Oil trades near two-week high as risk appetite returns
SINGAPORE, Sept. 27 (Reuters) - Oil was steady, trading close to a two-week high near $77 reached earlier, as energy and commodities regained the favour of investors with a weaker dollar and resurfacing risk appetite.
"The dollar has set a weaker tone and that's going to be supportive for oil prices," said Mark Pervan, a senior commodities analyst at ANZ in Melbourne.
Soy at 13-month top; corn, wheat rise on weak dollar
SINGAPORE, Sept 27 (Reuters) - Chicago soy futures climbed to a 13-month top nearly 1 percent, while corn scaled a new 2-year peak as a weak dollar and tight supplies continued to buoy the grain market.
"We have seen strength across the agricultural commodity complex. Beans, corn and wheat are all trading higher with what we have seen in outside markets," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.
Asian stocks rally, dollar dips to five-month low
SINGAPORE, Sept 27 (Reuters) - Asian stocks rose to their highest in more than two years in response to optimism on the U.S. economy, while the dollar dipped to five-month lows against the euro.
"Wall Street's rise has provided a bit of a boost but gains on the U.S. data are mainly because the figures weren't quite as bad as expected, not that they were really good," said Takashi Ushio, head of the investment strategy division at Marusan Securities. "So gains on this alone will be limited."
OIL: Crude extends rally, reaches two-week high near $77
SINGAPORE, Sept. 27 (Reuters) - Oil climbed to near $77, the highest level since mid-September, extending last week's rally as energy and commodities regain the favour of investors with a weaker dollar and resurfacing risk appetite.
New orders for a wide range of long-lasting U.S. manufactured goods rose in August and business spending plans rebounded strongly, separate reports showed on Friday, the latest sign a sharp summer slowdown in the economy was abating.
COMMODITY MARKETS: Broad weekly gains; gold hits 7th record for Sept
NEW YORK, Sept 24 (Reuters) - Gold hit record highs on Friday for a seventh time this month and oil, metals and a wide number of crops finished the week with big gains after a falling dollar boosted prices across commodities.
"With the dollar getting definitely weaker with the pass of every session, gold has little work to do other than to head higher to compensate for dollar's slide," said Pradeep Unni, senior analyst at Richcomm Global Services.
GLOBAL MARKETS: Stocks surge, dollar slumps on data, Fed watch
NEW YORK, Sept 24 (Reuters) - Global stocks jumped but the dollar slid on Friday as economic data both raised hopes the recovery is improving and bolstered speculation the Federal Reserve will boost money supply to aid a struggling economy.
"You're finally in a place now that it's not because the equity equation is so attractive that you do something, it's actually because the safe side of the equation is so unattractive that you do something," Pride said.
PRECIOUS-Gold hits record, silver reaches 30-yr peak
LONDON, Sept 24 (Reuters) - Gold rallied to record highs in Europe on Friday, with spot prices knocking on the door of $1,300 an ounce, as expectations grew that further quantitative easing could lead to volatility in the currency markets.
Spot gold hit an all-time high of $1,298.25 an ounce and was bid at $1,297.70 an ounce at 0917 GMT, against $1,293.50 late in New York on Thursday.
FOREX-Dlr/yen spikes on intervention talk, euro jumps
LONDON, Sept 24 (Reuters) - The dollar spiked above 85.00 yen on Friday on talk of intervention by Japanese authorities keen to stem the yen's recent gains, but quickly retreated as doubts emerged about whether they had taken action.
That left investors nervous about more intervention and, with risk aversion hitting markets, traders said the Bank of Japan's task of weakening the yen was becoming even tougher.
Yen pares losses; intervention talk unconfirmed
LONDON, Sept 24 (Reuters) - The yen staged a partial recovery from losses prompted by unconfirmed talk of central bank intervention , while the euro rose on a stronger than expected German business sentiment survey.
"The price action certainly suggested that the Japanese intervened, but one can't be sure," said Kenneth Broux, markets strategist at Lloyds TSB Financial Markets.
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