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06/12/2013

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22/11/2013

Crude near three-week high on US data;
Heads for 1st weekly gain in two months
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Despite the slight drop seen today, crude oil is trading near the highest price in three weeks after the number of Americans filing for jobless benefits fell sharply while factory activity hit an eight-month high in November, improving the outlook for demand on oil.

Crude oil is poised for the first weekly gain in almost two months due to signs of continued economic strength in the United States, the world’s biggest oil consumer, and indications that a deal to end Tehran`s nuclear program could a long time.

Iran and six major powers, who are meeting in Geneva from Nov. 20-22, have made some progress towards an interim deal, but an imminent breakthrough in the 3-day talks that end today seems less possible as the US is committed to add tougher sanctions on Tehran.

Meanwhile, the unrest in Iraq added to uncertainty over supply, as the country suffers its worst wave of violence in five years, however, crude prices are expected to drop next week as US stockpiles may increase probably due to a surge in production.

22/11/2013

ECB's Draghi says situation in Euro Area has improved

22/11/2013

Germany November Ifo Business Climate (02:00 PST)

The Ifo indices had stalled a bit in the past couple of months and the consensus expected a slightly positive reading for November. However, Thursday’s strong Market purchasing manager indices changed the setup, and the real-time expectations are now higher for the Ifo as well. With the background explained under the GDP entry, of particular interest will be the sectoral balances: especially construction, but also wholesaling and retailing could be the ones to watch. Any reaction to the numbers could be limited, as the European Central Bank’s president Mario Draghi will start speaking at 02:30 PST.

22/11/2013

Eurogroup meeting: The European finance ministers (Eurogroup) meet today and will discuss the European Commission’s November 13 opinions on member states’ draft budgets in light of the commission’s country-specific recommendations from last June. The member states will finalise the budgets before the year is over based on the discussions at this meeting, so some sort of fiscal surprise from the get-together is possible.

22/11/2013

GOLD HAS SUPPORT 1234, HOLD BELOW THEN 1226-1212 POSSIBLE
AND HAS RESISTANCE 1252, HOLD ABOVE THEN 1260-1274 POSSIBLE