Retailer Home Depot (NYSE:HD) and Martha Stewart Living (NYSE:MSO) announced they have extended their agreement to offer Martha Stewart brands at Home Depot stores through 2016 reported the Associated Press.The Martha Stewart line has been with the store since January of 2010.Home Depot is currently above its 50-day moving average (MA) of $44.19 and above its 200-day of $37.50.
The Bangko Sentral ng Pilipinas dropped its overnight borrowing rate another 25 basis points to 4.00% from 4.25%. The Bank said: “The Monetary Board’s decision was based on its assessment that the inflation outlook remains within the target range, with well-anchored inflation expectations. Latest baseline forecasts have continued to indicate that inflation is likely to settle within the lower half of the 3-5 percent target range in 2012 and 2013. The risks to the inflation outlook also appear to be broadly balanced, with the subdued pace of global economic activity expected to temper the rise in commodity prices. Meanwhile, the upside risks to inflation stem mainly from volatility to oil prices due to geopolitical tensions in the Middle East and from the impact of strong capital inflows on domestic liquidity growth.”
The Philippine central bank also cut the interest rate by 25 basis points at its January meeting, and last raised its interest rate in May this year by 25 basis points to 4.50%, and increased reserve requirements by 100bps in July. The Philippines reported annual consumer price inflation of 3.9% in January, down from 4.8% in November, 5.2% in October, 4.8% in September, compared to 4.7% in August, 4% in July, 4.7% in June, 4.5% in May and 4.3% in April. Inflation is currently tracking just inside the Bank’s inflation target range of 3%-5%.
Wednesday saw an eventful day for the Aussie, with the Asian and early European sessions showing bullish momentum and the pair reaching its highest price since early Feb. The pair’s early gains were quickly reversed in the U.S session with the daily candle closing as a bearish pin bar.
The market formed an almost perfect double top pattern at 1.0850 before rotating back lower and closing below resistance at the 1.0770 area.
The charts below show the strength of both resistance areas. The markets close below 1.0770 could prove to be a significant action leading to further losses in the coming days.
With the strong bearish price action signal suggesting continued selling we’ll be looking to short the pair reacting to Wednesdays price. Aiming to enter using a limit order at the 1.0770 (also a 38.2% fib retracement of the pin) area, we’ll place our stops at Wednesdays highs with 1.0600, (the next area of support), being an initial target.
London Gold Market Report
from Adrian Ash
BullionVault
Thurs 16 Feb., 09:45 EST
WHOLESALE MARKET prices to buy gold bullion slipped further on Thursday in London, falling to a three-week low beneath $1709 per ounce as a raft of positive US data buoyed the Dollar, and fresh rumors broke of a Eurozone exit for Greece.
Last night’s phone-conference of Euro politicians said that Greece must accept extra budgetary oversight if it is to get the extra bail-out funds to meet March’s critical bond-repayment deadline.
US crude oil prices meanwhile ticked near five-week highs at $101 per barrel. Silver prices fell 2.4% to hit the lowest level since 25 January around $32.70 the ounce.
The price to buy gold fell to £1090 per ounce for UK savers, but held above €42,300 per kilo for Eurozone investors as the single currency dipped below $1.30.
“Key gold support is in the $1706 area and resistance is at last week’s high around $1752,” reckons the latest technical analysis from bullion bank Scotia Mocatta.
“Market sentiment towards [buying gold] seems broadly bullish, but some large stops lurking above $1730 are helping to keep a lid on things,” says a London dealer.
More broadly, “As a whole gold is adopting a more prominent role in the financial system,” said the World Gold Council’s Marcus Grubb to MineWeb this morning, launching the market-development organization’s latest quarterly Gold Demand Trends report.
“Central banks are [now] a key part of this market. They bought 439 tonnes last year, which is a huge move on the demand side, but they also were leasing more gold into the market…largely [to raise cash for] adding liquidity to help the European banking system.”
Spying “no end currently to the woes of Greece and Italy,” the WGC’s new report says that “ongoing difficulties in the [single Euro currency zone] will further stimulate gold investment demand.”
Gold Demand Trends also shows China’s private demand overtaking world No.1 India in the fourth quarter of 2011, by holding equal with the last 3 months of 2010 by volume while India’s demand fell 42% to the lowest level since the global recession of early 2009.
France saw positive net gold investment in 2011 for the third year in a row, after being a consistent “dishoarder” for almost two decades.
Minting some 80 tonnes of gold coin, Turkey was the world’s top bullion mint once again, according to the WGC’s data.
On the economic front Thursday, new US jobless claims fell to a near 4-year low last week, new figures showed, while housing starts were also better than analysts forecast.
Excluding fuel and food, factory-gate prices in the US rose 3.0% year-on-year in January, compared with Wall Street estimates of 2.6%.
