Gold pulls back from 2-month high as dollar rebounds | SAPFOREX24

Gold prices edged lower during European morning trade on Tuesday, pulling back from the prior session's two-month peak as the dollar firmed after earlier losses.

Gold for February delivery on the Comex division of the New York Mercantile Exchange dipped $2.00, or around 0.2%, to $1,213.55 a troy ounce by 4:10AM ET (09:10GMT), after rallying $10.70, or 0.9%, a day earlier.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2% at 100.15, recovering after slumping to a seven-week low of 99.88 earlier.

The dollar sold off after President Donald Trump's nominee for Treasury Secretary Steven Mnuchin said that an "excessively strong" dollar can have negative short-term impacts on the U.S. economy.
Mnuchin is still awaiting confirmation by the Senate, which has yet to schedule a vote.

Prices of the yellow metal jumped to $1,219.40 on Monday, a level not seen since November 22, as the U.S. dollar tumbled amid uncertainty around the economic policies of new U.S. President Donald Trump.

In his latest executive order, Trump signed to formally withdraw the U.S. from the 12-nation Trans-Pacific Partnership trade deal, distancing America from its Asian allies.

Trump has also vowed to renegotiate the North American Free Trade Agreement (NAFTA) with leaders of Canada and Mexico.

Global financial markets will continue to focus on Trump for further details on his promises of tax reform, infrastructure spending and deregulation, as well as insight regarding policies on China and the domestic economy.

The president vowed “massive” cuts in taxes and said he could reduce regulations by "75% or more" to help businesses create more jobs in the U.S. in a meeting with top executives of U.S. companies at the White House on Monday. Trump also reiterated his pledge to impose a hefty border tax.

Trump plans to meet with automotive executives at the White House on Tuesday.
Also on the Comex, silver futures for March delivery dipped 3.4 cents, or 0.2%, to $17.15 a troy ounce during morning hours in London.

Meanwhile, platinum tacked on 0.6% to $985.35, while palladium added 0.9% to $778.33 an ounce.
Elsewhere in metals trading, copper futures rose 0.6 cents, or about 0.3%, to $2.654 a pound.

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Basic Forex Market concepts for the beginners- SapForex24

The first ones use benefits  of Forex market for exchanging national currency, the latter ones use brokerage services for trading on difference in rates, thus, earning some Money. Brokers give a chance to traders Share in the Forex market and carry out sell or buy transactions using their advantage.

Brokers want to have a license, which gives them entrance to the Forex market. The entrance to Forex is not available for everyone. You Want to be a client of a brokerage in order to get entrance to the market and then, carry out buy or sell trades. All exchange rates of all national currencies at the Forex are rated versus each other.

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Have you ever thought why demand of Forex currency market is increasing every day, entrance great number of investors and traders? The fact is that Forex  Market is a unique place, which is different from other exchanges. Let’s look into Benefits of Forex market.

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Oil prices rise as markets eye OPEC, non-OPEC production cuts- SapForex24

Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining a global supply glut.

International Brent crude oil prices (LCOc1) were up 16 cents, or 0.3 percent, at $56.98 a barrel at 0802 GMT on Tuesday - close to last year's high of $57.89 per barrel, hit on Dec. 12. Oil markets were closed on Monday after the New Year's holiday.

U.S. benchmark West Texas Intermediate (WTI) (CLc1) crude oil prices were up 22 cents, or 0.41 percent, at $53.94 a barrel, not far from last year's high of $54.51 reached on Dec. 12.
Jan. 1 marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day.

Market watchers said January will serve as an indicator for whether the agreement will stick.
"Markets will be looking for anecdotal evidence for production cuts," said Ric Spooner, chief market analyst at Sydney's CMC Markets. "The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in early stages."

Libya, one of two OPEC member countries exempt from cuts, increased its production to 685,000 barrels per day (bpd) as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC).

Elsewhere, non-OPEC Middle Eastern oil producer Oman told customers last week that it will cut its crude term allocation volumes by 5 percent in March.

