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FxNet Daily Market News

PostPosted: Thu Apr 14, 2016 9:03 am
by Froso@FXNET
Gold Prices Drop on Thursday

Chinese data affects markets

Gold was weaker in Asian trade this Thursday, as investors remained cautious ahead of the Federal Reserve’s review regarding rates later this month.

Gold for June delivery lost 1.07% on the Comex division of the New York Mercantile Exchange (NYMEX), trading at $1,234.90 a troy ounce.

Gold fell sharply overnight on Wednesday following excellent Chinese data which eased concerns over the slowdown of the country’s economy which has been having a global impact. The precious metal’s descent was also affected by a stronger dollar which makes the commodity more expensive to foreign investors and therefore less attractive.

Chinese exports were higher by 11.5% year on year for March much higher than expectations of a 2.5% increase.

The US dollar was also boosted by the Chinese trade data adding more than 0.75 percent on Wednesday reaching a high of 94.82 on the day.

The US dollar index which measures the greenback against a basket of major currencies was higher by 0.20% at 95.00.

Elsewhere on the Comex silver futures for May lost 1.41% to 16.095 dollars a troy ounce, and copper futures lost 0.28% to 2.164 dollars a pound.

FxNet Daily Market News

PostPosted: Thu Apr 14, 2016 9:05 am
by Froso@FXNET
Aussie Gains on Positive Job Reports

Currency commodities remain affected by oil prices

The Aussie was stronger versus the dollar on Thursday, following the release of positive Australian employment data as the kiwi fell more than 1% due to sentiment improvement on the greenback.

NZD/USD fell 1.05%, trading at 0.6847, while AUD/USD moved up 0.10% to 0.7661.

According to the Australian Bureau of Statistics, the amount of employed people in March increased by 26,100 instead of the expected 20,000 increase. In February the number of employed people fell by 700, in contrast to a previous estimate of a 300 gain.

The report showed that Australia’s unemployment rate fell by 5.7% in March from 5.8% in February, instead of meeting expectations of reaching 5.9%.

Sentiment on the greenback was improved following Wednesday’s positive Chinese trade data, which lessened concerns regarding the outlook for worldwide economic growth.

Furthermore, official data showed that Chinese exports rose 11.5% from a year earlier in March which was the first rise since last June.

For the time being, commodity currencies stayed under pressure while oil prices kept declining for a second day.

Earlier Thursday, OPEC warned of slowing demand as Russia stated that there will be minor commitments at the upcoming meeting in Doha, Qatar next Sunday.

The US dollar index, which measures the greenback’s strength against a basket of six other major currencies, was up 0.20% at 95.00, the highest level reached since April 6.

FxNet Daily Market News

PostPosted: Tue Apr 19, 2016 11:18 am
by Froso@FXNET
Aussie and Kiwi reach 10-month highs against Dollar

Greenback remains under pressure

The Aussie and Kiwi reached ten-month highs versus the US dollar on Tuesday, while the minutes of the Reserve Bank of Australia’s (RBA) meeting showed that interest rates are remaining steady for a while and employment trends will be kept in focus.

The RBA is concerned about the strength of the Aussie, stating “members noted that an appreciating exchange rate could complicate progress in activity rebalancing towards the non-mining sectors of the economy”.

AUD/USD rose 0.59%, reaching a 10-month high of 0.7756.

Commodity currencies increased due to higher oil prices, as Kuwait’s oil worker strike cut the country’s crude output almost in half.

NZD/USD rose 0.76% also reaching a 10-month high, trading at 0.7001.

The greenback stayed under pressure due to Friday reports showing that US inMarch declined more than expected, as there was a slight decrease in consumer sentiment this month as well.

The reports pointed out that the Fed will probably take a cautious approach on future interest rate hikes.

The US dollar index, which measures the greenback’s strength versus a basket of six other major currencies was 0.17% at 94.29, reaching a new low since April 13.