November 2014

Crude Trade Near 4-Year Low on Failed Pre-OPEC Talks

Crude prices were seen trading near a four-year low on Wednesday after preliminary talks over oil supply cuts failed to deliver an agreement before the OPEC meeting scheduled for tomorrow.

Futures for the North American West Texas Intermediate (WTI) crude for January delivery added 0.04% to 74.13 per barrel on the New York Mercantile Exchange at the time of writing. While the European benchmark Brent crude for January settlement added 0.08% to $78.39 per barrel on the ICE Futures Europe exchange based in London.  Read more

USD/JPY Moves Lower

The USD/JPY fell on Tuesday, Nov. 25, amid the latest U.S. consumer confidence data and the minutes for the most recent Bank of Japan meeting.

USD/JPY drops

The currency pair dropped 0.3 percent to 117.91, according to The Wall Street Journal. One major development that coincided with this downward movement was news that the Conference Board’s index of consumer confidence fell to 88.7, compared to 94.1 in October. Lynn Franco, director of Economic Indicators at The Conference Board, weighed in on the situation in a statement.  Read more

Stock Markets Report 25th November

US Stocks

Stocks in the US closed higher; with the benchmark S&P index rising to a new all-time high as traders awaits the US GDP figures.

The Standard & Poor’s 500 index climbed 0.3% to an all time high 2,069.41, while the Dow Jones Industrial Average gained 0.04% to 17,817.51 and Nasdaq technology index added 0.89% to 4,754.89.

Best Buy Co shares rose 2.3%, while Urban Outfitters saw major gains on the Standard & Poor’s 500 index, as shares jumped 5.4%. On the downside, shares in AT&T Inc. declined 1.6%, while Verizon Communications shares lost 1.4% after Citigroup cut its stocks ratings.  Read more

Gold Prices Trade Below $1,200

Gold prices were seen trading higher on Tuesday, but remained below $1,200 as the market focus on further economic reports from the world’s largest economy due to be released, including the US GDP report and consumer confidence.

Gold for immediate delivery gained 0.21% to $1,198.40 per ounce, after rising to $1,207.93 on Friday.

Bullion for February delivery came in at $1,198.30 an ounce on the Comex in New York, while silver for immediate delivery rose 0.3% to $16.5340 an ounce. Spot platinum added 0.5% to $1,210.12 an ounce, while Palladium was flat at $791.55 an ounce.  Read more

EUR/USD Rises amid Regional Economic Developments

The EUR/USD rose in value on Monday, Nov. 24, as global market participants responded to global developments including promising German economic data and comments made by a top European official.

One of these developments involved the People’s Bank of China cutting interest rates for both loans and deposits in an effort to help the nation’s lending institutions reduce borrowing costs for businesses and attract savers, according to The Wall Street Journal. The interest rates on loans granted to businesses experienced a larger reduction than those for deposits.  Read more