Forex - Dollar remains broadly lower after U.S. data

Forex - Dollar remains broadly lower after U.S. data

Investing.com - Investing.com - The dollar remained broadly lower against a basket of other major currencies on Friday, as the release of mixed U.S. economic reports did little to support the greenback and fuelled fresh speculation over the timing of a rate hike by the Federal Reserve.

In a preliminary report, the University of Michigan said that its consumer sentiment index ticked down to a nine-month low of 79.2 in August, from a reading of 81.8 the previous month. Analysts had expected the index to rise to 82.5 this month.

A separate report showed that U.S. industrial production rose 0.4% in July, beating expectations for a 0.3% gain, after an increase of 0.4% in June whose figure was revised from a previously estimated 0.2% rise.

Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.7 this month, from a reading of 25.6 in July, confounding expectations for a decline to 20.0.

Data also showed that U.S. producer price inflation rose 0.1% last month, in line with expectations, after a 0.4% increase in June.

Core producer price inflation, which excludes food, energy and trade, rose 0.2% in July, in line with market projections, and after a 0.2% gain the previous month.

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Forex - USD/JPY drops on U.S. data, escalating Ukraine conflict

Investing.com - Investing.com - The dollar dropped against the yen on Friday after U.S. consumer sentiment data missed expectations, while escalating tensions in Ukraine weakened the greenback as well.

In U.S. trading, USD/JPY was down 0.13% and trading at 102.32, up from a session low of 102.14 and off a high of 102.71.

The pair was expected to test support at 101.51, the low from Aug. 8, and resistance at 102.71, the session high.

The preliminary Thomson Reuters/University of Michigan consumer sentiment index ticked down to a nine-month low of 79.2 in August from 81.8 in July. Analysts had expected the index to rise to 82.5 this month, and the disappointing figure weakened the dollar.

Separately, the New York Federal Reserve said that its Empire State manufacturing index fell to a four-month low of 14.69 this month from 25.60 in July, worse than expectations for a decline to 20.0.

Data also showed that U.S. producer price inflation rose 0.1% on year last month, in line with expectations, after a 0.4% increase in June.

Core producer price inflation, which excludes food, energy and trade, rose 0.2% in July, in line with market projections, and after a 0.2% gain the previous month.

A separate report showed that U.S. industrial production rose 0.4% in July, beating expectations for a 0.3% gain, which gave the greenback some support, but geopolitical events eclipsed the data.

News that Ukrainian troops destroyed a portion of a Russian column of armored vehicles inside Ukraine rattled nerves on Wall Street, which kept the greenback in negative territory versus the yen.

The yen, meanwhile, was up against the euro and up against the pound, with EUR/JPY down 0.03% at 136.89, and GBP/JPY trading down 0.17% at 170.67.

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Crude prices hammered on U.S. jobless claims, German growth data

Investing.com - Investing.com - Disappointing U.S. jobless claims numbers coupled with a soft German economic growth report sent oil prices tumbling to near seven-month lows on Thursday by stoking fears demand remains soft while supplies abundant

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 1.99% at $95.65 a barrel during U.S. trading. New York-traded oil futures hit a session low of $95.64 a barrel and a high of $97.58 a barrel.

The September contract settled up 0.23% at $97.59 a barrel on Wednesday.

Nymex oil futures were likely to find support at $95.21 a barrel, the low from Jan. 27, and resistance at $98.58 a barrel, Monday's high.

The U.S. Labor Department said the number of individuals filing for initial jobless benefits in the week ending August 9 increased by 21,000 to 311,000 from the previous week's revised total of 290,000.

Analysts had expected jobless claims to rise by 5,000 to 295,000 last week, and concerns the U.S. economy faces potholes on its road to recovery pushed down oil prices.

Meanwhile in Europe, soft economic growth numbers bruised oil prices as well, especially those out of Germany, the continent's economic engine.

The euro zone's gross domestic product came in flat for the three months to June, according to Eurostat, the European Union's statistical office, missing market expectations for 0.1% growth. The euro zone's economy grew 0.2% in the preceding quarter.

