Daily Market Outlook
Posted by ACFX on November 14, 2011
Currencies
EUR/USD The euro maintained a two-day gain on prospects confidence in Italy’s ability to curb its debt will be revived after Mario Monti, a former European Union competition commissioner, takes over as prime minister.
The euro was unchanged at $1.3750 as of 6:23 a.m. in London from its level in New York after last week it touched $1.3859.
NZD/USD The New Zealand dollar climbed for a second day after a government report showed retail sales increased by the most since 2006, adding to signs the domestic economy remains resilient.
The New Zealand dollar strengthened 0.2 percent to 78.69 U.S. cents at 4:36 p.m. in Sydney and was trading at 78.674 U.D. cents around 7 a.m. London time.
GBP/USD Sterling strengthened last Friday against the dollar as data showed U.K. factory output prices were unchanged in October as costs for chemicals, pharmaceuticals and electrical equipment dropped.
The British currency climbed 0.4 percent to $1.5990 on Friday and was trading at $1.60721 around 7 a.m. London time.
Commodities
Gold futures climbed as investors bet leadership changes in the Italian and Greek governments would ease the risk of further financial deterioration in the euro zone.
The front-month contract, for November delivery, rose $28.60, or 1.6%, to settle at $1787.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
Oil traded near the highest level in more than three months as Japan reported its first economic growth in a year and Italy started building a new government that may help contain the European debt crisis.
Crude for December delivery was at $99 a barrel, up 1 cent, in electronic trading on the New York Mercantile Exchange at 1:14 p.m. Singapore time.
Equities
US Stocks rose last week as improving economic data and leadership changes in Greece and Italy bolstered investor optimism.
Walt Disney Co. (DIS) and Cisco Systems Inc. (CSCO) advanced more than 5.4 percent.
The S&P 500 rose 0.9 percent to 1,263.85.
The Dow advanced 170.44 points, or 1.4 percent, to 12,153.68.
European Stocks climbed last week as Italy’s Senate approved austerity measures, easing concern the country will need a bailout, and U.S. consumer confidence rose in November more than economists had predicted.
The U.K.’s FTSE 100 Index rose 0.3 percent.
France’s CAC 40 Index (CAC) gained 2.8 percent and Germany’s DAX Index jumped 1.5 percent.
Asian stocks rose amid optimism new governments in Greece and Italy will help contain Europe’s debt crisis and after top economists said China will have a “soft landing.”
The MSCI Asia Pacific Index gained 1.3 percent to 118.89 as of 3:06 p.m. in Tokyo.
Japan’s Nikkei 225 (NKY) Stock Average added 1.1 percent.
Hong Kong’s Hang Seng Index advanced 2.2 percent and Shanghai’s Composite Index increased 1.9 percent.
Posted by ACFX on November 14, 2011
Currencies
EUR/USD The euro maintained a two-day gain on prospects confidence in Italy’s ability to curb its debt will be revived after Mario Monti, a former European Union competition commissioner, takes over as prime minister.
The euro was unchanged at $1.3750 as of 6:23 a.m. in London from its level in New York after last week it touched $1.3859.
NZD/USD The New Zealand dollar climbed for a second day after a government report showed retail sales increased by the most since 2006, adding to signs the domestic economy remains resilient.
The New Zealand dollar strengthened 0.2 percent to 78.69 U.S. cents at 4:36 p.m. in Sydney and was trading at 78.674 U.D. cents around 7 a.m. London time.
GBP/USD Sterling strengthened last Friday against the dollar as data showed U.K. factory output prices were unchanged in October as costs for chemicals, pharmaceuticals and electrical equipment dropped.
The British currency climbed 0.4 percent to $1.5990 on Friday and was trading at $1.60721 around 7 a.m. London time.
Commodities
Gold futures climbed as investors bet leadership changes in the Italian and Greek governments would ease the risk of further financial deterioration in the euro zone.
The front-month contract, for November delivery, rose $28.60, or 1.6%, to settle at $1787.50 a troy ounce on the Comex division of the New York Mercantile Exchange.
Oil traded near the highest level in more than three months as Japan reported its first economic growth in a year and Italy started building a new government that may help contain the European debt crisis.
Crude for December delivery was at $99 a barrel, up 1 cent, in electronic trading on the New York Mercantile Exchange at 1:14 p.m. Singapore time.
Equities
US Stocks rose last week as improving economic data and leadership changes in Greece and Italy bolstered investor optimism.
Walt Disney Co. (DIS) and Cisco Systems Inc. (CSCO) advanced more than 5.4 percent.
The S&P 500 rose 0.9 percent to 1,263.85.
The Dow advanced 170.44 points, or 1.4 percent, to 12,153.68.
European Stocks climbed last week as Italy’s Senate approved austerity measures, easing concern the country will need a bailout, and U.S. consumer confidence rose in November more than economists had predicted.
The U.K.’s FTSE 100 Index rose 0.3 percent.
France’s CAC 40 Index (CAC) gained 2.8 percent and Germany’s DAX Index jumped 1.5 percent.
Asian stocks rose amid optimism new governments in Greece and Italy will help contain Europe’s debt crisis and after top economists said China will have a “soft landing.”
The MSCI Asia Pacific Index gained 1.3 percent to 118.89 as of 3:06 p.m. in Tokyo.
Japan’s Nikkei 225 (NKY) Stock Average added 1.1 percent.
Hong Kong’s Hang Seng Index advanced 2.2 percent and Shanghai’s Composite Index increased 1.9 percent.