In contrast to US gold investment demand, which slipped 29% by value at the end of 2011, US demand to buy gold jewelry rose 12% in the last quarter compared with Christmas 2010, says the WGC’s report, reaching $2.3bn.
But “Household debt remains elevated by historical standards,” says a new report from the Federal Reserve Bank of Richmond, “and other determinants of consumer spending remain weak.”
Chinese households meantime grew their demand to buy gold jewelry 27% by value year-on-year, spending three times as much as did US consumers.
China’s physical gold investment demand rose 20% by value.
“It will probably take some time before investors in Hong Kong fully warm up to this [gold ETF] product,” writes UBS strategist Dr.Edel Tully, noting unimpressive demand for the city’s new exchange-traded gold trust, launched on Monday.
“One of the main appeals of gold in its key markets such as China and India is that it is a tangible, hard asset and easily accessible to retail consumers in physical form.
“The shift from gold coins and bars to an exchange-traded product may take some getting used to.”
Gold price chart, no delay | Buy gold online at live prices
Adrian Ash is head of research at BullionVault, the secure, low-cost gold and silver market for private investors online, where you can buy gold today vaulted in Zurich on $3 spreads and 0.8% dealing fees.
(c) BullionVault 2012
Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.
Video courtesy of ForexCT – A leading Australian forex broker, liscensed by the Australian Securities & Investments Commission, offers the MetaTrader4 and PROfit Platform to retail traders. Other services include Segregated Accounts, Trading workshops, Tutorials, and Commodities trading.
Source: ForexYard
The euro tumbled throughout the trading day yesterday, after a planned meeting of euro-zone finance ministers was canceled. The meeting was supposed to result in Greece receiving a badly needed bailout package. The cancellation was taken as a sign that other euro-zone countries are worried that Greece will not stand by the conditions required of it to receive the bailout. Turning to today, traders will want to continue monitoring the Greek situation for clues as to where the market is heading. In addition, a batch of US data set to be released at 13:30 GMT may generate heavy volatility.
The US dollar saw gains against several of its main currency rivals yesterday, following negative euro-zone news that cast doubts on whether Greece will be able secure a much needed bailout package. The EUR/USD dropped as low 1.3065 before staging an upward correction and stabilizing around the 1.3100 level. Against the Swiss franc, the USD jumped close to 100 pips before stabilizing around the 0.9215 level.
Turning to today, a batch of US news is likely to generate significant market volatility. Traders will want to pay attention to the Building Permits and PPI figures, as well as the weekly Unemployment Claims. They are all considered valid indicators of economic health, and if positive, could result in gains for the greenback during the afternoon session. Additionally, a speech from Fed Chairman Bernanke at 14:00 GMT may lead to market activity. An optimistic speech regarding the US economy may help the dollar extend its bullish trend against the euro.
The euro tumbled against its safe-haven currency rivals yesterday, following news that approval for a Greek bailout package has been delayed. The news caused investors to abandon the euro in favor of safer assets, such as the US dollar and Japanese yen. Earlier pledges by China to keep on buying European debt were largely ignored following the Greek news. The EUR/USD fell below the psychologically significant 1.3100 level, while against the JPY, the common currency dropped over 100 pips during the afternoon session.
Turning to today, traders will want to continue monitoring the Greek situation for clues as to where the euro will be heading. With the bailout deal currently in question, the euro may have a hard time reversing its bearish trend. In addition, fears that Greece could still default on its debt even if it secures a bailout deal do not bode well for the euro. That being said, with China maintaining that it will continue to buy euro-zone debt, the common currency may be able to stabilize against its main rivals.
The EUR/JPY spiked as high as 103.50 during European trading yesterday, following a pledge by China to continue buying euro-zone debt. The pair was not able to maintain its upward momentum, and tumbled well over 100 pips after it was announced that there may be delays in Greece receiving it’s much needed bailout package.
Turning to today, euro-zone news is once again forecasted to influence the level of risk taking in the market place. Traders will want to pay attention to any updates regarding the Greek debt crisis. Unless positive news is released, the JPY may continue to move up against riskier currencies like the euro.
The price of crude oil continued to go up yesterday, as Iranian threats to limit exports led to supply side fears among investors. Crude went as high as $102.44 a barrel late in the European session before stabilizing around the $101.50 level. Oil was able to maintain its bullish momentum despite Greek debt worries that drove investors away from riskier assets throughout the day.
Today, traders will want to continue monitoring the situation in the Middle East. Any actions by Iran to limit oil exports to Europe may result in prices going up further. For the time being, it appears that unless the situation dramatically calms down, crude is likely to remain above the $100 level.