Year-on-year, the euro zone GDP expanded by 0.7%, in line with expectations after expanding at a rate of 0.9% in the first quarter.

Germany's economy shrank by 0.2% in the three month to June, the first drop since 2012 and worse than forecasts for a contraction of 0.1%.

France's GDP came in flat in the second quarter, a second consecutive quarter of stagnation.

While the U.S. economy continues to show signs of recovery, concerns global oil supply will far surpass demand battered crude prices in Thursday trading.

Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were down 2.70% and trading at US$102.23 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.12 a barrel.

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U.S. stocks gain on fading Ukraine concerns; Dow rises 0.37%

Investing.com - Investing.com - U.S. stocks rose on Thursday as fears faded that the Russia-Ukraine conflict was poised to escalate, which eclipsed disappointing U.S. data.

At the close of U.S. trading, the Dow 30 rose 0.37%, the S&P 500 index rose 0.43%, while the NASDAQ Composite index also rose 0.43%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 3.33% at 12.47.

Russian President Vladimir Putin said while his country would defend itself, Moscow has no plans to engage in conflict with the rest of the world over Ukraine.

Putin's soothing words allowed stocks to climb by allaying fears that the Ukraine conflict and subsequent sanctions slapped on Russia will weigh on global recovery, which offset disappointing U.S. data.

The U.S. Labor Department reported earlier that the number of individuals filing for initial jobless benefits in the week ending Aug. 9 increased by 21,000 to 311,000 from the previous week's revised total of 290,000.

Analysts had expected jobless claims to rise by 5,000 to 295,000 last week.

Meanwhile in the Mideast, Israel and Palestinian delegates extended a truce for five days on Wednesday to figure out ways to end the Gaza conflict, which also allowed U.S. stocks to climb.

Leading Dow Jones Industrial Average performers included Pfizer Inc (NYSE:PFE), up 1.83%, Boeing Company (NYSE:BA), up 1.75%, and Merck & Company Inc (NYSE:MRK), up 1.62%.

The Dow Jones Industrial Average's worst performers included Cisco Systems Inc (NASDAQ:CSCO), down 2.64%, Chevron Corporation (NYSE:CVX), down 0.52%, and Intel Corporation (NASDAQ:INTC), down 0.45%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.14%, France's CAC 40 rose 0.25%, while Germany's DAX rose 0.29%. Meanwhile, in the U.K. the FTSE 100 rose 0.43%.

On Friday, the U.S. is to round up the week with reports on manufacturing activity in New York state and industrial output, as well as preliminary data on consumer sentiment.

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Thomas Scott: Outcome of board meeting

Thomas Scott (India) at its meeting held on August 13, 2014, approved and took on record the appointment of Mr. Hitesh Kothari, Partner of Kothari H. & Associates, Practicing Company Secretaries as Secretarial Auditor of the Company.

Thomas Scott (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2014, inter alia, approved and took on record the following:1. Appointment of Mr. Hitesh Kothari, Partner of Kothari H. & Associates, Practicing Company Secretaries as Secretarial Auditor of the Company.2. Appointment of M/s. Vishal Khade & Co., Chartered Accountants as Internal Auditor of the Company for the Financial year 2014-15.3.Appointment of Mr. Madhusudan Indoria, as Chief Financial Officer of the Company.4. Appointment of Mr. Vijay Dattatraya Ajgaonkar, Non-executive Independent Director as Chairman of the Company.5. Authorized Mr. Brijgopal Bang, Managing Director to fix date, time & venue for 4th Annual General Meeting (AGM).6.Authorized Mr. Brijgopal Bang, Managing Director to fix book closure period for the purpose of AGM.Source : BSE

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S Kumars Nation's director Vijay C. Kalantri resigns

S. Kumars Nationwide has informed that the resignation of Shri. Vijay C. Kalantri as Director from the Board of the Company.

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Dollar mixed on German data, Ukraine uncertainty

Investing.com - Investing.com - Soft German sentiment data weakened the euro and bolstered the dollar on Tuesday, though concerns the Ukraine conflict could flare up anew softened the greenback against other major currencies throughout the trading session.

