Gold shoots up in short covering on last trading day of quarter

Investing.com - Gold prices shot up on Friday as short covering marked the last trading day of the quarter and allowed for choppy trading.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were up 1.12% at USD1,225.15 a troy ounce in U.S. trading on Friday, up from a session low of USD1,180.35 and down from a high of USD1,228.55 a troy ounce.

Gold futures were likely to find support at USD1,180.35 a troy ounce, the earlier low, and resistance at USD1,300.55, Monday's high.

Short covering sent gold soaring, as the yellow metal has plummeted 24% during the second quarter of this year.

Uncertainty as to when the Federal Reserve begins to taper monetary stimulus measures has repelled investors away from the precious metal, which benefits when monetary policy is loose due to its role as a hedge to a weakening dollar.

Elsewhere, the Thomson Reuters/University of Michigan consumer sentiment index rose to 84.1 for a final reading in June, up from a 82.7 reading the previous month and also above expectations for a 82.8 reading.

The upbeat numbers came in wake of a report that revealed that the Chicago purchasing managers' index fell to 51.6 this month from 58.7 in May, exceeding expectations for a decline to 56.0.

Any reading over 50 signifies expansion, which left investors at ease to seek out dollar positions.

Also in the U.S., Federal Reserve Governor Jeremy Stein suggested earlier Friday that asset purchases may begin to taper in September provided the economy improves, which further boosted the dollar though gold erased earlier losses and rose on Friday.

Elsewhere on the Comex, silver for September delivery was up 5.15% at USD19.508 a troy ounce, while copper for September delivery was up 0.03% and trading at USD3.060 a pound.

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Forex - Dollar gains on Fed comments, consumer sentiment data

Investing.com - Rising U.S. consumer sentiment data and comments from a Federal Reserve governor suggesting monetary stimulus tools may taper in September sent the dollar strengthening against most of its counterparts Friday.

Monetary stimulus tools such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery, and talk of their dismantling often firms the greenback.

In U.S. trading on Friday, EUR/USD was down 0.23% at 1.3010.

The Thomson Reuters/University of Michigan consumer sentiment index rose to 84.1 for a final reading in June, up from a 82.7 reading the previous month and also above expectations for a 82.8 reading.

The upbeat numbers came in wake of a report that revealed that the Chicago purchasing managers' index fell to 51.6 this month from 58.7 in May, exceeding expectations for a decline to 56.0.

Any reading over 50 signifies expansion, which left investors feeling at ease in dollar positions Friday.

Elsewhere in the U.S., Federal Reserve Governor Jeremy Stein suggested earlier that asset purchases may begin to taper in September provided the economy improves, which also boosted the dollar.

"The best approach is for the Committee to be clear that in making a decision in, say, September, it will give primary weight to the large stock of news that has accumulated since the inception of the program and will not be unduly influenced by whatever data releases arrive in the few weeks before the meeting — as salient as these releases may appear to be to market participants," Stein said, according to prepared remarks in a speech he gave earlier.

Meanwhile in the eurozone, official data showed that German retail sales rose 0.8% in May, beating expectations for a 0.2% gain after a 0.1% contraction the previous month, though U.S. events served as the market's chief steering current.

The greenback was up against the pound, with GBP/USD trading down 0.38% at 1.5201.

In the U.K., house price inflation rose 0.3% this month, in line with expectations after a 0.4% gain in May.

The dollar was up against the yen, with USD/JPY up 0.94% at 99.28, and flat against the Swiss franc, with USD/CHF trading down 0.01% at 0.9450.

Japan's manufacturing purchasing managers' index rose to 52.3 in June from 51.5 in May, the index's fastest expansion in almost two years.

A separate report showed that industrial production in Japan rose 2% in May, exceeding expectations for a 0.2% rise after a 0.9% increase a month earlier.

In addition, housing starts in Japan jumped 14.5% in May, far more than the expected 6.2% increase after a 5.8% rise the previous month.

Investors, however, opted for the dollar over the yen in wake of U.S. consumer sentiment numbers and Stein's comments.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.27% at 1.0505, AUD/USD down 1.41% at 0.9145 and NZD/USD trading down 0.68% at 0.7742.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.29% at 83.41.

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Forex - Dollar inches down on Fed comments, data supports

Investing.com - The dollar moved lower against most major currencies on Thursday after a key Federal Reserve official said stimulus programs will stay in place if the economy does not continue to improve.

Suring U.S. pending home sales supported the dollar, though many investors avoided it to wait for fresh steering currents.

