вторник, 31 октября 2017 г.
понедельник, 30 октября 2017 г.
воскресенье, 29 октября 2017 г.
пятница, 27 октября 2017 г.
четверг, 26 октября 2017 г.
METALS MORNING VIEW: Gold prices consolidate having fund support; eyes on ECB press conference
The base metals on the London Metal Exchange are up across the board by an average of 0.5% this morning, Thursday October 26. Aluminium leads the way with a 0.9% rally to $2,209.50 per tonne – the high so far has been $2,215, which means prices have surpassed the October 2012 peak of $2,212. Copper prices ($7,022 per tonne) and tin prices are up 0.2%, while the rest are up between 0.5% and 0.6%.
Volume has been slightly above average this morning with 7,930 lots traded as of 06:18 BST, with 4,141 lots of aluminium traded.
This follows a mixed performance on Wednesday that saw copper and nickel prices decline, while the rest closed up. Nickel prices are under pressure as reports out of the Philippines suggest a possible weakening on the government’s stance on open-pit mining.
Precious metals prices are up across the board this morning with gains ranging from a 0.1% gain in spot gold prices, recently at $1,280.42 per oz, to a 0.6% rise in palladium prices to $968 per oz. Silver and platinum prices are both up by 0.3%. On Wednesday, gold and platinum prices were up by 0.2%, silver prices were little changed and palladium prices were off by 0.2%.
Base metals prices on the Shanghai Futures Exchange (SHFE) are for the most part firmer today, led by a 1.5% gain in zinc prices and a 1.1% rise in aluminium prices. Tin prices are up by 0.5%, lead prices are up by 0.4% and copper prices are 0.1% firmer at 54,970 yuan ($8,276) per tonne, while nickel prices are bucking the trend with a 0.2% fall. Spot copper prices in Changjiang are down by 0.6% at 55,100-55,300 yuan per tonne and the London/Shanghai copper arbitrage ratio is weaker at 7.83, compared with 7.91 on Wednesday. The disparity in the spot and future’s copper prices, suggests copper prices have rallied since the physical prices was set earlier this morning.
The steel-orientated metals in China are weaker again this morning with iron ore prices dropping by 0.9% to 454 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on the SHFE are off by 1.5%. Gold and silver prices on the SHFE are both up by 0.2%.
In international markets, spot Brent crude oil prices are slightly firmer, up by 0.06% at $58.38 per barrel. The yield on US ten-year treasuries is little changed at 2.41% and the German ten-year bund yield is slightly firmer at 0.48%.
Equities in Asia are generally positive with gains in the CSI 300 (0.5%), the ASX 200 (0.2%), the Nikkei (0.1%), but the Hang Seng and Kospi off by 0.4% and 0.3%, respectively. Western markets were weaker on Wednesday: in the USA, the Dow closed down by 0.48% at 23,329.46, while in Europe, the Euro Stoxx 50 closed down by 0.53% at 3,591.46.
The dollar index at 93.52 has once again turned back from pressing ahead with its rebound, so is back in consolidation mode, meaning the jury is still out as to whether this is a pause in the downward trend that has been in effect all year, or whether it is the start of a turning point for a move higher. We are still awaiting US president Donald Trump’s decision on who will be the next US Federal Reserve chair, so the dollar could see some short-lived volatility. The euro at 1.1830 is firmer within its consolidation pattern and as such is looking less toppy, but with the European Central Bank (ECB) rate decision and press conference today, it could move either way. Sterling is stronger this morning at 1.3267, the Australian dollar at 0.7709 is consolidating after four days of weakness and the yen is firmer at 113.46.
The Chinese yuan is consolidating after recent weakness, it was recently quoted at 6.6320; the South African rand is weaker at 14.1017, the rupee is firmer at 64.76, while the rest of the emerging currencies we follow are consolidating.
Today’s economic data includes Japan’s service producer price index (SPPI), which climbed 0.9% in September after a 0.8% gain in August and German GfK consumer climate which dipped to 10.7 this month, from 10.8 in September. Data out later includes Spanish unemployment, EU M3 money supply, EU private loans , UK CBI realised sales, the ECB interest rate decision and the ECB press conference. US data includes data on the goods trade balance, wholesale inventories, pending home sales and natural gas storage.
Copper prices are oscillating sideways either side of $7,000 per tonne and the rally seems to be pausing. Nickel prices are in the same boat, while lead, zinc and tin prices continue their rebounds off recent support levels and aluminium prices have pushed up to levels not seen for five years. Our view of late has been to remain quietly bullish, but expect trading to become choppier as prices are generally in high ground, so we should expect more bouts of scale-up selling along the way – this seems to be playing out, but with aluminium prices breaking higher, underlying sentiment still seems to be bullish.
Gold prices have fund underlying support, as have the other precious metals. We expect the precious metals to continue to be well supported, but for now, in the absence of any pick-up in geopolitical tensions, we do not see too much to be bullish about. That said, the euro may get more directional after the market hears what the ECB press conference has to say and that could influence gold prices.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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среда, 25 октября 2017 г.
LIVE FUTURES REPORT: Comex copper market consolidates in midweek trading
Comex gold prices inched down $1.70 or 0.1% in US morning trading on Wednesday October 25 to $1,276.60 per oz. Trade has ranged $1,272-1,280.40.
In the base metals space, Comex copper prices traded in negative territory, with market participants keeping prices fixed to a tight range following the conclusion of the Chinese Communist party meeting.
Copper for December settlement on the Comex division of the New York Mercantile Exchange declined 1.80 cents or 0.6% to $3.1800 per lb. The contract has traded within a worn-trough over the past week.
The conclusion of the 19th National Congress of the Communist Party of China ended with a surprise declaration that it would not nominate a successor to current president Xi Jinping.
President Jinping has amassed a historic level of power and his announcement that the “One Belt, One Road” project be mentioned in the constitution should keep metals prices elevated in the interim.
“This would also have medium- to long-term implications for the commodities and metals markets on which China’s economic growth has chiefly dictated prices for nearly two decades,” Commerzbank said in a daily note. “The project is likely to consume enormous quantities of metals.”
In the latest copper data, China imported 290,446 tonnes of refined copper in September, up 19.6% year on year.
China produced 774,000 tonnes of refined copper in September, marking the highest monthly production volume since December 2014. This was 6.8% higher on an annual comparison.
