Gold holds near 5-week low amid hawkish Fed outlook -SapForex24

Gold prices stayed near the lowest level in around five weeks in European trade on Tuesday, as hawkish remarks made by an influential Federal Reserve official reinforced expectations for the Fed to keep raising interest rates.

Comex gold futures were at $1,248.89 a troy ounce by 4:35AM ET (0835GMT), up $2.20, or around 0.2%. Prices fell to $1,244.10 in overnight trade, a level not seen since May 17. Gold prices lost about $10.00, or 0.8%, on Monday.

Also on the Comex, silver futures were up 7.8 cents, or roughly 0.5%, to $16.58 a troy ounce, after hitting its lowest since May 18 at $16.44.

New York Fed Chief William Dudley gave an upbeat assessment of the economy on Monday and warned against the central bank taking a pause in the tightening cycle.

In a business roundtable held in Plattsburg, New York, Dudley said U.S. inflation is a bit low but should rise alongside wages as the labor market continues to improve, allowing the Fed to continue gradually tightening U.S. monetary policy.

The remarks echoed similar comments made by Fed Chair Janet Yellen in last week’s press conference after the central bank hiked rates for the second time this year.

Chicago Fed President Charles Evans however later said the Fed should move slowly to raise rates and trim its portfolio due to soft inflation.

The U.S. central bank last week raised interest rates as widely expected and maintained plans to go ahead with another rate hike by year-end. The Fed also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet.

Despite the Fed's relatively hawkish message, market players remained doubtful over the central bank's ability to raise rates as much as it would like before the end of the year due to a recent run of disappointing U.S. economic data.

Futures traders are pricing in around a 20% chance of a hike at the Fed's September meeting, according to Investing.com’s Fed Rate Monitor Tool. Odds of a December increase was seen at about 40%.

Market players will focus on a pair of Federal Reserve speakers Tuesday, as they look for more clues on future monetary policy moves.

Boston Fed President Eric Rosengren speaks at 8:15AM ET at the DNB-Riksbank Macroprudential Conference Series meeting in Amsterdam. Dallas Fed President Robert Kaplan will also speak in San Francisco at the Commonwealth Club of California.

Fed Vice Chair Stanley Fischer did not address the outlook for U.S. monetary policy or the economy when he spoke in Amsterdam earlier in the day.

Among other precious metals, platinum was little changed at $928.05, while palladium tacked on 0.5% to $859.80 an ounce.

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Forex - GBP/USD re-approaches 1-month lows amid U.K. political jitters-SapForex24

The pound dropped against the U.S. dollar on Wednesday, re-approaching a one-month low after the release of downbeat U.K. data and amid mounting political uncertainty in the Britain ahead of the June 8 election.

GBP/USD hit 1.2780 during European morning trade, the pair’s lowest since May 26; the pair subsequently consolidated at 1.2783, declining 0.59%.

Cable was likely to find support at 1.2772, the low of May 26 and resistance at 1.2890, Tuesday’s high.

Data showed that U.K. net lending to individuals fell to £4.3 billion in April from £4.7 billion the previous month, compared to expectations for decline to £4.5 billion.

Sterling had already weakened after a new poll showed that British Prime Minister Theresa May's Conservative Party could lose 20 of the 330 seats it holds in Parliament while the opposition Labour Party could gain nearly 30 seats.

The news came after a string of opinion polls showed a narrowing lead for May's Conservatives.
Meanwhile, the greenback regained some ground thanks to growing expectations for a rate hike by the Federal Reserve at its June policy meeting.

The had dollar weakened after data on Tuesday showed that the CB consumer confidence index fell to 117.9 in April, compared to expectations for a rise to 119.8.

However, the U.S. Commerce Department said consumer spending rose 0.4% last month, in line with economists’ forecasts. It was the biggest increase in four months.

The greenback had also been under pressure recently amid fears investigations into President Donald Trump's ties with Russia could hamper his administration's progress on promised stimulus measures.
Sterling was also lower against the euro, with EUR/GBP climbing 0.53% to 0.8746.

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Forex - Dollar index little changed, Fed meeting minutes ahead-SapForex24

The dollar was little changed against other major currencies on Wednesday, as investors awaited the minutes of the Federal Reserve’s latest policy meeting due later in the day.

EUR/USD held steady at 1.1186, off Tuesday’s six-month high of 1.1268.

The greenback regained some ground as investors turned their attention to the upcoming minutes of the Fed’s most recent policy meeting, with hopes of further indications on the pace of future rate hikes.

The U.S. dollar had broadly weakened recently following a string of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s U.S. presidential election and reports that Donald Trump attempted to interfere with the judicial process.

Elsewhere, GBP/USD rose 0.27% to 1.2994.

