Daily Archives: March 11, 2016


Oil jumps as yuan hits 2016 high


  • Oil prices jumped on Friday supported by fresh investment and a weaker dollar, which makes fuel cheaper for importers using other currencies, but analysts warned that a stronger price rally was premature as a global glut remained in place.
  • U.S. crude futures were trading at $38.64 a barrel at 0749 GMT, up 80 cents and over 2 percent from their last close.
  • Traders said reports that commodity merchant Gunvor was the latest company to export U.S. sweet crude also supported WTI prices.
  • Brent crude futures were at $40.70 a barrel, up 65 cents.
  • May WTI’s discount to May Brent has narrowed to 51 cents a barrel on Friday from $1.23 a barrel on Tuesday.
  • Traders said that much of the oil price support came from the Chinese yuan hitting its highest level in 2016 on Friday, reflecting a global weakening of the dollar against other major currencies. The greenback already fell sharply on Thursday following easing measures announced by the European Central Bank.

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Comex Trading Signals and Market News – 11 March 2016


  • Oil prices slid on Thursday after U.S. crude hit 2016 highs the day before and Brent shot back over $40 per barrel. But analysts warned that larger gains would be unlikely as a global glut continues to outweigh strong demand. Prices rose as much as 5% on Wednesday, as a big gasoline inventory drawdown overshadowed record-high crude stockpiles. But analysts warned that a global crude production overhang of over 1 million barrels per day showed few signs of abating.
  • Copper futures prices slipped by 0.63 per cent on Thursday at the Multi Commodity Exchange (MCX) as participants trimmed their bets as rise in Chinese consumer inflation dented hopes of further monetary policy easing in the economy of the world’s biggest metals consuming nation clouding demand prospects.
  • Silver futures fell during noon trade in the domestic market on Thursday tracking weakness in the precious metal internationally as a rally in most Asian equities and higher oil prices eroded investment appeal while a stronger dollar curbed the lure for Silver as an alternative asset.Stronger greenback makes silver more expensive for those holding other currencies thus dimming demand.


  • Mexico’s central bank is pleased with the results of its surprise interest rate hike and new currency intervention policy and is prepared to act again “if necessary,” central bank Governor Agustin Carstens said on Thursday. Speaking at an annual banking conference in Acapulco, Carstens said the bank carefully thought through its bevy of actions on Feb. 17, when the Finance Ministry also announced budget cuts.
  • Japanese Finance Minister Taro Aso said on Friday he hoped the Bank of Japan would continue its efforts to achieve its 2 percent price target, while suggesting that specific monetary policy steps were up to the central bank to decide. The adoption of negative interest rates by the BOJ is already having an impact such as bringing down housing loan rates, Aso told reporters after a cabinet meeting.
  • U.S.-based stock funds attracted $4.6 billion in new cash during the week ended March 9, Lipper data showed on Thursday, breaking a nine-week streak of outflows.Taxable bond funds in the United States attracted $5.8 billion in new cash during the same weekly period, their seventh straight week adding new cash, the Lipper data showed.


  • BUY GOLD APR ABOVE 1263 TARGET 1268 1274 SL 1258
  • SELL GOLD APR BELOW 1254 TARGET 1249 1243 SL 1259

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Forex Signals

IForex Market Trading Signals and News – 11 March 2016


  • Forex -Euro lower as markets brace for ECB meeting
  • Forex -Kiwi, Aussie slip lower after RBNZ cuts rates
  • Forex – Greenback rises off 4-month lows vs. loonie

EUR/USD closed sharply higher on Thursday, erasing massive losses earlier in the session, as Mario Draghi pushed the euro dramatically upward by vowing not to cut interest rates any further after the European Central Bank adopted a wide range of stimulus measures at a closely-watched meetingThe currency pair traded in a broad range between 1.0823 and 1.1217, before settling at 1.1178, up 1.75% on the session. At session lows, the euro fell to its lowest level against the dollar in six weeks. The euro, however, quickly rebounded following Draghi’s comments, reaching its highest point since mid-February.

GBP/USD is currently trading with a slight bearish bias. During the previous trading day, there were some indecision in this pair, however, during this intraday, if the price should rebound clearly from the red supportive trend line, then we will be going long with wave (5) and have our target at 1.4395. Only a clear breakout below this supportive trend line will challenge this perspective. Pound should be traded alongside GBP/CHF and NZD/JPY, these pairs have a strong positive correlation of up to +0.86 and are thus expected to have a similar chart structure.


  • BUY GBP/USD ABOVE 1.4250 TARGET 1.4270 1.4300 SL 1.4220
  • SELL GBP/USD BELOW 1.4180 TAGET 1.4160 1.41300 SL 1.4210

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Financial Sgx Singapore Stock Market Trading Picks And News – 11 March 2016


  • The Straits Times Index (STI) ended 1.31 points or 0.05% lower to 2809.12, taking the year-to-date performance to -2.55%.
  • The top active stocks today were DBS, which declined 0.53%, Ezra, which declined 1.67%, Keppel Corp, which declined 1.67%, SingTel, which declined 0.27% and UOB, with a 0.49% advance.
  • The FTSE ST Mid Cap Index gained 0.21%, while the FTSE ST Small Cap Index declined 0.12%.
  • The outperforming sectors today were represented by the FTSE ST Consumer Goods Index, which rose 0.83%. The two biggest stocks of the Index – Wilmar International and Thai Beverage – ended unchanged and 0.67% lower respectively.
  • The underperforming sector was the FTSE ST Technology Index, which slipped 1.94%. Silverlake Axis shares declined 3.31% and CSE Global remained unchanged.
  • The three most active Exchange Traded Funds (ETFs) by value today were : IS MSCI India 100 (+0.94%),
    SPDR Gold Shares (-0.52%), DBXT MSCI Brazil Trn ETF10 (+3.33%).
  • The three most active Real Estate Investment Trusts (REITs) by value were : Ascendas REIT (+0.84%),
    Capitamall Trust (+0.47%), Capitacom Trust (unchanged).


  • BUY IEV HLDGS ABOVE 0.115 TARGET 0.120 0.130 SL 0.105

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Singapore Exchange : Opening market update

Market News ;

  • Singapore shares open lower on Friday after Wall Street slips.
  • Singapore share prices opened lower on Friday with the Straits Times Index down 4.54 points or 0.16 per cent to 2,804.58 as at 9.01am, after US stocks slipped on Thursday on a mixed bag of corporate reports and another drop in crude prices.
  • Brent crude futures were down US$1.02 to US$40.05 per barrel, while US crude settled at US$37.84 per barrel, down 45 cents. Not helping things are European Central Bank (ECB) president Mario Draghi’s Thursday comments that ECB deposit rates would not be cut further.

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