Monetary stimulus tools such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery.

In U.S. trading on Thursday, EUR/USD was up 0.22% at 1.3040.

The National Association of Realtors said its pending home sales index rose by 6.7% in May, well above expectations for a 1% gain.

Pending home sales rose 12.5% on a year over year basis last month, also above expectations for an 8.3% increase.

Elsewhere in the U.S., jobless claims fell in line with expectations last week, government data revealed.

The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to 346,000, in line with expectations for a drop of 10,000 to 345,000.

A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations.

The numbers supported the dollar somewhat though the currency traded lower on a downward revision to U.S. first quarter growth on Wednesday.

On Wednesday, the Commerce Department said it revised down first quarter growth to an annualized 1.8% from an initial estimate for 2.4% growth.

Elsewhere, Federal Reserve Bank of New York President William Dudley said earlier Thursday that the U.S. central bank will keep monetary stimulus programs in place if economic recovery falters.

Dudley's comments and weaker-than expected economic growth figures stoked expectations for the Federal Reserve to keep stimulus programs in place for the coming months, which pushed the dollar lower Thursday.

The greenback was up against the pound, with GBP/USD trading down 0.34% at 1.5263.

The pound came under pressure after revised data showed that the U.K. economy expanded at an annual rate of 0.3% in the first quarter of this year, down from a preliminary estimate of 0.6% growth. The quarterly growth rate remained unrevised at 0.3%.

The dollar was up against the yen, with USD/JPY up 0.59% at 98.29, and up against the Swiss franc, with USD/CHF trading up 0.15% at 0.9448.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.08% at 1.0477, AUD/USD up 0.01% at 0.9279 and NZD/USD trading down 0.04% at 0.7788.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.07% at 83.15.

On Friday, the U.S. will release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment.

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New Zealand Building Consents falls less-than-expected

Investing.com - The number of new building consents issued in New Zealand fell less-than-expected last month, official data showed on Thursday.

In a report, Statistics New Zealand said that New Zealand Building Consents fell to a seasonally adjusted 1.3%, from 18.5% in the preceding month.

Analysts had expected New Zealand Building Consents to fall to -3.9% last month.

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Forex - Dollar gains as market shrugs off U.S. GDP revisions

Investing.com - The dollar strengthened against most major currencies on Wednesday after investors shrugged off downward revisions to first-quarter U.S. growth rates.

Better-than-expected consumer confidence, factory and housing data released earlier this week stoked already growing expectations that the Federal Reserve will soon begin to scale back stimulus programs.

Monetary stimulus tools such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery, and talk of their dismantling can strengthen the U.S. currency.

In U.S. trading on Wednesday, EUR/USD was down 0.53% at 1.3011.

The euro weakened after European Central Bank President Mario Draghi said any ECB plan to adjust loose monetary policy 'remains distant' but added that the bank expects a "gradual recovery" by the end of this year.

Meanwhile in the U.S., the Commerce Department said gross domestic product expanded at an annual rate of 1.8% in the three months to March, below an earlier estimate of 2.4% growth. Economists had expected the growth rate to remain unchanged at 2.4%.

The report said consumer spending was revised down from 3.4% to 2.6%.

The numbers briefly dampened hopes for the Federal Reserve to scale back stimulus measures, though confidence such programs are on their way out quickly returned and sent the greenback gaining, especially in wake of recent manufacturing, confidence and housing-sector reports that beat expectations.

U.S. consumer confidence, for example, rose to its highest level since January 2008 this month.

The Conference Board said on Tuesday that its index of U.S. consumer confidence rose to 81.4 in June from 74.3 in May, well above expectations for a reading of 75.4.

Elsewhere, Germany's Gfk consumer climate rose unexpectedly, data showed.

In a report, research group Gfk said that its forward-looking index of Germany's consumer climate rose to 6.8 looking forward to July from 6.5 for June.

Analysts had expected Gfk consumer climate to remain unchanged at 6.5 last month.

The greenback was up against the pound, with GBP/USD trading down 0.63% at 1.5325.

The dollar was up against the yen, with USD/JPY up 0.06% at 97.84, and up against the Swiss franc, with USD/CHF trading up 0.50% at 0.9428.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.41% at 1.0471, AUD/USD up 0.21% at 0.9280 and NZD/USD trading up 0.69% at 0.7794.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.48% at 83.18.

On Thursday, the U.S. is to release the weekly government report on initial jobless claims along with data on personal income and expenditure, which is to be followed by private sector data on pending home sales.