Investors were also still digesting the Manchester terrorist attack that killed 22 people on Monday evening.

USD/JPY eased up 0.08% to 111.86, while USD/CHF was little changed at 0.9758.

The Australian dollar was weaker, with AUD/USD down 0.12% at 0.7471, while NZD/USD added 0.09% to 0.7019.

Earlier Wednesday, the Australian Bureau of Statistics said construction work done fell 0.7% in the first quarter, disappointing expectations for a 0.2% slip.

Meanwhile, USD/CAD was steady at 1.3505.

Also Wednesday, Moody’s downgraded China’s credit rating for the first time in almost three decades.

Moody’s warned that China’s financial strength is likely to deteriorate in the coming years, as its economy slows and its national debt keeps rising.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.22.

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Forex - Sterling gives up gains as UK inflation hits highest since 2013 -SapForex24

The pound pulled back from the day’s highs against the dollar on Tuesday after data showing that UK inflation rose to its highest since September 2013 last month, underlining concerns over a squeeze on consumer spending.

GBP/USD initially touched session highs of 1.2957 before pulling back to 1.2889 by 09.05 GMT.
The Office for National Statistics said consumer prices rose by 2.7% in April compared to economists' expectation for a 2.6% annual increase.

Consumer prices rose 0.5% from a month earlier, the ONS said. Economists had expected inflation to match its March increase of 0.4%.

The latest increase in inflation was driven by a jump in airfares during the Easter holidays, which fell later this year. Rising prices for clothing, vehicle excise duty and electricity also contributed to the increase the ONS said.

The rate of inflation in the UK has accelerated in recent months as the weakening of the pound in the wake of last June’s Brexit vote drives up import costs.

Last week Bank of England Governor Mark Carney warned that living standards will tighten this year, with wages expected to fall in inflation-adjusted terms.

Core inflation, which strips out volatile factors like food and energy, rose to 2.4%, the most since March 2013 and above economists' expectations for it to rise to 2.2%.

Sterling was at one-month lows against the broadly stronger euro, with EUR/GBP up 0.6% at 1.2904.
Demand for the euro has been underpinned as investors shifted their attention back to the outlook for monetary policy as concerns over political risks receded after centrist Emmanuel Macron was elected France's president over far-right nationalist Marine Le Pen.

The euro was boosted after data confirming that euro zone gross domestic product grew by 0.5% in the first quarter.

Another report showed that Germany economic sentiment improved slightly in May, but came in weaker than forecast.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.33% at 98.48, pressured lower by the stronger euro.

The dollar was hit following reports that U.S. President Donald Trump shared sensitive intelligence obtained from a close U.S. ally with Russia's foreign minister about an Islamic State operation in a meeting last week.

The report added to concerns that Trump will be unable to successfully push through his economic stimulus program in the face of mounting controversies.

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Forex - Dollar little changed amid fresh U.S. political concerns-SapForex24

The dollar remained moderately lower against other major currencies on Wednesday, amid fresh U.S. political concerns although growing expectations for a June rate hike by the Federal Reserve still lent some support to the greenback.

EUR/USD was steady at 1.0869, close to the six-month high of 1.1021 set on Monday after Emmanuel Macron win in the French presidential election.

ECB President Mario Draghi was scheduled to speak at the Dutch House of Representatives later in the day.

Investors were waiting to see if he adopts a more optimistic tone on the euro-area economy in light of recent upbeat economic reports.

Meanwhile, the greenback weakened after U.S. President Donald Trump abruptly fired FBI Director James Comey.

Comey had been leading his agency's investigation into alleged Russian meddling in the 2016 U.S. presidential campaign and possible collusion with Trump's campaign.

GBP/USD added 0.14% to 1.2955, close to Monday’s eight-month peak of 1.2990.

USD/JPY slipped 0.14% to 113.84, while USD/CHF eased 0.08% to 1.0067.

The Australian and New Zealand dollars were stronger, with AUD/USD up 0.39% at 0.7371 and with NZD/USD advancing 0.49% to trade at 0.6929.

Meanwhile, USD/CAD fell 0.20% to 1.3693.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.43, after hitting a two-week high of 99.56 on Tuesday.

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International Market Update by SapForex24: 8-May-2017

Gold: 1230.63

Silver: 16.439

Copper: 2.502

Crude Oil: 46.48

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Top 4 Things Successful Forex Traders Do- SapForex24

Forex trading should be done with care. There are equal probability of profits and loss in the Forex markets. The key to success in the forex trading is to anticipate the Forex Signals. The art of anticipating the forex trading signals can be in cashed heavily in the forex markets. 

In order to become successful in forex trading the traders should follow some basic tips as discussed below.