Currency moves and data releases
- The dollar index was down 0.30% to 93.66. The index had risen as high as 94.02 on Monday, the highest since October 6.
- In other commodities, the Texas light sweet crude oil spot price fell 0.38% to $52.27 per barrel.
- In data on Tuesday, October flash manufacturing purchasing managers’ index (PMI) readings from the USA and Europe surprised on the upside. The number was at 54.5 in the USA, above the forecast of 53.3, while the print for Europe was at 58.6, above the expected 57.9.
- The US Richmond manufacturing index disappointed at 12, below the forecast of 17. In China, the CB leading index month over month in September increased 1%, down from 1.3% in August.
- In today’s data, US new home sales in September hit 667,000. HPI month-over-month in August bested expectations at 0.7% gain, while durable goods orders in September came in at 2.2%.
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METALS MORNING VIEW: Gold under pressure as dollar looks firmer, other precious metals follow
Base metals prices on the London Metal Exchange are for the most part weaker this morning, Wednesday October 25. Tin prices are the exception as they are unchanged, but they are also already relatively weak.
The rest of the complex is down by an average of 0.9%. Nickel prices lead with a 1.7% decline to $11,840 per tonne, followed by copper prices that are down by 1.4% at $6,944 per tonne, while zinc prices are 1% weaker, lead prices are off by 0.8% and aluminium prices are down by 0.4%.
Volume has been above average with 6,996 lots traded as of 06:50 BST.
This follows a general day of strength on Tuesday, when all bar lead closed higher. Lead prices were down by 1.1% at the close, while copper prices, which had been up by as much as 1.3% at the European open yesterday, gave back earlier gains to close up by 0.4%.
Precious metals prices are down across the board this morning with losses ranging from a 0.2% drop in spot gold prices, recently at $1,274.27 per oz, to a 0.4% fall in palladium prices to $960 per oz. Gold, silver and platinum prices were down by an average of 0.5% on Tuesday, while palladium prices climbed 0.8%.
Base metals prices on the Shanghai Futures Exchange (SHFE) are mixed with copper prices off by 0.5% at 55,020 yuan ($8,293) per tonne, lead prices down by 1.6%, and tin prices little changed, while the rest of the complex is stronger. Nickel prices lead on the upside with a 0.9% gain, followed by aluminium and zinc prices which are firmer by 0.3% and 0.1%, respectively. Spot copper prices in Changjiang are down by 1% at 55,410-55,610 yuan per tonne and the London/Shanghai copper arbitrage ratio is stronger at 7.91, compared with 7.84 on Tuesday, which shows LME copper prices have weakened more than SHFE prices.
The steel-orientated metals in China are weaker this morning with iron ore prices dropping by 1.6% to 452.50 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on the SHFE are off by 0.7%. Gold and silver prices on the SHFE are down by 0.2% and 0.3%, respectively.
In international markets, spot Brent crude oil prices are down by 0.36% at $58.31 per barrel. The yield on US ten-year treasuries has firmed to 2.41% and the German ten-year bund yield is also stronger at 0.47%.
Equities in Asia are generally positive, but perhaps most noteworthy is the Nikkei which is off by 0.4%, breaking 16 consecutive days of gains. The Hang Seng is up by 0.4%, the CSI 300 and the Kospi are up by 0.2% and the ASX 200 is up by 0.1%. Western markets were firmer on Tuesday; in the USA, the Dow closed up by 0.72% at fresh record high of 23,441.76, while in Europe, the Euro Stoxx 50 closed up by 0.05% at 3,610.69.
The dollar index at 93.94 is well placed to work higher to challenge the top of the recent 92.75-94.27 range – the jury is still out as to whether this is a pause in the downward trend that has been in effect all year, or whether it is the start of a turning point for a move higher – the latter looks likely. If so then that could prove to be a headwind for the metals. That said, we are still awaiting US president Donald Trump’s decision on who will be the next US Federal Reserve chair, so the dollar could see some short-lived volatility. The euro at 1.1763 is consolidating and it is looking possibly toppy, but with the European Central Bank (ECB) rate decision and press conference tomorrow, it could move either way. Sterling is looking weaker at 1.3131, the Australian dollar at 0.7724 has broken lower and the yen at 113.83 is also looking weak. As such, all else being equal, the dollar looks bullish and the currencies are looking bearish – but much will depend on the ECB’s actions/outlook and Trump’s decision with regards to the Fed chair.
The Chinese yuan remains weak, it was recently quoted at 6.6409, and the other emerging currencies we follow are on a back footing – which also points to a firmer dollar.
Today’s economic data includes German Ifo business climate, UK gross domestic product (GDP), high street lending and index of services, while US data includes durables goods orders, house price index, new home sales and crude oil inventories. Tuesday’s flash manufacturing purchasing managers’ index data was bullish across most of Europe and in the USA.
Another show of strength in copper ran into selling and the same applied to the other base metals, which suggests scale-up selling – perhaps there is some profit-taking and book squaring ahead of next week’s LME Week. We would also watch developments affecting the dollar and currencies, we could be at a turning point for the dollar – if it does turn higher then that may well attract more profit-taking and producer selling. Our view of late has been to remain quietly bullish, but expect trading to become choppier as prices are generally in high ground, so we should expect more bouts of scale-up selling along the way – this seems to be playing out.
Gold prices are under pressure and the other precious metals are following its lead – again the firmer dollar and potential for more dollar strength, while the geopolitical scene is calm, are weighing on prices. Needless to say, North Korea also remains a potentially bullish factor.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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вторник, 24 октября 2017 г.
LME WEEK 2017: Metals after MiFID II
You’ve heard your broker talk about MiFID II but what does it mean for you and other industrial users wanting to hedge metals price risk?
The UK might be leaving the EU but the metals trade in London cannot avoid MiFID II (Markets in Financial Instruments Directive II).
For now, brokers and banks are spending large sums and many hours to meet the deadlines from Brussels. These come into force on January 3; whatever the shape of future UK/EU relations, they will set the scene for the next few years.
The first MiFID aimed to create a single financial market in the EU. Its effects have been profound; for example, ending the monopoly on equities in UK trading enjoyed by the London Stock Exchange. MiFID II, which aims to increase competition and transparency, will now change how futures are traded.
