February 28th, 2012 Market outlook and Technical analyses
by, 02-28-2012 at 08:40 AM (289 Views)
Currencies EUR/USD The EUR/USD rose 0.3 percent to $1.3431. ECB is preparing to issue a second round of unlimited three-year loans to help shore up the regionís banks. U.S. economic data may show orders for durable goods fell in January, while consumer confidence improved this month
USD/CAD After climbing to 1.0049 the USD/CAD dropped down to 0.9991, as the dollar rose on most major rivals as the euro fell prey to apparent profit-taking in quiet trading Monday, after the Group of 20 nations refused to boost funding for the International Monetary Fund until the euro zone boosts the size of its own firewall.
Pending home sales climbed 2% in January to the highest level since April 2010, when buyers were taking advantage of a now-expired tax credit. The pending-home-sales index rose to 97.0 from a downwardly revised 95.1 reading in December.
Commodities Commodities fell a second day on concern Prices coming to near a 9-month high that may bend demands. Oil dropped for a second day in New York on speculation rising U.S. stockpiles signal easing fuel demand as crude trades near the highest price in nine months.
Oil for April delivery fell as much 72 cents to $107.84 a barrel in electronic trading on NYMEX and was at $108.44 a barrel at 3:06 p.m. Singapore time. The contract yesterday slid 1.1 percent to $108.56, snapping the longest winning streak since January 2010. Prices rose 6.3 percent last week to the highest since May 3 and are up 12 percent in the past year.
Gold rose about 3% previous week, outcome of Greeceís bailout deal and expectations of biggest momentary easing.
Spot gold edged up 0.3% to USD 1,771.96 an ounce by 0643 GMT, off a three-month high of $1,787.11 hit last week.