•  Trade based on a strategy: The successful forex traders always trade based on certain strategy. The adequacy of the strategy and its percentage success rate will decide the profits earned by the trader. The trader should learn the strategy properly and should automate it to follow it properly.

• Paper Trade the Strategy: The strategy followed by the trader should be checked for its percentage yield and its exactness. The trader should first paper trade to check and master the strategy and once he is confident with the strategy then only he should start investing real money in the forex markets.

• Trade with Stop Loss: The trader should always trade with the help of stop loss. Whatever strategy the trader is following the use of stop loss is very useful in preventing the trader from incurring heavy losses. The proper stop loss levels are also very critical in gaining profits from a strategy.

• Keep emotions in control: While following some strategy the trader should keep the emotions in control. Even if the forex signals goes in opposite direction the trader should keep his emotions in control and trade wisely. Also the greed should be in control to prevent the trader from over trading.

If the trader is trading based on the advice of an advisory firm like SapForex24 they can gain good profits as these advisory firms have expert technical analyst who on the basis of their analysis provide forex signals to their clients.

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International Market Update by SapForex24: 25-April-2017

SAPFOREX24 MORNING UPDATE

Gold: 1273.66

Silver: 17.902

Copper: 2.577

Crude Oil: 49.37

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Oil recovers lost ground, but market remains under pressure-SapForex24

Oil prices recovered lost ground on Monday following big losses last week, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains.

U.S. West Texas Intermediate (WTI) Crude Oil futures (CLc1) added 32 cents, or 0.64 percent, by 0649 GMT(2:49 a.m. ET), but were still just below the $50 mark pierced on Friday at $49.84 a barrel.
Brent crude futures (LCOc1) rose 35 cents, or 0.67 percent, to $52.31 per barrel.

Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.

U.S. drillers added oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost U.S. shale production in May by the biggest monthly increase in more than two years.

U.S. crude production is at 9.25 million barrels per day (bpd) , up almost 10 percent since mid-2016 and approaching that of OPEC's top exporter Saudi Arabia.

"WTI oil slipped back below the $50 per barrel level, amid concerns that the lack of inventory drawdown since the OPEC production cuts is a sign that the cuts are not enough to rebalance supply and demand and put a floor under prices," said William O'Loughlin, investment analyst at Rivkin Securities in a note on Monday.

Both the Brent and WTI oil benchmarks are down more than 7.5 percent since the end of last year.
Keen to halt a further decline in prices, a panel made up by OPEC and other allied producers has recommended an extension of output cuts by another six months from June, a source said.

This, and an expected fall in Iranian production lent markets some support on Monday, traders said.
Iran's crude oil exports are set to hit a 14-month low in May, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers.

Iranian oil exports, especially to its core markets in Asia, had soared since the ending of most sanctions against it in January 2016.

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Forex - Dollar holds onto gains vs. other majors-SapForex24

The dollar held onto gains against other major currencies on Wednesday, recovering from the previous session’s downbeat U.S. data, although U.S. political uncertainty was expected to limit the greenback’s rise.

EUR/USD slipped 0.19% to 1.0711, off a three-week high of 1.0737 hit overnight.

The greenback had weakened after the U.S. Commerce Department reported on Tuesday that housing starts fell in March, likely due to bad weather, while building permits rose.

A separate report showed that U.S. industrial production rose in line with economists’ forecasts in March, while manufacturing production unexpectedly fell.

Sentiment on the greenback also remained vulnerable as trade talks between the U.S. and Japan got underway this week, with markets awaiting indications of the direction U.S. trade policy could take under President Donald Trump, who campaigned on a protectionist platform.

Heightened tensions around North Korea, which has vowed to conduct more missile tests following Sunday's failed missile launch, also continued to weigh on the greenback.

U.S. Vice President Mike Pence said on Wednesday that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea.

Markets were also jittery ahead of the first round of the French presidential election, scheduled on Sunday April 23. The race tightened after a surge in polls for far-left candidate Jean-Luc Melenchon, who wants a referendum on the country’s European Union membership.

Elsewhere, GBP/USD edged down 0.20% to 1.2816 after hitting a six-month peak of 1.2904 on Tuesday, when U.K. Prime Minister Theresa May on Tuesday called a snap election for June 8.

Analysts expect May to win a substantial majority in the elections, securing her position ahead of talks with the European Union about the terms for Brexit.

USD/JPY gained 0.43% to trade at 108.90, while USD/CHF eased up 0.11% to 0.9975.

The Australian and New Zealand dollars were weaker, with AUD/USD down 0.60% at 0.7515 and with NZD/USD declining 0.41% to 0.7013.

Meanwhile, USD/CAD rose 0.34% to trade at 1.3427.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.23% at 99.64, just off the previous session’s three-week low of 99.36.

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