Forex Market Update

TRADING TIPS :

EUR/USD held steady at 1.2456, as investors remained cautious following a surprise decision by the Greek government to bring forward a parliamentary vote for president to next week from February. Markets were spooked by the risk of snap elections which could take place if Prime Minister Antonis Samaras’ candidate is not approved by parliament, which could see the anti-bailout Syriza party take power.But the dollar still remained supported after last week’s strong U.S. jobs report for November prompted investors to bring forward expectations for the first hike in interest rates to mid-2015 from September 2015.

INTRADAY OUTLOOK
Support: 1.2413
Resistance: 1.2476

RECOMMENDATION:
1. Buy EUR/USD Above 1.2478-TG:1.2498/1.2528 SL 1.2448
2. Sell EUR/USDINTRADAY OUTLOOK

INTRADAY OUTLOOK

Immediate Support: 118.15

Immediate Resistance: 118.86

RECOMMENDATION:

1. Buy USD/JPY Above 118.86-TG:119.06/119.36 SL 118.56

2. Sell USD/JPY Below 118.13-TG:117.93/117.63 SL 118.43

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Crude oil prices dipped sharply in Asia on Friday, extending overnight losses as over-supply worries weighed. On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded at $58.97 a barrel, down 1.64%, after hitting an overnight session low of $60.10 a barrel and off a high of $61.67 a barrel. A stronger greenback tends to make oil a less attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.The U.S. Commerce Department reported earlier that retail sales rose 0.7% last month, beating expectations for a gain of 0.4%

TRADING STRATEGY :

BUY GOLD ABOVE 1226.60 TARGET 1231.60 1237.60 SL 1220.60
SELL GOLD BELOW 1223 TARGET 1218 1212 SL 1229

U.S. stocks snap 3-day losing streak but close below intraday highs

A rally in the U.S. stock market, sparked by robust consumer spending data on Thursday, fizzled out by the end of the session as indexes pulled back from session highs, prompted by a renewed slide in oil prices.

The S&P 500 index SPX, +0.45%  closed 8 points, or 0.4%, higher at 2,034. Energy sector stocks went from being up 2% to finish flat at the end. 

Dollar surges against oil-backed currencies as crude falls below $60

The dollar extended its gains against the ruble, Norwegian krone and Canadian dollar Thursday as crude oil prices fell below $60 a barrel, a sign that the contagion that has afflicted the ruble for the past two weeks has spread to the currencies of other major oil exporters.

The buck traded at USDNOK, +0.56%  7.32 krone, and USDCAD, +0.10%  1.155 Canadian dollars, its highest level since July 2009, compared with 7.13 krone and 1.140 Canadian dollars Wednesday afternoon.

Strong November retail sales figures pushed the dollar higher against its G-4 rivals, helping it snap a three-day losing streak. The euro EURUSD, -0.14% traded slightly below $1.24, compared with $1.245 Wednesday.

The buck traded at 118.90 yen USDJPY, -0.02% compared with ¥117.57 Wednesday. It traded flat against the pound GBPUSD, -0.05%  at $1.57.

The ICE U.S. Dollar Index DXY, -0.01% a trade-weighted measure of the dollar’s strength against a basket of six rival currencies, rose 0.38% to 88.60.

Copper and Platinum Market Update

High-grade copper for March delivery HGH5, +0.03% tacked on 3 cents, or 1%, to $2.92 a pound.

January platinum PLF5, -0.22% fell 40 cents to $1,242.20 an ounce, while March palladium PAH5, -0.21%  lost $1.80 to $819.60 an ounce.