Non-OPEC member Russia's oil production in December remained unchanged at 11.21 million bpd, still near a 30-year high, but it was preparing to cut output by 300,000 bpd in the first half of 2017 in its contribution to the production cut accord.

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Oil on track for largest annual gain in 7 years ahead of production cut | SapForex24

 U.S. oil prices edged slightly higher in light pre-New Year holiday trade on Friday in an attempt to recover losses caused in the prior session from a surprise build in U.S. crude stockpiles while hopes for 2017's kickoff of the agreement to cut output and a weaker dollar helped support the commodity.
Crude oil for February delivery on the New York Mercantile Exchange gained 22 cents, or around 0.4%, to $53.99 a barrel by 4:14AM ET (8:14GMT), after falling 29 cents, or 0.5%, a day earlier.

Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London rose 29 cents, or 0.5%, to $57.14 a barrel, after the prior session's loss of 8 cents, or 0.14%.
London-traded Brent futures touched a 17-month high of $57.89 earlier this month, amid optimism over planned output cuts by major global oil producers.

Continued profit-taking in the U.S. dollar on Friday also helped support prices. The Dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.18% at 102.48 by 3:44AM ET (9:44GMT), pulling back from a peak of 103.62 reached on December 20.

A weaker dollar boosts crude as it becomes cheaper for traders purchasing with other currencies.
Oil prices are on track for their biggest annual percentage gain since 2009 on the back of an agreement struck between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to cut crude production.

OPEC and other producers led by Russia have announced cutbacks of almost 1.8 million barrels per day in oil output starting from January 1, 2017 in an effort to bolster prices and support the market.
Meanwhile, the members of an OPEC and non-OPEC committee formed to monitor the market may meet on January 21-22, according to Kuwaiti oil minister Essam Al-Marzouq, which may give an early indication of compliance with the deal.

Oil prices will gradually rise towards $60 per barrel by the end of 2017, a Reuters’ poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts.

Investors were also looking ahead to Baker Hughes' rig count data.
The oilfield services provider said last Friday that the number of rigs drilling for oil in the U.S. the previous week increased by 13 to 523, the eighth straight weekly rise and a level not seen in almost a year.

Some analysts have warned that the recent rally in prices could be self-defeating, as it encourages U.S. shale producers to drill more, adding to concerns over a global supply glut.
Elsewhere on Nymex, gasoline futures for February added 0.23% to $1.6793 a gallon, while February heating oil tacked on 0.37%, to $1.7263 a gallon.

Natural gas futures for February delivery slumped 2.0 cents, or 0.53%, to $3.822 per million British thermal units.

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Forex - Dollar little changed ahead of Fed meeting- SapForex24

The dollar fluctuated between small gains and losses the other major currencies on Wednesday as investors stayed on the sidelines ahead of the outcome of the Federal Reserve’s latest policy meeting later in the day.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 101.05, little changed for the day.
The Fed is widely expected to hike rates for the first time in a year, with investors pricing in a 100% chance of an increase, according to federal funds futures tracked Fed Rate Monitor Tool.

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Investors will be focusing on the details of the central banks latest economic forecasts, the first since the U.S presidential election, for indications on the expected pace of rate hikes going forward.
Higher rates typically boost the dollar by making dollar assets more attractive to yield-seeking investors.

The euro was steady, with EUR/USD at 1.0625.
The dollar edged lower against the yen, with USD/JPY dipping to 115.12, holding below Monday’s highs of 116.12, the highest level since February 8.

The pound edged higher, with GBP/USD rising to 1.2672 ahead of the latest U.K. employment report later in the day.

The commodity linked currencies were also little changed, with AUD/USD at 0.7496 and NZD/USD at 0.7210. USD/CAD was trading at 1.3120.

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Oil prices surge, trading volume records smashed as OPEC and Russia agree output cut-SapForex24

An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday, even as analysts warned other producers will likely top up supply.

The Organization of the Petroleum Exporting Countries (OPEC)agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output.

The deal also included the group's first coordinated action with non-OPEC member Russia in 15 years. On Thursday Azerbaijan said it was also willing to engage in talks on cuts.