There are myriad new administrative rules that brokers and exchanges must implement before the end of the year. Many of these might seem arcane or bureaucratic; for example the time to book trades agreed on the telephone must be cut. Taken together, and reflecting the theme of “transparency”, the overall effect is likely to be transformative in the metals markets.
The opportunity for the market arises in two key areas – price discovery and clearing. If MiFID II evolves as the politicians intend, it will provide significant opportunities to boost liquidity and efficiency in metals trading.
Key to understanding how metals trading will change is the MiFID II concept of “best execution”. MiFID II takes aim at so-called “dark pools” of liquidity, when trades take place away from “lit” exchanges where everybody can see what is traded. While this should be good for users of the market – they will be able to see more bids and offers before they trade – it begs the question as to how brokers and banks should best display or provide access to those prices.
From January, banks will need to prove that they have supplied “best execution” for the trades they book with customers. Under the current market structure in metals, there several issues that must be resolved.
Were there just one exchange for metals trading (and no over-the-counter business), it would be relatively straightforward. But there are many pools of liquidity, either off exchange between members or between members and customers. Additionally, many metal contracts are illiquid through low participation or thinly traded dates, making them harder to trade in “lit” venues.
To achieve “best execution” on illiquid dated trades, brokers may need to reconsider how customer requests are managed, and, in particular, how they supply information on pricing.
That’s good news for customers who will now have greater choice over how they book their trades and a better understanding of competing trades in the market. For brokers, meanwhile, it is likely to lead to a bigger pool of business.
As regards clearing, under MiFID II it will become possible to clear futures contracts at multiple venues. It remains to be seen how practical it will be to manage this in practice.
For market users, to maintain accounts at multiple clearers may not be the most effective use of capital and could feed through to higher, rather than lower, costs in some circumstances.
Competition is more likely to be driven at the execution level, with trades being routed from multiple venues into highly efficient and market specific clearing houses. By unbundling “best execution” and “clearing”, there will be greater transparency over price formation at the trading level, and greater transparency over capital costs at the clearing level.
Clearing will become the central point around which other worlds orbit, with the MiFID II changes encouraging evolution around execution, price discovery and market participation. Each sphere will be able to develop independently but will be drawn by gravity to each other and aligned to the mass that is clearing.
For now MiFID II might seem daunting but in time it will be seen as the launch pad for the expansion of the metals trading universe after years of contraction.
Chris Evans is the commercial director of NFEx Markets.
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METALS MORNING VIEW: Weaker gold prices run into dip buying
Base metals prices on the London Metal Exchange are firmer by an average of 0.5% this morning, Tuesday October 24. Three-month copper prices lead the advance with a 1.3% gain to $7,103 per tonne, with tin and nickel both up by 0.6% and aluminium, lead and zinc up by an average of 0.2%.
Volume has been above average with 7,972 lots traded as of 06:05 BST.
This follows a day of strength on Monday, when the base metals complex closed up by an average of 1%, with nickel, lead and zinc prices firmer by around 1.5%, while copper prices rose 0.6% and aluminium and tin prices closed up by 0.3%.
Precious metals prices are stronger this morning, led by a 1% gain in palladium prices to $965.90 per oz, with platinum prices up by 0.5%, silver prices 0.3% firmer and gold prices up marginally at $1,282.69 per oz. This after a divergent day of trading on Monday that saw palladium prices drop 1.9%, while the rest were up by between 0.2% and 0.6%.
Base metals on the Shanghai Futures Exchange (SHFE) are up across the board this morning with some healthy gains being seen: copper prices are 2% higher at 55,690 yuan ($8,401) per tonne; zinc prices are up by 1.7%; lead prices are 1% firmer; nickel and tin are both up by 0.8% and aluminium prices are up by 0.5%. Spot copper prices in Changjiang are up by 1.9% at 55,690-56,190 yuan per tonne while the London/Shanghai copper arbitrage ratio is steady at 7.84.
The steel-orientated metals in China are firmer this morning with iron ore prices climbing by 0.7% to 462 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on the SHFE are also up by 0.7%. Gold and silver prices on the SHFE are up by 0.3% and 0.2%, respectively.
In international markets, spot Brent crude oil prices are up by 0.23% at $57.43 per barrel. The yield on US ten-year treasuries has eased to 2.37% and the German ten-year bund yield is little changed at 0.43%.
Equities in Asia are stronger with the CSI 300 up by 0.5%, the Nikkei is 0.3% firmer, the Kospi is up by 0.2%, the ASX 200 is up by 0.1% and the Hang Seng is little changed. Western markets were mixed on Monday, in the USA, the Dow closed down by 0.23% at 23,273.96 and in Europe, the Euro Stoxx 50 closed up by 0.1% at 3,608.87.
The dollar index at 93.78 is well placed to work higher to challenge the top of the recent 92.75-94.27 range – the jury remains out as to whether this is a pause in the downward trend that has been in effect all year, or whether it is the start of a turning point for a move higher – the latter looks likely. If so then that could prove to be a headwind for the metals. That said, with US president Donald Trump reported close to deciding who will be the next US Federal Reserve chair, the dollar could see some short-lived volatility. The euro at 1.1756 is also consolidating, but is looking possibly toppy, while sterling is looking stronger at 1.3216, the Australian dollar at 0.7811 is under pressure, while the yen is trending lower, but saw some counter-trend strength on Monday.
The Chinese yuan remains weak, it was recently quoted at 6.6290, while the other emerging currencies we follow are slightly weaker, the exceptions being the Brazilian real which has weakened to 3.2362 from around 3.1500 on October 20, this on the back of political issues, while the rupee is looking firmer.
Today’s economic data is focused on flash purchasing managers’ index (PMI) data, out across much of Europe and the USA, and there is also data on China’s leading indicators. Data out already shows Japan’s flash manufacturing PMI dropped to 52.5 from 52.9 – it has averaged 52.55 so far this year.
Some strength emerged in the base metals camp on October 20, which did not last, but we did see another attempt on the upside on Monday and there has been follow-through strength so far today. This does suggest the pullback in the metals prices from last week’s early show of strength has run its course, so we now need to see if buying pressure is strong enough to see prices challenge the highs again. Our view of late has been to remain quietly bullish, but expect trading to become choppier as prices are generally in high ground, so we should expect more bouts of scale-up selling along the way. A firmer dollar is also likely to be a headwind for prices, but as it stands this morning, the complex is looking bullish. Tin has been the metal that has corrected the most; previous dips have turned out to be downward spikes so we wait to see if last week’s dip also turns out to be a spike.