In U.S. trading on Tuesday, EUR/USD was down 0.11% at 1.3368.

The euro softened and the dollar rose after the ZEW Centre for Economic Research reported that its index of German economic sentiment dropped to 8.6 this month, down from 27.1 in July. It was the weakest reading in 20 months and came in well below economists' forecasts of 18.2.

The current conditions index deteriorated to a seven-month low of 44.3 from 61.8 in July, worse than expectations for a decline to 55.5.

Geopolitical tensions in Eastern Europe are apparently taking their toll on the German economy.

Recent economic reports have indicated that sanctions slapped on Russia due to its alleged meddling in the Ukraine conflict are dragging on the German economy.

Germany is Russia's largest trading partner in Europe.

The report also indicated that economic growth in Germany will be weaker than expected in 2014.

The ZEW data softened the euro by stoking expectations that monetary policy will tighten in the U.S., U.K. at a time while the European Central Bank may decide to loosen policy further to steer the euro area away from deflationary decline.

Still, the dollar saw headwinds of its own.

Russia has said it is wrapping up military exercises on its border with Ukraine and has added the country is working with the International Red Cross to send humanitarian aid to Ukraine.

Still, uncertainty over whether the ceasefire can last softened the greenback, as concerns began to brew that Russian trucks shipping aid into Ukraine may be used as a cover to smuggle in troops for combat missions.

The dollar was up against the yen, with USD/JPY up 0.04% at 102.23, and up against the Swiss franc, with USD/CHF up 0.10% at 0.9077.

The greenback was down against the pound, with GBP/USD up 0.15% at 1.6811.

The dollar was mixed against its counterparts in Canada, Australia and New Zealand, with USD/CAD down 0.02% at 1.0920, AUD/USD up 0.13% at 0.9275 and NZD/USD down 0.25% at 0.8436.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.06% at 81.56.

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U.S. stocks dip in light trading, Ukraine in focus; Dow rises 0.06%

Investing.com - Investing.com - U.S. stocks finished Tuesday largely lower in a subdued session void of major U.S. economic indicators, with investors monitoring events in Ukraine amid concerns that tensions could flare anew.

At the close of U.S. trading, the Dow 30 fell 0.06%, the S&P 500 index fell 0.16%, while the NASDAQ Composite index fell 0.27%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 0.42% at 14.17.

Russia has said it is wrapping up military exercises on its border with Ukraine and has added the country is working with the International Red Cross to send humanitarian aid to Ukraine, which drew applause in recent sessions.

Still, uncertainty over whether the ceasefire can last watered down stocks on Tuesday, as concerns began to brew that Russian trucks shipping aid into Ukraine may be used as for covert operations that could escalate into more military conflict.

Concerns the standoff may be softening the global economy also kept U.S. stocks in negative territory, with German data priming such fears.

The ZEW Centre for Economic Research reported that its index of German economic sentiment dropped to 8.6 this month, down from 27.1 in July. It was the weakest reading in 20 months and came in well below economists' forecasts of 18.2.

The current conditions index deteriorated to a seven-month low of 44.3 from 61.8 in July, worse than expectations for a decline to 55.5.

Recent economic reports have indicated that sanctions slapped on Russia due to its alleged meddling in the Ukraine conflict are dragging on the German economy.

Germany is Russia's largest trading partner in Europe.

Traders also remained in standby mode ahead of the release of earnings out of the retail sector, with Wal-Mart, Kohl's and Macy's due to report later this week.

Leading Dow Jones Industrial Average performers included Microsoft Corporation (NASDAQ:MSFT), up 0.75%, Dupont Fabros Technology Inc (NYSE:DFT), up 0.72%, and Merck & Company Inc (NYSE:MRK), up 0.68%.

The Dow Jones Industrial Average's worst performers included United Technologies Corporation (NYSE:UTX), down 0.76%, General Electric Company (NYSE:GE), down 0.72%, and Pfizer Inc (NYSE:PFE), down 0.58%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.72%, France's CAC 40 fell 0.85%, while Germany's DAX fell 1.21%. Meanwhile, in the U.K. the FTSE 100 fell 0.01%.

