Latest News: Page 85

Crude Oil Gets Lift as Cushing Supply Shrinks

24

Jun

Crude Oil Gets Lift as Cushing Supply Shrinks

Investors are betting on a strong vote for Britain to stay in the European Union based on recent Brexit polls, triggering buying in risk assets [...]

Nervous Markets Eye Vote Count in Referendum

24

Jun

Nervous Markets Eye Vote Count in Referendum

The GBPUSD falls to 1.4289 after touching the psychological level of 1.5000, with a trading range of more than 700pips. On the contrary, the safe [...]

Nervous Markets Eye Vote Count in Referendum. The GBPUSD falls to 1.4289 after touching the psychological level of 1.5000, with a trading range of more than 700pips.  On the contrary, the safe haven assets gold and yen have strengthened sharply in response to the risk aversion sentiment. The USDJPY touched a near-two-year low in the range of 103.01 with a trading range of around 380pips. The price of gold increased by more than $15 compared to the closing level of the previous session, touching $1271.05 per troy ounce. Based on data from the British national media, The Guardian, the vote count from five cities has given a victory to the `Remain` camp, while three cities have supported the `Leave` camp. Based on the temporary total votes, the `Leave` option is ahead by 53% or 257.816 votes, while the `Remain` option is at 47% or 227.726 votes. This report is still a small part of all the cities in the UK with the expectation that the final result will be announced today at around 13:00 WIB.  (Source: Monexnews.com--AS)

23

Jun

Market Volatility Hits 4-Month High

The VIX Index measures the 30-day implied volatility of the S&P 500 index options and is considered a key gauge of market fear. On Wednesday, [...]

Market Volatility Hits 4-Month High. The VIX Index measures the 30-day implied volatility of the S&P 500 index options and is considered a key gauge of market fear.
On Wednesday, June 22, the VIX finished up 14.6% at 21.2, the highest level since Feb. 18. The surge also breached its long-term average level of 20. Market participants saw the jump in the VIX on Wednesday — the day before the referendum — as reflecting increased anxiety and expectations for potential volatility in U.S. stocks this summer.
The nervousness among investors sent U.S. stocks sharply lower Wednesday, defying a strongly higher open and mirroring losses in European bourses. A more-than-$1 drop in the price of crude oil also weighed on energy shares and the major U.S. indexes.
The VIX last traded above 32 in August 2015, when concerns over a slowdown in China roiled markets. Risk assets such as stocks and crude oil tumbled, while safe havens like the yen and gold rallied sharply as fear gripped the market. At the time, crude oil was trading below $30 a barrel, while gold was rallying from below $1,100 an ounce.

(Source: Monexnews.com-AS)

23

Jun

Ahead of UK Referendum Today

The official announcement regarding whether the UK will leave (Brexit) or remain (Bremain) in the EU will only be released on Friday (24/6). However, [...]

Ahead of UK Referendum Today. The official announcement regarding whether the UK will leave (Brexit) or remain (Bremain) in the EU will only be released on Friday (24/6). However, the results of the quick count will increase market volatility and could be used as a trading opportunity.
The results of the latest telephone survey conducted by ComRes indicate that the `remain` group is at 48%, ahead of the `leave` group at 42%. At the same time, YouGov also announced similar conclusions with the `remain` group at 51% and the `leave` group at 49%.
The two results caused GBPUSD to strengthen today. However, the final results of the referendum are still uncertain due to the small margin and swing voters. The ComRes survey indicates that the number of respondents who are undecided is at 11%.
The movement of gold and the yen as safe havens will also be greatly affected by the UK referendum. If the quick count results indicate that `remain` is in the lead, gold and the yen will likely weaken, while if `leave` wins it is likely that gold and the yen will strengthen.
For the record, the UK referendum is scheduled to start today at approximately 13:00 WIB and will end at approximately 04:00 WIB on Friday, 24 June. Vote counting will be done immediately and the results for some areas are expected to be announced starting at 07:30 WIB on Friday, 24 June. The final results, following the official announcement, are expected to be available at 13:00 WIB.

(Source: Monexnews.com-AS)

Crude Oil Market Softens After EIA Report

23

Jun

Crude Oil Market Softens After EIA Report

Investors also braced for market volatility as the US dollar fluctuated amid uncertainty over the UK's continued membership of the European Union. US [...]

Crude Oil Market Softens After EIA Report. Investors also braced for market volatility as the US dollar fluctuated amid uncertainty over the UK's continued membership of the European Union.
US crude supplies fell by 917,000 barrels last week, according to the Energy Information Administration (EIA), undershooting expectations for a draw of 1.7 million barrels and only a third of the 5.2 million-barrel drop reported by the American Petroleum Institute (API).
Gasoline demand hit a record high last week, the EIA said. As the US driving season gets underway, demand for gasoline averaged 9.815 million barrels per day. US gasoline demand has risen by 4.1% year-on-year. A pick-up in demand should act as a sentiment boost for crude, as it could help to eat into the oversupply that has been weighing on the market.
Crude prices settled at $49.00 a barrel on Wednesday, down $1.20 from their previous close. The technical picture suggests crude could weaken in the short term, with immediate support seen around the 48.10 area, and resistance at 49.80.
(Source: Monexnews.com)

CPO Price on June 23 Has Potential to Rise

23

Jun

CPO Price on June 23 Has Potential to Rise

For predicting Malaysian CPO trading tomorrow, Thursday (June 23), it is important to consider the key market sentiments that drive CPO prices, which [...]

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