Gold prices gapped lower on Monday and put in a low at $1,272.40 per oz, but as we have expected, the market has remained well supported and the dip attracted buying. With the metals and oil prices looking stronger, it may be that we see more buying of commodity baskets – which may be needed if gold prices are to stand firm against a stronger dollar. Needless to say, North Korea also remains a potentially bullish factor.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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Gold gets respite from weaker dollar
The spot gold price posted slight gains during Asian morning trading on Tuesday October 24 as the dollar halted its climb.
The spot gold price was quoted at $1,282.15-1,282.50 per oz as of 05:10 BST, up $0.33 from the previous session’s close. Trade has ranged from $1,280.35-1,283.70 so far today. The price had dipped as low as $1,272.40 on Monday, the lowest since October 6.
- The dollar index eased on Tuesday after rallying the past few trading days to as high as 94.02 on Monday, the highest since October 6, supported by a rise in US Treasury yields and progress in tax reforms.
- Gold prices had come under pressure from a stronger dollar and lack of haven buying after the election victory for Japanese Prime Minister, Shinzo Abe, on October 22, ANZ Research said on Tuesday morning.
- “A sell-off in the dollar late on Monday saw investors return to the market,” the bank added.
- “Having failed to hold $1,300 [per oz] over the past two weeks, the [gold] price now looks to be headed to the $1,256 lows from the beginning of the month,” Chris Beauchamp, market analyst at IG, said.
- A close above $1,300 per oz for gold is needed to reverse the negative outlook, he added.
Silver, PGMs
- In the other precious metals, the spot silver price gained $0.045 to $17.11-17.13 per oz. Platinum rose $4 to $926-931 per oz and palladium gained $12 to $965-970 per oz.
- On the Shanghai Futures Exchange, gold for December delivery was recently at 276.05 yuan ($41.59) per gram, and the December silver was at 3,895 yuan per kg.
Currency moves and data releases
- The dollar index fell 0.1% to 93.74 at 05:10 BST. The index had risen as high as 94.02 on Monday, the highest since October 6.
- In other commodities, the Brent crude oil spot price climbed 0.24% to $57.44 per barrel at 05:12 BST.
- In equities, the benchmark Shanghai Composite Index rose 0.08% to 3,383.24.
- In data on Monday, EU consumer confidence for October came in at -1, while within expectations, a number below zero depicted pessimism among consumers.
- The economic agenda is light today with mainly China’s CB leading index and the USA’s flash manufacturing and flash services purchasing managers’ index of note.
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понедельник, 23 октября 2017 г.
LIVE FUTURES REPORT: Comex gold dips $5
Comex copper prices recovered after a four-session drought in the morning on Monday October 23 with current fundamentals remaining positive for the complex in the USA.
Copper for December settlement on the Comex division of the New York Mercantile Exchange rose 1.00 cents or 0.3% to $3.1755 per lb.
“We remain bullish for copper’s fundamentals but these already-high prices are being met by selling. Upside progress may therefore slow while buying has to absorb the selling,” Metal Bulletin head of research William Adams said.
Prices jumped a week ago on optimism ahead of the Chinese Communist Party meeting. China’s economy is expanding at around 7% per annum and the government appears eager to maintain record growth in the housing market.
In precious metals, Comex gold dipped $5 or 0.4% to $1,275.50 per oz. Trade has been narrow between $1,273.60 and $1,281.50.
Currency moves and data releases
- The dollar index was up 0.21% to 93.86. The primary support for the dollar came from higher US yields, with the two-year yield hitting a nine-year high while the progress in tax reforms boosted expectations of increased borrowing from the US government and a likely pick-up in inflation.
- In other commodities, the Texas light sweet crude oil spot price was up 0.68% to $52.19 per barrel.
- “Today’s Chinese data started on a promising note with property price rises almost slowing to a standstill, which was one the government’s objectives to both calm inflation down and stop investors using property as a speculative product,” said Malcolm Freeman of Kingdom Futures.
- “That would come under the heading of ‘so far so good’ but raises the question of where investors will turn next and if they could re-enter the commodity markets,” he added.
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METALS MORNING VIEW: Gold prices under pressure as dollar firms
Base metals prices on the London Metal Exchange are firmer by an average of 0.4% this morning, Monday October 23. Zinc and lead prices lead the way with a 0.7% gain, while copper prices are the laggards with a 0.1% gain to $6,975 per tonne. Volume has been average of 5,549 lots as of 07:17 BST.
This follows a day of price weakness on Friday, when the complex closed down by an average of 0.7% after what had been a strong start to the day with prices up approximately 1.1% around the time European markets opened.
Precious metals prices are for the most part weaker this morning, with gold and palladium prices both down by 0.3%, while silver prices are off slightly and platinum prices are up by 0.1%. Spot gold was recently quoted at $1,276.27 per oz. Friday’s trading showed weakness in gold, silver and platinum prices with bullion prices off by an average of 1.2%, and platinum prices off by 0.2%, while palladium prices bucked the trend with a rise of 1.6% to $975 per oz.
Base metals on the Shanghai Futures Exchange (SHFE) are mixed; copper prices are little changed at 54,710 yuan ($8,255) per tonne, gains are being seen in aluminium (0.2%), zinc (0.3%) and lead (0.5%), while nickel and tin prices are both down by 0.2%. Spot copper prices in Changjiang are down by 0.5% at 54,930-55,150 yuan per tonne while the London/Shanghai copper arbitrage ratio has firmed to 7.84.
The steel-orientated metals in China are firmer this morning with iron ore prices climbing by 0.9% to 457 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on the SHFE are also up by 0.9%. Gold and silver prices on the SHFE are down by 0.4% and 0.7%, respectively.
In international markets, spot Brent crude oil prices are off by 0.07% at $57.83 per barrel. The yield on US ten-year treasuries has firmed to 2.38% and the German ten-year bund yield has also firmed to 0.43%.
Equities in Asia are mixed: Japanese Prime Minister Shinzo Abe’s re-election victory has boosted the Nikkei that is up by 1.11%; the CSI 300 and Kospi are both little changed with gains of less than 0.1%; the ASX 200 is off by 0.2% and the Hang Seng is off by 0.6%. Western markets were stronger on Friday, where in the USA, the Dow closed up by 0.71% at 23,328.63 and in Europe where the Euro Stoxx 50 closed up by 0.08% at 3,605.09.