Following dramatic shifts in recent days, technical indicators are inconclusive as to what direction this pair is headed. The Stochastic Slow on the weekly chart has formed a bearish cross, indicating that downward movement could occur in the near future. At the same time, the Williams Percent Range is hovering in oversold territory. Traders may want to take a wait and see approach for this pair.
The daily chart’s Bollinger Bands have begun to narrow, indicating that a major price shift could occur in the near future. The Stochastic Slow on the same chart has formed a bullish cross, which typically means upward movement could occur. Traders may want to open long positions ahead of a possible upward breach.
Most technical indicators place this pair in overbought territory, indicating that downward movement could occur in the near future. These include the Williams Percent Range on the weekly chart, which is currently at -10, and the Relative Strength Index on the daily chart, which has leveled out at 90. Traders may want to go short in their positions.
Most technical indicators on the daily and 8-hour charts place this pair in neutral territory, meaning that no major market shifts are expected to take place. That being said, the Williams Percent Range is slowly drifting into overbought territory. Traders will want to keep an eye on this indicator. If it goes above -20, the pair may see a downward reversal.
The daily chart’s Williams Percent Range has drifted into oversold territory, indicating that an upward correction could take place in the near future. This theory is supported by the Relative Strength Index on the same chart, which has dropped below the 30 level. Forex traders may want to go long in their positions ahead of a possible upward correction.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
By TraderVox.com
The Greek deal delay continues to punish Euro today as well with the single currency going below 1.3000 levels. The pair continued the loss since the early Asian session and continued in European session to form a low of 1.2982. It is hovering around 1.3000 levels down about still down about half a percent for the day. The support may be seen at 1.2980 and below at 1.2950. The resistance may be seen at 1.3050 and above at 1.3090/3100 levels. The jinx of Greek deal is far from untangled. The next deadline for the deal comes next week.
Compared to Euro, the sterling pound is stronger but still trading in red against the US dollar. It is currently trading around 1.5675, down about 0.10% for the day. The support may be seen at 1.5660 and below at 1.5600. The resistance may be seen at 1.5700 and 1.5730. The pair is trading in a consolidation phase. The nationwide consumer index came better than expectation. It rose to 47 compared to expected value of 40. It felt to push the pound higher.
Encouraging employment data came from down under. The unemployment rate fell to 5.1% against the expected unemployment of 5.3%. The 46.3k employment added in January against the expected value of 10.9k. After the data, the Australian dollar rose to a high of 1.0737. But the cheer was short lived as the delay in Greek deal propelled the greenback against the Australian dollar. It is currently trading near 1.0667, down about quarter a percent. The support may be seen at 1.0650 and the resistance may be seen at 1.0700.
The weakening of Japanese Yen continued today as well and took out yesterday’s high of 78.65. The pair is approaching the 79 levels and high for the day so far is 78.82. The support may be seen at 78.50 and the resistance may be seen at 79 and 79.50.
The USD/CHF pair is approaching the 0.9300 levels and formed a high of 0.9296. It is currently trading near 0.9280, up about half a percent. The support may be seen at 0.9250 and below at 0.9200. The resistance may be seen at 0.9300.
The US dollar index has taken out 80 levels is currently trading around 80.10.
Article provided TraderVox.com
Tradervox.com is a Forex News Portal that provides real-time news and analysis relating to the Currency Markets.
News and analysis are produced throughout the day by our in-house staff.
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Republican presidential contender Rick Santorum has overtaken Mitt Romney in the battle for the party’s nomination. According to the Pew Research Center poll, it also shows both losing to President Barack Obama in hypothetical matchups.Santorum got 30 percent of Republican voters in the February poll, while Romney got 28 percent. And according to a survey of all registered voters – Obama holds a 10 percentage point lead over Santorum and 8 points over Romney.Romney’s status in the race was shaken when Santorum won Colorado, Minnesota and Missouri on February.
Source: ForexYard
The greenback made gains this morning against the euro and Swiss franc. A few factors contributed to this morning’s rise, including positive news for the USD. There are signs that the US stock markets were showing resilience helped boost investor confidence in the overall strength of the USD and the US economy. Also giving the USD a boost were the positive forecasts of the housing and unemployment figures expected later today. While forecasts are certainly good, traders would be well advised to keep a close eye on degree of impact the expected figures have.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
Source: ForexYard
The EUR/USD continued to take a downward turn as news regarding the anticipated Greek bailout package is not inspiring confidence amongst investors. The news that EU finance ministers were looking for ways to delay parts of the second Greek bailout has caused a great deal of uncertainty regarding the euro. As of this morning the EUR/USD was at its lowest point in three weeks at $1.3020.
The next development in this story might have to wait until next Monday when EU finance minister are to meet regarding the approval of a second rescue package for Greece. Until then, there is a possibility that volatility will continue.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
