Daily Archives: March 29, 2016

29Mar
SGX

China March factory activity seen contracting at slower pace

SHANGHAI :

  • Activity in China’s manufacturing sector likely shrank for an eight straight month in March, but at a slower pace than in February as a reviving property market gave a much-needed boost to sales of steel and other construction materials, economists polled by Reuters said.
  • The official manufacturing Purchasing Managers’ Index (PMI) is expected to rise to 49.3 in March from 49.0 a month earlier, according to a median forecast of 32 economists in a Reuters poll. February’s reading was the weakest since November 2011.
  • Although the forecast rise implies a slower rate of shrinkage, it is still below the 50.0 mark which separates expansion from contraction.
  • China’s factory sector has been in a prolonged slowdown, weighed down by weak global demand for the country’s exports and overcapacity in key sectors such steel and basic materials.

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29Mar

Comex Trading Signals and Market News – 29 March 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil prices rose in holiday-thinned European trade on Monday, amid indications U.S. shale oil producers are cutting back on drilling activity. Crude oil for May delivery on the New York Mercantile Exchange tacked on 64 cents, or 1.62%, to trade at $40.10 a barrel.
  • Gold futures extended losses from last week in holiday-thinned European trade on Monday, falling to a five-week low amid speculation the Federal Reserve could give serious consideration to a rate hike at its April meeting, boosting the U.S. dollar.
  • Crude oil posted early gains in Asia with a key meeting on a proposal to freeze output by major producers looming next month. On the New York Mercantile Exchange, crude oil for delivery rose 0.81% to $39.77 a barrel. In the week ahead, oil traders will be focusing on U.S. stockpile data on Tuesday and Wednesday for fresh supply and -demand signals.

ECONOMY NEWS :

  • Japan’s parliament is set to approve on Tuesday a record 96.72 trillion yen ($851.5 billion) state budget for fiscal 2016, paving the way for a fully-fledged debate on additional stimulus spending to spur the flagging economy.
  • California Governor Jerry Brown announced a deal with legislative and labor leaders on Monday to raise the minimum wage to $15 an hour by 2023, saying the nation’s most-populous state would lead the way toward higher pay for the working poor.
  • Former Brazilian President Luiz Inacio Lula da Silva urged a return to pro-growth economic policies like tax breaks and more consumer credit on Monday, doubling down on a strategy that has strained public accounts in recent years.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1219 TARGET 1224 1230 SL BELOW 1214
  • SELL GOLD BELOW 1212 TARGET 1207 1201 SL ABOVE 1217

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29Mar

IForex Market Trading Signals and News – 29 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • FOREX-Dollar edges up versus yen; awaits data, Fed comments
  • FOREX-Dollar on firm footing; awaits data, Fed comments
  • FOREX-Dollar poised for weekly gain after Fed officials signal rate hikes

EUR/USD
Offered at 1.1173 (23.6% of 1.0517-1.1376)in Europe, the EUR/USD pair is now trading around 1.1160 and threatening to drop into losses ahead of US data release. US Personal spending and income growth is seen slowing in February. Upward revision of the US Q4 GDP released on Friday was largely due to personal consumption; hence USD bulls may feel demoralized if spending figure for February slows more than expected. Post personal spending release, investors would shift their focus to goods trade balance, new home sales and Dallas Fed manufacturing index. Action in oil prices and the resulting impact on the equities could also influence the demand for the funding currency EUR.

GBP/USD
GBP/USD posted sharp losses last week, dropping some 340 points. The pair closed the week at 1.4122. This week’s highlights are Current Account and Manufacturin PMI. The markets were treated to a flurry of hawkish comments from Fed officials last week, helping the dollar post huge gains against the pound. This leaves an April hike a real possibility and contrasts with the very dovish Fed policy statement. US Final GDP beat expectations with a gain of 1.4% in the four quarter. British Retail Sales posted a decline of 0.4%, but this was within expectations.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4182 TARGET 1.4202 1.4232 SL BELOW 1.4152
  • SELL GBP/USD BELOW 1.4157 TARGET 1.4137 1.4107 SL ABOVE 1.4187

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