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"OPEC has agreed to an historic production cut," analysts at AB Bernstein said. "The cut of 1.2 million barrels per day (bpd) was at the upper end of expectations (0.7-1.2 million bpd). An additional cut of 0.6 million bpd from non-OPEC countries could significantly add to what has been announced by OPEC."

The price for Brent crude futures (LCOc1), the international benchmark for oil prices, jumped as much as 13 percent from below $50 on Wednesday and was at $52.10 per barrel at 0806 GMT, although traders pointed out that part of the jump was down to contract roll-over from January to February for Brent's front-month futures.

U.S. West Texas Intermediate (WTI) crude futures rose back above $50 briefly before easing to $49.63 a barrel at 0806 GMT, though still up 20 cents from its last settlement.
"OPEC has delivered an agreement," said Jason Gammel of U.S. investment bank Jefferies. "Bulls got as much as could be hoped for...For the time being, oil prices have received a huge support."

The development also triggered frenzied trading, with Brent futures trading volumes for February and March, when the supply cut will start to be visible in the market, hitting record volumes.

The second front-month Brent crude futures contract, currently March 2017, traded a record 783,000 lots of 1,000 barrels each on Wednesday, worth around $39 billion and easily beating a previous record of just over 600,000 reached in September. That's more than eight times actual daily global crude oil consumption.

April Brent traded 288,000 lots of 1,000 barrels each, compared with a previous record of 228,7000 lots done in July 2014.

The records also meant that Brent volumes far exceeded trades in U.S. West Texas Intermediate (WTI) Crude futures, which tend to be higher than those for Brent, but which registered only 368,000 and 214,800 lots for March and April, respectively.
DOUBTS REMAIN

Despite the agreed deal, some doubts over the cut remained. "This is an agreement to cap production levels, not export levels," British bank Barclays (LON:BARC) said. "The outcome is consistent with... what OPEC production levels were expected to be in 2017 irrespective of the deal reached."
Meanwhile U.S. bank Morgan Stanley (NYSE:MS) said that "skepticism remains on individual countries' follow-through (on the cut), which is keeping prices below year-to-date highs (of $53.73 per barrel in October) for now."

Despite the jump in prices, they are still only at September-October levels - when plans for a cut were first announced - and prices are at less than half their mid-2014 levels, when the global glut started.
Goldman Sachs (NYSE:GS) said in a note following the agreement that it expected oil prices to average just $55 per barrel in the first half of next year.

OPEC produces a third of global oil, or around 33.6 million bpd, and the deal aims to reduce output by 1.2 million bpd from January 2017, similar to January 2016 levels, when prices fell to over 10-year lows amid ballooning oversupply.

Analysts said that the cuts would leave the field open for other producers, especially U.S. shale drillers.

"We do not believe that oil prices can sustainably remain above $55 per barrel, with global production responding first and foremost in the U.S.," Goldman Sachs said.
U.S. crude production has risen by over 3 percent this year to 8.7 million bpd, as its drillers have aggressively slashed costs.

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Dollar at fresh 14-year highs vs. rivals after mixed U.S. data

The dollar was hovering at a fresh 14-year peak against the other majors currencies on Wednesday, after the release of mixed U.S. data failed to dampen optimism over the strength of the economy.
The Universtity of Michigan said its consumer sentiment index rose to 93.8 in November from 91.6 the previous month, beating expectations for an unchanged reading.

In addition, the U.S. Commerce Department said durable goods orders climbed 4.8% last month, compared to expectations for a gain of 1.5%.
Core durable goods orders, which exclude volatile transportation items, rose 1% last month, compared to a forecast increase of 0.2%.

On a less positive note, the U.S. Department of Labor said initial jobless claims in the week ending November 19 increased by 18,000 to251,000 from the previous week’s total of 233,000 (initially 235,000). Analysts had expected jobless claims to rise by 15,000 to 250,000 last week.
Another report showed that U.S. new home sales fell by 1.9% to 563,000 units last month, disappointing expectations for a 0.3% increase.