The dollar index at 93.77 is edging higher again within its recent 92.75 to 94.27 range – the jury remains out as to whether this is a pause in the downward trend that has been in effect all year, or whether it is the start of a turning point for a move higher – the latter looks likely. The euro at 1.1765 is also consolidating, but is looking possibly toppy, while sterling is firmer at 1.3202, the Australian dollar at 0.7824 is consolidating, while the yen has weakened on the back of Abe’s victory, which suggests ongoing stimulus.
The Chinese yuan remains weak, it was recently quoted at 6.6324, while the other emerging currencies we follow are flat to weaker.
Today’s economic data includes a German Bundesbank monthly report, UK CBI industrial order expectations and EU consumer confidence.
On Friday morning it looked like the pullback in the metals prices had run its course with most of the LME metals putting in some strong gains, however, that was reversed by the close and this morning prices are back in consolidation mode. Tin has been the weakest performer of late, but that has probably been caused by the low liquidity in the metal. We are now, once again, on the lookout for signs about how strong underlying bullish sentiment is. Our view of late has been to remain quietly bullish, but expect trading to become choppier as prices are generally in high ground so we should expect more bouts of scale-up selling along the way. A firmer dollar is also likely to be a headwind for prices.
Gold prices have gapped lower today, which is a sign of weakness that is affecting silver and platinum prices too, while palladium prices are consolidating below recent highs. The stronger dollar and calm over North Korean, are weighing on gold prices. We would expect the precious metals to remain supported, but with the dollar looking well placed to push higher, the precious metals may face a headwind.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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BULLION LATEST: Gold price drops to two-week low on dollar rally
Spot gold prices fell during Asian morning trading on Monday October 23 as the dollar climbed its highest level in more than two weeks.
The spot gold price was quoted at $1,276.50-1,276.85 per oz as of 06:42 BST, down $3.37 from the previous session’s close. Trade has ranged from $1,273.75-1,278.25 so far today.
- The dollar index continues to climb, supported by a rise in US Treasury yields and progress in tax reforms.
- The index reached a high of 93.83 earlier in the session, its highest since October 6, 2017.
- US president Donald Trump’s tax reform plans won partial support on Friday when Republican Senator Rand Paul said he was “all in” for massive tax cuts, but the party was still far from united over how to achieve the main item on its domestic agenda.
- The top US Senate Republican and White House budget director said on Sunday they hoped for action on a Republican tax reform package by the end of the year, while keeping their options open on how to pay for sweeping tax cuts.
- Higher US interest rates tend to boost the dollar and push bond yields up, putting pressure on the dollar-denominated, non-yielding gold.
- “With the US 10-year [treasuries] marching towards 2.40%, we can expect golds appeal as an investment asset to continue to diminish in the short term implying more downside pain is possible for the yellow metal,” Jeffrey Halley, senior market analyst at Oanda, noted.
Silver, PGMs
- In the other precious metals, the spot silver price gained $0.015 to $16.980-17.000 per oz. Platinum rose $1.00 to $918-923 per oz while palladium dipped $1.0 to $971-976 per oz.
- On the Shanghai Futures Exchange, gold for December delivery was recently at 275.05 yuan ($41.48) per gram, and the December silver was at 3,880 yuan per kg.
Currency moves and data releases
- The dollar index was recently up 0.07% at 93.73.
- In other commodities, December Brent crude futures climbed 0.28% to $57.91 per barrel as the Organization of the Petroleum Exporting Countries and its allies reiterated that all options are open to re-balance oil markets.
- Staying with the USA, oil drillers reduced the rig count a third week to the lowest since June, according to official figures released by Baker Hughes.
- In equities, the benchmark Shanghai Composite Index rose 0.11%, or 3.63 points, to 3,382.28 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, edged down 0.02%, or 0.39 points, to 1,999.29.
- In data on Friday, German PPI came in at 0.3% for September, up from 0.2% the previous month and the EU current account recorded a surplus of €33.3 billion, up from €25.1 billion previously. In US data, existing home sales were up in September at 5.39 million, compared with 5.35 million previously.
- The economic agenda is light today with the German Bundesbank monthly report, UK CBI industrial order expectations and EU consumer confidence of note.
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воскресенье, 22 октября 2017 г.
пятница, 20 октября 2017 г.
METALS MORNING VIEW: Gold prices under pressure as dollar firms
Base metals prices on the London Metal Exchange are mostly higher with gains averaging 1.1% this morning, Friday October 20. The exception is tin where prices are off by 0.3%. Nickel prices once again lead the gains with a 2.5% increase to $12,065 per tonne, with lead prices up by 1.6% and copper prices up by 1.3% to $7,060 per tonne. Zinc and aluminium prices are up by 0.9% and 0.6%, respectively.
Volume has been above average with 8,139 lots traded as of 06:34 BST.
This morning’s trading follows a mixed performance on Thursday when aluminium and nickel prices were up either side 1.3%, while lead prices dropped by 1.5%, zinc and tin prices were off by 0.1% and copper closed off by 0.3% at $6,972.50 per tonne.
Bullion prices are weaker this morning with spot gold prices off by 0.5% at $1,283.60 per oz, while silver prices are down by 0.6%. The platinum group metals are faring better with platinum prices up by 0.1% and palladium prices more upbeat with a 0.5% gain to $964.40 per oz. This follows a stronger performance on Thursday when silver climbed 1.7%, gold prices closed up by 0.8% and the platinum group metals were up by around 0.4%.
Base metals on the Shanghai Futures Exchange (SHFE) are for the most part stronger this morning, with gains averaging 0.9%. Nickel prices are firmer by 2.5%, aluminium prices are up by 1.7%, zinc prices are up by 0.6% and copper prices are 0.7% firmer at 55,140 yuan ($8,326) per tonne. Lead and tin prices are bucking the firmer tone this morning, both off by 0.1%. Spot copper prices in Changjiang are up by 0.6% at 54,800-55,400 yuan per tonne while the London/Shanghai copper arbitrage ratio has firmed to 7.82.
The steel-orientated metals in China have rebounded with iron ore prices climbing by 2.7% to 457 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on the SHFE are up by 2.2% and gold and silver prices are up by 0.1% and 0.5%, respectively.
