Gold rises to 4-week highs, U.S. data in focus

Gold prices rose to four-week highs on Friday, as the Bank of England’s decision to lower interest rates continued to support and as investors eyed the release of key U.S. employment data due later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.23% at $1,370.55.

Futures were likely to find support at $1,347.00, Thursday’s low and resistance at $1,374.90, the high from July 6.

International Market News

Gold prices moved higher after the Bank of England delivered its first rate cut in seven years on Thursday and announced more measures to stimulate the economy in a bid to ward off recession following Britain's vote in June to leave the European Union.

The BoE cut interest rates to a record-low 0.25% in a bid to buffer the economy from a downturn following the Brexit vote.

The central bank also boosted its quantitative easing program by £60 billion and slashed its growth forecast for next year. It now expects growth of just 0.8% in 2017, down from 2.3% in its May forecasts.

Almost all economists had expected the BoE to cut rates and many also expected it to resume its multi-billion-pound program of government bond purchases.

Forex - Aussie holds steady after RBA rate cut, kiwi moves higher

The Australian dollar was steady against its U.S. counterpart on Tuesday, after the Reserve Bank of Australia lowered interest rates to a new record-low, while the New Zealand dollar moved higher as sentiment on the greenback remained broadly under pressure.

AUD/USD was little changed at 0.7542, after hitting lows of 0.7492 earlier in the session.

The RBA lowered its benchmark interest rate from 1.75% to a new record-low of 1.50%, in line with expectations.

Speaking after the decision, RBA Governor Glenn Stevens said “recent data confirmed that inflation remains quite low.”

Market News

NZD/USD gained 0.45% to trade at 0.7204.

Meanwhile, sentiment on the greenback remained vulnerable after the advance read on second quarter U.S. gross domestic product showed on Friday a 1.2% annualized growth rate, well below expectations for 2.6%. First quarter GDP was revised lower to 0.8% from 1.1%.

The disappointing data lessened expectations for an early interest rate rise from the Federal Reserve.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 95.65, still close to Friday’s five-week lows of 95.33.

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Oil languishes near 3-month lows amid glut concerns

Oil prices extended losses from last week in European trade on Monday, as analyse over a global supply glut increase after data showed that the U.S. oil rig count rose for the fourth week in a row last week.

Crude oil for September delivery on the New York Mercantile Exchange fell to a session low of $43.98 a barrel. It last traded at $44.02 by 08:03GMT, or 4:03AM ET, down 17 cents, or 0.38%.

On Friday, New York-traded oil fell to $43.74, a level not seen since May 10, amid signs of an ongoing recovery in U.S. drilling activity.

CrudeOil News- SapForex24

Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week increased by 14 to 371, the fourth straight weekly rise and the seventh increase in eight weeks.

The U.S. benchmark lost $1.93, or 3.83%, last week, after weekly supply data showed a surprising increase in gasoline inventories.

According to the U.S. Energy Information Administration, gasoline inventories rose by 0.9 million barrels, unsatisfactory expectations for a decline of 0.8 million barrels.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched down 14 cents, or 0.3%, to $45.95 a barrel, after falling to a more than two-month low of $45.17 on Friday.

London-traded Brent futures declined $2.23, or 4.03%, last week, as prospects of increased exports from Libya and Iraq added to concerns that a glut of oil products will cut request for crude by refiners.

Yen gains slightly after better than expected provisional PMI

The yen reversed earlier weakness and gained slightly on Friday in Asia as a manufacturing gauge showed some life.

Japan reported the provisional manufacturing PMI for July at 49.0, better than the expected level of 48.3, and higher than 48.1 in June, though still below expansion.

USD/JPY changed hands at 105.83, down 0.03%, while AUD/USD traded at 0.7474, down 0.25%. The euro was down 0.03 to 1.1023.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.02% to 96.96.

Overnight, the dollar pared losses against the other major currencies on Thursday, as strong U.S. housing sector data lent support and as upbeat remarks by European Central Bank President Mario Draghi failed to sustainably ease global growth concerns.

International Market News

Data showed that U.S. existing home sales increased by 1.1% in June to 5.57 million units from the 5.51 million units in May that was revised from the initial read of 5.53 million. The consensus forecast was for a 0.5% decline to 5.48 million units.

The report came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending July 16 fell by 1,000 to 253,000 from the previous week’s total of 254,000. Analysts expected jobless claims to increase by 11,000 to 265,000 last week.

Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to -2.9 this month from June’s reading of 4.7. Analysts had expected the index to improve to 5.0 in July.

At the conclusion of its policy meeting, the ECB left its benchmark interest rate unchanged at a record-low 0.0%, in line with forecasts.

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North American oil deals trickle back after Brexit shock

Oil prices (CLc1) have held steady at or above $45 a barrel for a majority of the last two months and touched a 2016 high above $51, ahead of the British referendum.

Tudor said buyers were banking on it eventually settling at around $60 a barrel, giving them confidence about buying drilling acreage in some of the nation's shale heartlands.

U.S. oil and gas producer Diamondback Energy Inc (O:FANG) last week said it would spend $560 million buying leases on oil-rich land in the Southern Delaware Basin, within the Permian Basin, the top U.S. oilfield, where initial production results have been strong and costs are coming down.

International Market News

A day later, U.S. energy company Laredo Petroleum Inc (N:LPI) said it would spend $125 million buying acreage in the Midland Basin, also part of the Permian.

Before the British referendum on June 23, buyers and sellers had grown comfortable with the idea that oil had rebounded from 12-year lows. That conviction helped to unclog the acquisition pipeline after a long-dormant period in which deals were offered but failed to materialize.

About $5.1 billion of U.S. and Canadian properties traded hands in June, the largest dollar amount in more than a year according to PLS Inc, global M&A database for such deals.

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Dollar pushes above 105 yen on Japan prompt hopes

 The dollar Thursday pushed above 105 yen for the first time in three weeks.

The dollar was up 1.07% at 105.62 yen at 04:20 ET after a high of 105.75.

There is prediction of aggressive prompt measures by Japan to reflate the economy.

Former Fed chief Ben Bernanke reportedly has floated the idea of Japan issuing immutable bonds.

International Market Update

Japanese officials have ruled out using helicopter money, or flooding the market with yen.

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