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New Zealandrsquo;s trade balance falls unexpectedly

Investing.com - New Zealand's trade balance fell unexpectedly last month, data showed on Thursday.

In a report, Statistics New Zealand said that the trade balance fell to a seasonally adjusted 71M, from 157M in the preceding month.

Analysts had expected the trade balance to rise to 400M last month.

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Forex - Dollar gains on improving U.S. confidence, housing data

Investing.com - The dollar strengthened against most major currencies on Tuesday after better-than-expected consumer confidence and housing data stoked already growing expectations that the Federal Reserve will begin to scale back stimulus programs in the coming months.

Monetary stimulus tools such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery, and talk of their dismantling can strengthen the U.S. currency.

In U.S. trading on Tuesday, EUR/USD was down 0.22% at 1.3092.

Data released earlier revealed that U.S. consumer confidence rose to its highest level since January 2008 this month.

The Conference Board said its index of U.S. consumer confidence rose to 81.4 in June from 74.3 in May, well above expectations for a reading of 75.4.

In a separate report, the Commerce Department said U.S. orders for durable goods rose 3.6% in May, outstripping expectations for a 3.0% gain.

Positive data from the housing market sent the dollar gaining as well.

The Commerce Department said U.S. new home sales rose by 2.1% to 476,000 units in May, the highest level since July 2008 and well above expectations for an increase of 1.3% to 462,000.

Home prices are on the rise as well.

The Standard & Poor's/Case-Shiller 20-city house price index rose 12.1% in April from a year earlier, above expectations for a 10.6% increase.

U.S. home prices in March rose by 10.9%.

The greenback was up against the pound, with GBP/USD trading down 0.08% at 1.5422.

The dollar was mixed against the yen, with USD/JPY up 0.02% at 97.76, and up against the Swiss franc, with USD/CHF trading up 0.51% at 0.9382.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.17% at 1.0517, AUD/USD up 0.19% at 0.9266 and NZD/USD trading down 0.14% at 0.7741.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.19% at 82.79.

On Wednesday, the U.S. is to release revised data on first-quarter economic growth as well as government data on crude oil stockpiles.

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U.S. API Weekly Crude Stock falls less-than-expected

Investing.com - U.S. API weekly crude stocks fell less-than-expected last month, official data showed on Thursday.

In a report, American Petroleum Institute said that U.S. API Weekly Crude Stock fell to a seasonally adjusted annual rate of -0.03M, from -4.29M in the preceding month.

Analysts had expected U.S. API Weekly Crude Stock to fall -2.00M last month.

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South Korean consumer confidence rises

Investing.com - The current level of consumer confidence in South Korea rose last month, official data showed on Thursday.

In a report, The Bank Of KOREA said that South Korean Consumer Confidence rose to 105, from 104 in the preceding month.

Analysts had expected South Korean Consumer Confidence to rise to 105 last month.

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U.S stocks dip on Fed woes, China corrections; Dow loses 0.94%

Investing.com - U.S. stocks fell on Monday amid a global selloff on concerns the Federal Reserve will begin scaling back stimulus programs in the coming months.

Stimulus programs tend to push up stocks as a side effect, and talk of their dismantling can send equities prices dropping.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.94%, the S&P 500 index ended down 1.21%, while the Nasdaq Composite index fell 1.09%.

On Thursday, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 12.5 in June from -5.2 in May, well above expectations for a -2.0 reading.

A separate report showed that U.S. existing home sales climbed 4.2% to 5.18 million units in May from April's total of 4.97 million, far surpassing market calls for a 0.6% increase.

Federal Reserve stimulus tools such as a monthly USD85 billion bond-buying program have pushed up stock prices in recent years, and the end of such liquidity injections could prompt investors to park their money elsewhere at least for a while.

Meanwhile, Chinese equities fell on concerns the world's second-largest economy may be cooling, which brought U.S. stocks down even lower.

Leading Dow Jones Industrial Average performers included Johnson & Johnson, up 1.69%, Microsoft, up 1.35%, and UnitedHealth Group, up 1.17%.

The Dow Jones Industrial Average's worst performers included Bank of America, down 3.07%, Hewlett-Packard, down 3.00%, and Intel, down 2.54%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 1.48%, France's CAC 40 fell 1.71%, while Germany's DAX 30 finished down 1.24%. Meanwhile, in the U.K. the FTSE 100 finished down 1.42%.

On Tuesday, the U.S. is to publish official data on durable goods orders, a leading indicator of production, as well as closely watched reports on consumer confidence and new home sales.

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