In international markets, spot Brent crude oil prices are up by 0.18% at $57.36 per barrel. The yield on US ten-year treasuries has firmed to 2.35% and the German ten-year bund yield is little changed at 0.39%.
Equities in Asia are broadly firmer: the Hang Seng is up by 0.8%, the Kospi is up by 0.5%, the ASX 200 is up 0.2%, the Nikkei is little changed and the CSI 300 is down by 0.3%. Western markets were mixed on Thursday, where in the USA, the Dow closed up by 0.02% at 23,163.04 and in Europe where the Euro Stoxx 50 closed down by 0.49% at 3,602.08.
The dollar index at 93.50 continues to consolidate within its recent 92.75 to 94.27 range – the jury remains out as to whether this is a pause in the downward trend that has been in effect all year, or whether it is the start of a turning point for a move higher. The euro at 1.1805 is also consolidating, while sterling is weaker at 1.3113, as are the yen at 113.25 and the Australian dollar at 0.7842. As such, it does look as though we may see further dollar strength and currency weakness.
The Chinese yuan has been weaker this week, recently quoted at 6.6233, while the other emerging currencies we follow are flat to weaker.
Today’s economic data includes German producer prices, the EU current account, UK public sector borrowing requirement, US existing home sales and the US Federal budget balance.
The pullback in the metals prices appears to have run its course for now with most of the LME metals putting in some strong gains this morning, with three-month copper prices back above $7,000 per tonne. We have said in recent days we were on the lookout for signs about how strong underlying bullish sentiment is and today’s upbeat tone suggests sentiment remains bullish. Our view of late has been to remain quietly bullish, but expect trading to become choppier as prices are generally in high ground so we should expect more bouts of scale-up selling along the way.
The firmer tone in gold, silver and platinum prices has run out of steam and, with the dollar trying to push higher and equities hitting new highs of late, the opportunity cost of holding gold is high, especially while the North Korean situation seems to be calmer, at least for now. Palladium prices have found support, we wait to see if they can push on to fresh multi-year highs – they are, however, looking a bit toppy. We would expect the precious metals to remain well supported, but with the dollar looking well placed to push higher, the precious metals may face a headwind.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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Gold price drifts lower as dollar strengthens
The spot gold price drifted lower during Asian morning trading on Friday October 20, as the dollar regained ground on the news that the US Senate had adopted a fiscal 2018 budget resolution on Thursday.
The spot gold price was quoted at $1,283.25-1,283.65 per oz as of 04:19 BST, down $6.35 on the previous close. Trade has ranged from $1,282.75-1,289.80 so far today.
- The dollar strengthened on Friday after the US Senate passed a budget blueprint that will help pave the way for the Republican Party’s planned $1.5 trillion tax-cut package without having to rely Democratic support.
- ”[The news] has seen Treasury yields edge higher pushing the dollar up across most currencies with the US Dollar Index higher by 0.40% in Asia,” Jeffrey Halley, senior market analyst at Oanda, said.
- The dollar index was at 93.47 as of 04:30 BST, this after its recent low of 92.75 on October 13.
- “The key to the remainder of the session is whether the US dollar gains and higher Treasury yields are sustained into Europe and New York. If the moves correct then gold may get a reprieve, if Europe continues to run with this baton, it could be a long day for bullish gold traders,” Halley added.
Silver, PGMs
- In the other precious metals, the spot silver price was down $0.082 to $17.160-17.205 per oz. Platinum was flat at $920-925 per oz and palladium gained $4 to $961-966 per oz.
- On the Shanghai Futures Exchange, gold for December delivery was recently at 276 yuan ($41.69) per gram, and the December silver was at 3,910 yuan per kg.
Currency moves and data releases
- The dollar index was at 93.47 as of 04:30 BST.
- In other commodities, the Brent crude oil spot price increased by 0.02% to $57.24 per barrel while the Texas light sweet crude oil spot price was up by 0.14% to $51.36.
- In equities, the Shanghai Composite was down by 0.03% to 3,369.04.
- In US data on Thursday, weekly unemployment claims at 222,000 were below the forecast of 245,000 while the Philly Fed manufacturing index in October was 27.9, beating the previous figure of 23.8.
- The economic agenda is fairly light today with German producer prices, EU current account, UK public sector net borrowing and US data that includes existing home sales and the Federal budget balance of note.
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четверг, 19 октября 2017 г.
METALS MORNING VIEW: Gold prices finding some support above $1,275 per oz
Base metals prices on the London Metal Exchange are broadly higher this morning, Thursday October 19. Nickel prices lead the gains with a 1.2% increase to $11,770 per tonne, while tin, aluminium and copper prices are up by between 0.1% and 0.4%, with three-month copper prices at $7,005. Lead and zinc are bucking the trend, with prices down by 1.1% and 0.5%, respectively.
Volume has been average at 6,814 lots as of 07:31 BST.
This morning’s trading follows a market of two-halves on Wednesday that saw copper, aluminium, tin and nickel prices decline by between 0.7% and 1.6%, while lead and zinc prices were up by 0.7% and 1.4%, respectively. So Wednesday’s gainers are the metals under pressure this morning and vice versa.
Gold, silver and platinum prices are little changed this morning, while palladium prices are up by 0.6% as they recoup some of Wednesday’s 2.2% losses. The other precious metals were also weaker yesterday, with bullion prices down by 0.4% and platinum prices were off by 1.5%.
Base metals on the Shanghai Futures Exchange (SHFE) are split this morning. Lead is leading the decline with prices off by 1.5%, followed by tin and copper prices, down by 0.8% and 0.4% respectively, with the latter at 54,710 yuan ($8,260) per tonne. Meanwhile, zinc prices are up by 0.9%, nickel prices are firmer by 0.7% and aluminium prices are up by 0.2%.
Spot copper prices in Changjiang are down by 0.6% at 54,800-55,050 yuan per tonne while the London/Shanghai copper arbitrage ratio has eased to 7.81, compared with 7.82 on Wednesday.
The steel-orientated metals in China are again weaker with iron ore prices falling by 3.3% to 444.50 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on the SHFE are down by 2.7% and gold and silver prices are off by 0.4% and 0.5%, respectively.
In international markets, spot Brent crude oil prices are off by 0.03% at $58.16 per barrel. The yield on US ten-year treasuries has firmed to 2.34% and the German ten-year bund yield is also firmer at 0.39%.