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Crude edges higher as market bets on new U.S. inventory draw

Investing.com - Investing.com - Crude prices rose on Monday as investors bet this week's U.S. inventory report will reveal a solid draw, while markets viewed waning geopolitical pressures with some skepticism.

In the New York Mercantile Exchange, West Texas Intermediate Crude oil for delivery in September traded up 0.44% at $98.08 a barrel during U.S. trading. New York-traded oil futures hit a session low of $97.38 a barrel and a high of $98.56 a barrel.

The September contract settled up 0.32% at $97.65 a barrel on Friday.

Nymex oil futures were likely to find support at $96.55 a barrel, Thursday's low, and resistance at $98.67 a barrel, last Tuesday's high.

Investors covered short positions on Monday and bet that Wednesday's weekly U.S. supply report will reveal a solid draw.

Last week, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 1.8 million barrels in the week ended August 1, beating expectations for a decline of 1.7 million barrels.

Total U.S. crude oil inventories stood at 365.6 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 4.4 million barrels, confounding forecasts for a gain of 0.3 million barrels, while distillate stockpiles fell by 1.8 million barrels, stronger than expectations for an increase of 0.9 million barrels.

Fears of supply disruptions in Russia and in the Middle East waned on Monday, though investors still priced in the possibility that military conflicts could heat up anew.

Russia has ended the military exercises it was conducting near the Ukraine border, which brought relief to global stock markets and capped oil's advance.

Russian President Vladimir Putin said Moscow is working with the International Red Cross to send humanitarian aid to Ukraine.

Meanwhile in the Middle East, a 72-hour ceasefire between Israel and Hamas in Gaza took effect on Sunday, while a U.S. decision to launch airstrikes in Iraq to halt a Sunni insurgency pressured oil lower by easing concerns the conflict would disrupt supply.

Still, lulls in conflicts have happened in the past, and investors priced in the possibilities that flare ups were possible in Ukraine and in the Middle East.

Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were down 0.12% and trading at US$105.50 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.42 a barrel.

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U.S. stocks gain as geopolitical fears subside; Dow rises 0.10%

Investing.com - Investing.com - U.S. stocks rose on Monday after military tensions in Ukraine, Gaza and Iraq subsided, allaying concerns that geopolitical events could threaten U.S. recovery.

At the close of U.S. trading, the Dow 30 rose 0.10%, the S&P 500 index rose 0.28%, while the NASDAQ Composite index rose 0.70%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 10.15% at 14.17.

Stocks rose on relief buying on news that Russia has ended the military exercises it was conducting near the Ukraine border.

Russian President Vladimir Putin said Moscow is working with the International Red Cross to send humanitarian aid to Ukraine, which also boosted stocks in thin trading.

Meanwhile in the Middle East, a 72-hour ceasefire between Israel and Hamas in Gaza took effect on Sunday, which also boosted stocks as concerns that geopolitical tensions will dampen global growth and possibly prompt the Federal Reserve to spend more time analyzing the economy before raising interest rates continued to wane.

A U.S. decision to launch airstrikes in Iraq to halt a Sunni insurgency drew applause as well, though caution set in, as tensions have ebbed in the recent conflicts only to flare up a new.

Traders also remained in standby mode ahead of the release of earnings out of the retail sector, with Wal-Mart Stores Inc (NYSE:WMT), Kohl's Corporation (NYSE:KSS) and Macy's Inc (NYSE:M) due to report later this week.

Leading Dow Jones Industrial Average performers included Intel Corporation (NASDAQ:INTC), up 1.27%, Caterpillar Inc (NYSE:CAT), up 1.19%, and Cisco Systems Inc (NASDAQ:CSCO), up 0.82%.

The Dow Jones Industrial Average's worst performers included Exxon Mobil Corporation (NYSE:XOM), down 1.02%, American Express Company (NYSE:AXP), down 0.59%, and Wal-Mart Stores Inc (NYSE:WMT), down 0.41%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 1.43%, France's CAC 40 rose 1.20%, while Germany's DAX rose 1.90%. Meanwhile, in the U.K. the FTSE 100 rose 1.00%.

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