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Crude-oil prices finished 2014 down 46% lower as a selloff in oil markets continued Wednesday even as U.S. data showed a greater-than-expected decline in inventory.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, -0.76% fell 85 cents, or 1.6%, to settle at $53.27 a barrel. This time last year, the most-active crude contract settled at $98.42 a barrel, according to FactSet data.
MALAYSIAN shares ended higher on Wednesday with the Kuala Lumpur Composite Index adding 1.8 points to close at 1,768.63.
Some 616.55 million lots, valued at RM570.16 million were traded. Gainers numbered 315 while losers numbered 296.
TRADING TIPS :
GBP/USD hit 1.5548 during European morning trade, the session high; the pair subsequently consolidated at 1.5535, adding 0.08%. Cable was likely to find support at 1.5484, the low of December 23 and a 16-month low and resistance at 1.5667, the high of December 22.The dollar remained broadly supported after final data last week showed that U.S. gross domestic product rose 5.0% in the third quarter, exceeding expectations for a growth rate of 4.3% and up from 3.9% in the three months to June.The strong data fuelled further optimism over the strength of the U.S. economic recovery and added to expectations for the Federal Reserve to raise interest rates next year. Year-on-year, U.K. house prices rose 7.2% in December, below expectations for a 7.5% gain, after an increase of 8.5% the previous month.
INTRADAY OUTLOOK
Support: 1.5518
Resistance: 1.5567
RECOMMENDATION:
1. Buy GBP/USD Above 1.5570-TG:1.1.5590/1.5620 SL 1.5540
2. Sell GBP/USD Below 1.5515-TG:1.1.5495/1.5465 SL 1.5545
INTRADAY OUTLOOK
Immediate Support: 1.2138
Immediate Resistance: 1.2183
RECOMMENDATION:
1. Buy EUR/USD Above 1.2185-TG:1.2205/1.2235 SL 1.2155
2. Sell EUR/USD Below 1.2135-TG:1.2115/1.2085 SL 1.2165
INTERNATIONAL COMMODITY NEWS :
Crude futures closed up slightly Tuesday, getting some relief from a weak dollar but not making significant strides as traders prepared for the end of the year.The dollar is generally inversely related to the price of oil, and so a small the decline in the dollar index (DXY) may have lent some strength to crude oil, according Thomas Saal, an analyst with INTL Hencorp Futures. Saal said prices may have also been boosted as traders balanced their positions before the end of the year.The global benchmark Brent settled up 2 cents at $57.90. U.S. crude settled up 51 cents at $54.12 a barrel.Both measures hit 5-1/2-year lows yesterday before rebounding slightly.U.S. crude was supported slightly by news that the Obama administration took two long-awaited steps that could increase the amount of processed light crude that can be shipped under the 40-year-old ban on exports of most domestic crude.The reaction was muted because the measures were introduced during the holidays, said John Kilduff, partner at New York energy hedge fund Again Capital.
TRADING STRATEGY :
BUY GOLD ABOVE 1204 TARGET 1209 1215 SL 1198
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
MARKET UPDATES :
Maybank (Cambodia) Plc has launched its latest service, Maybank Premier Wealth, to provide affluent customers in Cambodia personalised and comprehensive financial solutions.Maybank Premier Wealth was launched at a special ceremony in conjunction with the opening of Maybank’s 18th branch in the country, the banking group said in a statement .Maybank said the service’s customers would have dedicated Premier Wealth Relationship Managers to assist them with their banking needs and they will also have the exclusive opportunity to conduct their banking transactions in the privacy and comfort of the Maybank Premier Wealth Lounge, not only in Cambodia but also in Malaysia, Singapore and Indonesia.
STOCK RECOMMENDATION :
BUY NOBLE GROUP AT CMP 1.130 TARGET 1.170 1.230 SL 1.080
