KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Brent futures fell toward $61 per barrel on Wednesday, giving up some of the previous session’s gains, as the U.S. dollar held near its highest level in nearly nine years on strong data.The dollar index stayed close to its highest since April 2006 after a revised third-quarter U.S. gross domestic product report blew past expectations to register the fastest pace of growth in 11 years.A strong dollar makes commodities priced in the greenback expensive for holders of other currencies.Brent for February delivery dropped 28 cents to $61.41 by 0235 GMT after settling up $1.58 on Tuesday.U.S. crude fell 29 cents to $56.83 after settling $1.86 higher in the previous session.”It’s ironic. The U.S. economy is starting to boom and crude oil prices are contracting in the opposite direction,” said Ben Le Brun, market analyst at Sydney’s OptionsXpress.



TRADING STRATEGY :

BUY GOLD ABOVE 1286 TARGET 1291 1297 SL 1280

SELL GOLD BELOW 1279 TARGET 1274 1268 SL 1285

Dollar lower against yen on profit-taking

The dollar was lower against the yen in quiet holiday trading on Thursday, with profit-taking trimming the greenback's gains from earlier this week.

 The dollar moved in an extremely tight Y104.25-Y104.49 range on Dec. 25 and in a Y84.60-Y84.96 range on Christmas Day in 2012. 

The dollar fell to as low as Y120.06 at midday but the downside remained well supported.

"With a lack of fresh cues, the dollar will continue to lack the momentum to test its upside," said Mizuho's Mr. Yoshii, adding that the greenback will likely move in a Y119-Y121 over the short term.

In other currency trading, the euro was at $1.2218 from $1.2203 and at Y146.73 from Y147.15.

The WSJ Dollar Index, a measure of the dollar against a basket of major currencies, was down 0.15% at 82.59.

Asian Market Update

Asian markets were mixed Friday with trade quiet across the region as key bourses remained closed for the Christmas holidays.

Tokyo slipped 0.17 per cent by the break, while Shanghai edged up 0.18 per cent, Shenzhen added 0.04 per cent and Seoul was up 0.24 per cent in morning trade.

Trade was muted in Asia as stock exchanges in Hong Kong, Australia, New Zealand, the Philippines and Indonesia were closed Friday for a public holiday.

There was also no overnight guidance from Europe or the US markets, which were closed for Christmas.

Current Market Update

Here are the latest trading levels for Asia's major stock markets: 

Tokyo (Nikkei Average) down 0.1% 

 Hong Kong (Hang Seng Index) closed for holiday 

 Shanghai (Shanghai Composite Index) up 1.2% (at break) 

 Sydney (S&P/ASX 200) closed for holiday 

 Seoul (Kospi) up 0.3% 

 Mumbai (Sensex) up 0.4% 

 Taipei (Taiex) up 0.2%

KLSE IForex Recommendations

TRADING TIPS :

EUR/USD held steady, near two-year lows at 1.2236.Earlier Tuesday, official data showed that French consumer spending rose 0.4% in November, beating expectations for a 0.3% gain. French consumer spending fell 0.8% in October, whose figure was revised from a previously estimated 0.9% decline.Another report showed that France’s economy grew by 0.3% in the third quarter, in line with expectations and unchanged from the previous quarter’s growth rate.The dollar remained broadly supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance. The central bank also acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.




INTRADAY OUTLOOK
Support: 1.2208
Resistance: 1.2263

RECOMMENDATION:
1. Buy EUR/USD Above 1.2265-TG:1.2285/1.2315 SL 1.2235
2. Sell EUR/USD Below 1.2205-TG:1.2185/1.2155 SL 1.2235

INTRADAY OUTLOOK
Immediate Support: 1.5531
Immediate Resistance: 1.5592

RECOMMENDATION:
1. Buy GBP/USD Above 1.5595-TG:1.5615/1.5645 SL 1.5565
2. Sell GBP/USD Below 1.5528-TG:1.5508/1.5478 SL 1.5558