Equities in Asia are mixed: the CSI 300 and Hang Seng are both off by 0.5%, the Kospi is off 0.4%, the Nikkei is up 0.4% and the ASX 200 is up 0.1%. This follows an upbeat day on Wednesday, where in the USA, the Dow closed up by 0.7% at 23,157.60 – further extending the record high to 23,172.93 and in Europe where the Euro Stoxx 50 closed up by 0.33% at 3,619.65. Interesting that the bullishness in the Dow on Wednesday, combined with robust Chinese gross domestic product (GDP) data released this morning have not underpinned a broad-based firmer tone in Asia.
The dollar index has fallen back into consolidation mode at 93.30, it has started to oscillate sideways either side of 93.50 – the jury is still out as to whether this is a pause in the downward trend that has been in effect all year, or whether it is the start of a turning point for a move higher. The euro at 1.1813 is edging higher within a consolidation pattern, while sterling at 1.3196 is weaker, as are the yen at 113.02 and the Australian dollar at 0.7866.
The Chinese yuan has been weaker in the past few days, recently quoted at 6.6218, while the other emerging currencies we follow are generally on a back footing, although the Mexican peso is consolidating after its recent weakness.
Data out earlier today included Japan’s trade balance and all industries activity; China’s GDP (6.8%); firmer industrial production at 6.6%, compared with 6% previously; weaker fixed asset investment growth of 7.5%, compared with 7.8% preciously and firmer retails sales at 10.3%, compared with 10.1%. Data out later includes UK retail sales, as well as US data including initial jobless claims, the Philly Fed manufacturing index, leading indicators, natural gas storage and the federal budget balance.
Scale-up selling has hit copper after Tuesday’s run-up to $7,177 per tonne but the pullback seems limited, suggesting there is dip buying into the pullback. The weakness in aluminium, zinc and lead also seems controlled with dip buying evident, while nickel prices have held up well and tin prices are suffering the most as prices failed to make headway above its recent break above $21,000 per tonne. We are on the lookout for signs about how strong underlying bullish sentiment is; recent turbulence with the price pullbacks, stock inflows and re-warranting of cancelled warrants, all surrounding the passing of the October date, have muddied the waters; so we wait to see how the market trades now the October date has passed. Our view of late has been to remain quietly bullish, but expect trading to become choppier when prices run into more bouts of scale-up selling – as indeed we seem to be experiencing.
The firmer tone in gold, silver and platinum prices has run out of steam and, with the dollar trying to push higher and equities hitting new highs, the opportunity cost of holding gold is high, especially while the North Korean situation seems to be calmer, at least for now. Palladium set a fresh high on Tuesday but prices are now consolidating – there is a risk of a double top on the chart but it is too early to say that will turn out to be the case while the overall uptrend still looks robust. We would expect the precious metals to remain well supported.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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BULLION LATEST: Gold dips on firmer dollar, high possibility of US rate increase
The spot gold price was weaker during Asian morning trading on Thursday October 19, as a firmer dollar and the increasing likelihood that the US Federal Reserve (Fed) would raise interest rates in December weighed on investors’ appetite for the metal.
The spot gold price was quoted at $1,277.60-1,277.90 per oz as of 04:14 BST, down $2.30 on the previous close. Trade has ranged from $1,276.90-1,282.03 so far today.
- A firmer dollar has put pressure on the yellow metal.
- The dollar index was down 0.01% at 93.41 as of 04:14 BST, this after its recent dip to 92.75 on October 13.
- High expectations that the Fed will raise US interest rates in December also continue to weigh on gold prices.
- New York Fed President Bill Dudley said the Fed is ‘on path’ to achieve its 2017 rate forecast and achieve three rate increases in 2018.
- Nearly 92% of market participants expect that the Fed will raise rates to between 1.25% and 1.5% in December, according to CME Group’s FedWatch tool.
- Furthermore, with investor cash moving back to equities, gold prices were on the defensive, according to Sucden Financial Research.
- US equities were higher with major bourses hitting intra-day records.
- Overnight, Dow Jones closed at 23,157.6, up 160.16 points; the S&P 500 rose 1.9 points to 2,561.26; while the Nasdaq moved up 0.01% to 6,624.22.
- “With US yields continuing to creep slowly higher and stocks markets riding exuberantly high it will most likely take some sort of geopolitical event to break the yellow metal out of its bearish malaise,” Jeffrey Halley, senior market analyst at Oanda, said.
Silver, PGMs
- In the other precious metals, the spot silver price was down $0.025 to $16,930-16.950 per oz. Platinum was flat at $916-921 per oz and palladium gained $4 to $959-964 per oz.
- On the Shanghai Futures Exchange, gold for December delivery was recently at 275.6 yuan ($41.61) per gram, and the December silver was at 3,886 yuan per kg.
Currency moves and data releases
- The dollar index was down 0.01% at 93.41 as of 04:14 BST.
- In other commodities, the Brent crude oil spot price dipped 0.11% to $58.12 per barrel while the Texas light sweet crude oil spot price was down 0.06% to $52.02
- In US data on Wednesday, building permits and housing starts in September both disappointed at 1.22 million and 1.13 million, respectively.
- In data on Thursday, China reported third-quarter gross domestic product (GDP) growth of 6.8% year on year, on par with the forecast reading but below the previous print of 6.9%. There had been expectations in the market that the world’s largest base metals consumer would see growth of around 7% from a year earlier.
- Chinese industrial production surprised to the upside with an increase of 6.6% against an expected reading of 6.4% and a previous reading of 6.0%.
- China’s fixed asset investment missed with a reading of 7.5% – 7.7% had been expected. This was also lower the previous print of 7.8%.
- Staying with China, Chinese President Xi Jinping gave his opening speech at the 19th Communist Party Congress on October 18, saying China was working toward “socialist modernisation” and that “It is time for [China] to take centre stage in the world and to make a greater contribution to humankind.”
- Data out later today includes UK retail sales, US unemployment claims, Philly Fed manufacturing index, CB leading index and natural gas storage.
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среда, 18 октября 2017 г.
METAL MORNING VIEW: Gold prices retreat as dollar resumes rebound
Base metals prices on the London Metal Exchange are generally weaker this morning, Wednesday October 18. Zinc and tin prices are little changed, while the rest are down by an average of 0.6%, with copper off 0.4% at $7,009 per tonne.
