury Budget |
Jan |
NA |
-$49.8B |
|
| View Our Complete Economic Calendar |
| |
| Gold and Silver Commentary |
| Global Futures |
 Inflation expectations remain in focus for gold prices, with Ben Bernanke’s testimony clearly the most significant item of concern. Prices soared after last week’s lurch to the dovish side of the spectrum following the FOMC policy announcement and have been buoyant since. This suggests much of the Fed’s accommodative stance has been priced in already, meaning there is probably a high bar needed to be overcome on how much more dovish Bernanke must take his rhetoric to engineer substantial upside momentum.
Prices are testing above resistance at 1746.10, with a confirmed break on a daily close above the level exposing 1802.80. However, negative RSI divergence warns that bullish momentum is fading and hints a reversal is ahead. Near-term term support lines up at 1716.17, a previously broken rising channel top.
Click here to read more. |
| |
| Crude Oil Commentary |
| Global Futures |
 Crude oil’s decoupling from risk sentiment trends continued yesterday as prices declined even as supportive manufacturing data from China, Europe and the US came across the wires, with prices finally cracking support at 97.70 after senior IAEA officials confirmed expressed optimism following their weekend trip to Iran. Another trip has been planned for late February, easing fears that Tehran’s controversial nuclear program will lead to the eruption of overt conflict with Western powers.
Click here to read more. |
| |
| Forex Commentary |
| Global Futures |
The Dow Jones-FXCM U.S. Dollar Index remains 0.08 percent higher from the open after moving 74 percent of its average true range, and the greenback looks poised to break out of the downward trending channel carried over from the previous month as it finds support around 9,700. As the fundamental outlook for the world’s largest economy improves, easing bets for another large-scale asset program should prop up the USD, and the rebound may turn into a larger correction as we expect to see a more robust recovery in 2012. However, it looks as though the greenback will consolidate going into the weekend as the 30-minute relative strength index back from a high of 67, and we will maintain a bullish outlook for the near-term as the index carves out a bottom this week.
Click here to read more. |
| |
| Fundamental Analysis: |
| Global Futures |
Fitch took ratings actions on six Euro-zone sovereigns today, resulting in downgrades of five nations. The downgrades follow the Rating Watch Negative (RWN) placed on the six nations, Spain, Belgium, Italy, Slovenia, Cyprus and Ireland, on December 16, 2011.
Despite the sovereign credit downgrades, the Euro remained to climb against the U.S. dollar. The U.S. dollar remains weak, as investors continue to await news on a Greek deal being reached.
Click here to read more. |
This weekly
newsletter and commentary is also available as an
email-based subscription. It is delivered weekly on
Mondays to all subscribers. If you would like to
subscribe to our Free Weekly Newsletter and
Commentary (or any of our other subscription services),
click here. |
| |
|