The greenback has remained supported amid expectations that President-elect Donald Trump’s plans to ramp up fiscal spending and cut taxes will spur economic growth and inflation.
Faster growth would spark inflation, which in turn would prompt the Fed to tighten monetary policy a faster rate than had previously been expected.

The U.S. dollar has also been boosted by bets that the U.S. central bank will almost certainly raise interest rates next month.
Fed Chair Janet Yellen on Thursday reiterated that a rate hike “could well become appropriate relatively soon.”

EUR/USD dropped 0.81% to a fresh 11-month low of 1.0537.

Research group Markit earlier reported that its euro zone composite purchasing managers’ index, which measures the combined output of both the manufacturing and service sectors, increased to 54.1 November from the prior month’s reading of 53.3 and above forecasts for no change.
The German manufacturing PMI slipped to 54.9 this month from 55.0, while the services PMI climbed to a six-month high of 55.0 from 54.2.

Markit also said its French manufacturing PMI declined to a two-month low of 51.5 in November from 51.8 the previous month, while the services PMI rose to a two-month high of 52.6 from 51.4.
Elsewhere, GBP/USD slid 0.27% to 1.2390.

USD/JPY rallied 1.43% to an eight-month high of 112.78, while USD/CHF climbed 0.56% to 1.0171.
The Australian and New Zealand dollars were weaker, with AUD/USD down 0.08% at 0.7396 and with NZD/USD dropping 0.79% to 0.7006.

Meanwhile, USD/CAD gained 0.28% to trade at 1.3478.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.81% at a fresh 14-year high of 101.91.

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Oil prices fall on renewed doubts on OPEC-led production cut

Oil prices fell in Asian trade on Wednesday, reversing earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meeting next week.
A strong dollar, which traded near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the U.S. Thanksgiving holiday on Thursday.

International Brent crude oil futures slipped 8 cents to $49.04 a barrel at 0548 GMT after climbing to $49.42 a barrel earlier in Wednesday's session on optimism OPEC would agree to an output cut.
Reuters commodities analyst Wang Tao said that Brent could rise to $49.85 per barrel, a level marked by several technical resistance factors.

U.S. West Texas Intermediate (WTI) crude oil futures fell 8 cents to $47.95 a barrel after rising to $48.30 earlier on Wednesday.
"The reason prices fell is renewed concern by traders in the ability of producers to reach agreement with Iran and Iraq on production cuts," said Ric Spooner, chief market analyst at CMC Markets in Sydney.

Wednesday's lethargy came after oil prices rallied earlier this week. Traders had anticipated the Organization of the Petroleum Exporting Countries (OPEC) would successfully implement a production cut at its Nov. 30 meeting in order to prop up prices.

With oil output among OPEC members running at around 34 million barrels a day, the market is suddenly looking at substantial cuts to get back to the level of 32 million to 33 million barrels a day when production curbs were first mooted earlier this year, Spooner said.

The OPEC gathering will debate an oil output cut of 4 to 4.5 percent for all of its members except Libya and Nigeria next week but the deal's success hinges on an agreement from Iraq and Iran, which may not give a full backing, three OPEC sources said Tuesday.

"The best case out of the OPEC meeting is an agreement to get production back to the 33 million barrel levels. I think if that happens there is scope to see oil surge up into the mid-$50s a barrel at least temporarily," Spooner said.

Short-term though, analysts said that investors were currently unwilling to push crude prices to $50 a barrel or higher.
"Their reticence is understandable given that longs (long positions) put on above that level have not ended well in recent times," said Jeffrey Halley, a senior market analyst at OANDA brokerage in Singapore.

"Tonight's (U.S.) EIA Crude Inventory numbers should provide a welcome, albeit temporary sideshow to the OPEC main event. Otherwise, we expect Asia to continue the sideways trading ranges," Halley said.

The Energy Information Administration (EIA) is due to publish official U.S. crude oil and refined product inventory data later on Wednesday.
U.S. Crude stockpiles are expected to rise by 700,000 barrels, according to the latest Reuters poll, while distillates will fall and gasoline will rise.

