Wednesday, September 15, 2010

20100915 1126 Global Market News.

Gold steady after record high; more upside seen
SINGAPORE, Sept 15 (Reuters) - Spot gold was steady after surging to a record in the previous session, and more upside is likely as investors remain nervous about the global economic recovery.
"Reaching $1,300 is just a matter of time. The most important factors are zero interest rates and that the world economy outside Asia still seems unstable," said a Hong Kong-based dealer. "These are all positive signs for gold."

Yen drops, Nikkei up on Japan FX intervention
SINGAPORE, Sept 15 (Reuters) - Japan intervened in foreign exchange markets for the first time in six years to stem economic damage from the surging yen, pushing its currency sharply lower and lifting Tokyo stocks by almost 3 percent.
"Japan's authorities have declared war in sending a signal that they will not allow the dollar/yen to fall to 80 easily," said Lee Jin-woo, head of the research centre at NH Investment & Futures in Seoul.
 
Gold hits record as dollar dives; oil down
NEW YORK, Sept 14 (Reuters) - Gold hit record highs on Tuesday on the back of a sharply weak dollar and some agricultural markets rallied too, sending a broad commodities index to a six-week high.
The Reuters/Jefferies CRB index, a global  commodities benchmark that tracks 19 mostly U.S. traded futures markets, rose 1 percent to touch its highest levels since Aug. 5. Reuters charts showed the index was poised for eight-month highs if the run-up continues.

GLOBAL MARKETS: USD pummeled, gold hits record high, stocks flat
NEW YORK, Sept 14 (Reuters) - The U.S. dollar fell broadly on Tuesday, breaking through milestone lows against the yen, euro and Swiss franc on a combination of political and technical factors while global stocks ended flat, taking little solace in upbeat U.S. retail sales data.
"It seems people are vacating dollar positions today and that money is shifting into other safe-haven assets for the time being -- the yen, the Swiss franc, gold and U.S. Treasuries," said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.

US crude inventories seen down on imports, Enbridge
NEW YORK, Sept 14 (Reuters) - U.S. crude oil inventories likely fell last week due to lower imports following the Enbridge pipeline outage and a drop in demand for refiners heading into maintenance, an expanded Reuters poll ahead of weekly inventory reports showed on Tuesday.
On average, crude stockpiles fell 2.2 million barrels last week, the poll of 15 analysts showed, with one analyst estimating that imports may have declined by about 500,000 barrels per day. If so, it would be the second week in a row that crude stocks have fallen.

Yen rises after vote; stocks rally struggles
HONG KONG, Sept 14 (Reuters) - Asian stocks edged up while the yen jumped to a 15-year high  after an election in Japan kept the status quo, leaving unclear whether a rally that lifted global equities to a four-month high can stay alive.
"Although better data in the U.S. and China and the agreement in Basel on new regulations have boosted risk appetite, the moves are already beginning to look exhausted," Mitul Kotecha, global head of foreign exchange strategy at Credit Agricole CIB, said in a note.

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