Volume has been above average at 8,518 lots as of 07:11 BST.
This morning’s trading follows for the most part a day of correction on Tuesday when apart from aluminium that closed up 0.3%, the complex closed down an average of 1.9%, led by a 3.7% retreat in zinc prices to $3,074.50 per tonne.
Gold, silver and platinum prices are weaker this morning, by an average of 0.2%, while palladium bucks the trend with a 0.7% gain to $985.90 per oz – gold prices were recently quoted at $1,283.75 per oz. This follows weakness in bullion prices yesterday that saw gold and silver close down 0.8% and 1.2% respectively, while the platinum prices were little changed and palladium closed up 0.4%.
In Shanghai, the base metals trading on the Shanghai Futures Exchange (SHFE) are down by an average of 1.7% as they follow the corrections in LME prices from yesterday. Lead prices lead the decline with a 3.5% fall, zinc prices are down 2.8% and aluminium prices are off 1.9%, with copper prices down 1.1% at 54,790 yuan ($8,278) per tonne. Nickel and tin prices are down 0.2% and 0.9% respectively.
Spot copper prices in Changjiang are off 0.4% at 55,200-54,400 yuan per tonne while the London/Shanghai copper arbitrage ratio has strengthened to 7.82, indicating SHFE prices have retreated less than the LME price
On SHFE copper prices have also become backwardated, with November prices higher than those in December and January.
The steel-orientated metals in China have diverged with iron ore prices rallying by 1.1% to 461.50 yuan per tonne on the Dalian Commodity Exchange, while steel rebar prices on SHFE are down by 1.1%.
Meanwhile, gold and silver are both off 0.4%.
In international markets, spot Brent crude oil prices are up by 0.14% at $58.13 per barrel. The yield on US ten-year treasuries has firmed to 2.31% and the German ten-year bund yield is weaker at 0.36%.
Equities in Asia are mixed: the CSI 300 is up by 0.4% and the Nikkei is up 0.1%, the ASX 200 is little changed and the Hang Seng and Kospi are both off 0.1%. This follows another record high being set on the Dow yesterday at 23,002.20, closing up 0.18% at 22,997.44; while in Europe the Euro Stoxx 50 closed up by 0.04% at 3,607.77.
The dollar index is pushing ahead with its latest rebound with the index at 93.60, after a recent dip to 92.75. The euro is weaker at 1.1752, as are sterling at 1.3170 and the yen at 112.42, while the Australian dollar is consolidating at 0.7840.
The Chinese yuan has been weaker in the past few days, recently quoted at 6.6211, while the other emerging currencies we follow are generally consolidating with a slightly weaker bias, although the Mexican peso is recouping some of its recent weakness.
Data out today included data on the UK employment situation, with US data including building permits, housing starts, crude oil inventories the Beige book and the federal budget balance. In addition, ECB president Mario Draghi and Federal Open Market Committee, FOMC, members William Dudley and Robert Kaplan are speaking.
Scale up selling has hit copper after Tuesday’s run up to $7,177 per tonne and the other metals that were struggling to push higher have also fallen, with zinc, lead and tin being the hardest hit, while nickel prices have held up well. We should now get an update on how bullish underlying sentiment is by seeing how far prices pull back and how long it is before they rebound again. So far, copper’s pullback has been limited, with prices off 2.1% from Tuesday’s high. Our view of late has been to remain quietly bullish, but expect trading to become choppier when prices run into more bouts of scale-up selling – as indeed we seem to be experiencing.
The firmer tone in gold, silver and platinum prices has run out of steam and with the dollar trying to push higher and equities hitting new highs, the opportunity cost of holding gold is high, especially while the North Korean situation seems to be calmer, at least for now. Palladium set a fresh high on Tuesday, but prices are now consolidating – there is a risk of a double top on the chart, but it is too early to say that will turn out to be the case as the uptrend still looks robust.
| Overnight Performance | ||||
| BST | 07:11 | +/- | +/- % | Lots |
| Cu | 7009 | -31 | -0.4% | 2726 |
| Al | 2127.5 | -14.5 | -0.7% | 1616 |
| Ni | 11710 | -60 | -0.5% | 1334 |
| Zn | 3078 | 3.5 | 2123 | |
| Pb | 2478 | -17.5 | -0.7% | 668 |
| Sn | 20420 | 30 | 0.1% | 51 |
| Average | -0.3% | 8,518 | ||
| Gold | 1283.75 | -1.7 | -0.1% | |
| Silver | 16.999 | -0.036 | -0.2% | |
| Platinum | 929 | -3 | -0.3% | |
| Palladium | 985.9 | 6.9 | 0.7% | |
| Average PM | 0.0% | |||
| SHFE Prices 07:11 BST | RMB | Change | % Change |
| Cu | 54790 | -620 | -1.1% |
| AL | 16120 | -305 | -1.9% |
| Zn | 25125 | -730 | -2.8% |
| Pb | 19620 | -715 | -3.5% |
| Ni | 94030 | -210 | -0.2% |
| Sn | 145980 | -1340 | -0.9% |
| Average change (base metals) | -1.7% | ||
| Rebar | 3730 | -43 | -1.1% |
| Au | 276.6 | -1.15 | -0.4% |
| Ag | 3903 | -17 | -0.4% |
| Iron Ore (DCE) Jan’18 | 461.5 | 5 | 1.1% |
| Economic Agenda | |||||
| BST | Country | Data | Actual | Expected | Previous |
| 9:10am | EU | ECB President Draghi Speaks | |||
| 9:30am | UK | Average Earnings Index 3m/y | 2.1% | 2.1% | |
| 9:30am | UK | Claimant Count Change | 1.3K | -2.8K | |
| 9:30am | UK | Unemployment Rate | 4.3% | 4.3% | |
| 1:00pm | US | FOMC Member Dudley Speaks | |||
| 1:00pm | US | FOMC Member Kaplan Speaks | |||
| 1:30pm | US | Building Permits | 1.25M | 1.27M | |
| 1:30pm | US | Housing Starts | 1.18M | 1.18M | |
| 3:30pm | US | Crude Oil Inventories | -4.7M | -2.7M | |
| 7:00pm | US | Beige Book | |||
| Tentative | US | Federal Budget Balance | -0.9B | -107.7B | |
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