Forex - Dollar hits 9-month highs on Trump bets

The dollar hit nine-month highs against a basket of the other major currencies on Monday, boosted by expectations that a wave of fiscal spending and tax cuts under a Trump administration will spur growth and inflation.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.74% at 99.72, the highest level since January 29.
Last week the index rose 2.02%, the largest weekly gain since November 2015.

Investors expect that Trump's campaign pledges to increase fiscal spending, cut taxes and loosen financial regulation will prompt the Federal Reserve to hike interest rates as economic growth and inflation pick up.

Investors are currently pricing an 81.1% chance of a rate hike at the Fed's December meeting; according to federal funds futures tracked Investing.com's Fed Rate Monitor Tool.
Expectations for higher rates typically boost the dollar by making it more attractive to yield seeking investors.

The 10-Year U.S. Treasury yield rose to its highest since January on Monday as a selloff in Treasuries continued amid a surge in inflation expectations.

The dollar hit fresh five-month highs against the yen on Monday, with USD/JPY climbing 0.9% to 107.63.
In Japan, data overnight showed that the economy grew at a faster than expected pace in the third quarter, with GDP expanding by 2.2% on a year-over-year basis, but the report also indicated that domestic demand remained weak.

The euro fell to its lowest level since January against the dollar, with EUR/USD down 0.88% to 1.0757.
Sterling was also weaker, with GBP/USD falling 0.75% to 1.2496. The pound had hit a five-week high against the dollar on Friday amid hopes that Britain and the U.S. would continue to remain close despite political upheaval in both counties this year.

Currencies linked to the Trans Pacific Partnership trade deal remained under pressure after the White House conceded that it would not pass Congress ahead of Donald Trump's inauguration as president.
Trump made opposing the TPP a key part of his campaign.

AUD/USD was near one-month lows at 0.7540, while NZD/USD fell 0.41% to 0.7048 as markets awaited news on the economic consequences of an earthquake that struck the country on Monday.
Meanwhile, the Mexican peso was holding above record lows against the greenback, with USD/MXN at 21.01.

The peso found some support after Trump said parts of the wall he has pledged to build on the U.S.-Mexico border could be fencing.

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Gold climbs towards fresh 4-week high Fed, U.S. election in focus-SapForex24

Gold prices rose towards a fresh four-week high during Europe's session on Tuesday, as investors waited for the outcome of the Federal Reserve's policy meeting, while monitoring increased uncertainty over the upcoming U.S. presidential election.

Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $7.15, or 0.56%, to $1,280.25 a troy ounce by 3:50AM ET (07:50GMT), within sight of last Friday's four-week high of $1,285.40.

The U.S. central bank is expected to keep interest rates unchanged at the conclusion of its two-day policy meeting on Wednesday but set the stage for a hike in December amid signs the economy is picking up steam.

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Traders are currently pricing in a less than 10% chance of a rate hike this week,For December, odds stood at around 78%.
Meanwhile, investors continued to digest news of further investigation into Democrat Hillary Clinton's email issues by the FBI.

Markets were rattled by news last Friday that the FBI is planning to review more emails related to Democratic presidential candidate Hillary Clinton's private server, just over a week before the election.

The revelation could damage the chances of the Democrat candidate, fueling worries about a surprise election outcome.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 98.32 early Tuesday, moving away from last week's nine-month peak of 99.09.

Also on the Comex, silver futures for December delivery rose 17.7 cents, or 0.99%, to $17.97 a troy ounce during morning hours in London, while copper futures rallied 1.1 cents, or 0.5%, to $2.216 a pound.

Activity in China's manufacturing sector expanded at a faster pace than expected in October, two separate surveys showed on Tuesday, adding to views the world's second-largest economy is stabilizing.

China's official manufacturing purchasing managers index increased to 51.2 in October from September's 50.4, the National Bureau of Statistics said. The private Caixin survey also hit 51.2, showing the fastest rate of improvement since March 2011.