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INTERNATIONAL COMMODITY NEWS :
Brent crude fell more than $1 on Wednesday, resuming its fall caused by a glut of oil in the market after a short-lived reprieve the previous day when a weaker dollar had provided some support. Worries about oversupply have pushed Brent down 40 percent since June. On Wednesday, as the dollar inched higher, Brent’s front-month futures contract traded down $1.06 at an intraday low of $65.78 a barrel at 0225 GMT (09:25 p.m. EST), remaining above a five-year low of $65.29 touched on Tuesday.
TRADING STRATEGY :
SELL GOLD BELOW 1225 TARGET 1220 1214 SL 1231
BUY GOLD ABOVE 1234 TARGET 1239 1245 SL 1228
The U.S. stock market staged a rebound on Tuesday but still ended the day lower, even after erasing steep opening losses sparked by China’s tightening of lending rules and Greece’s surprise elections announcement.
The S&P 500 SPX, -0.02% ended the session virtually flat at 2,059.88 after staging an impressive rebound from session lows.
The U.S. dollar weakened against its major rivals Tuesday, despite more indicators of weak economic growth outside the U.S., as a selloff in global equities forced investors to book profits elsewhere.
But the greenback gained against the ruble as analysts said they didn’t expect a bounce in oil prices to last.The ICE U.S. Dollar Index DXY, -0.13% a measure of the dollar’s strength against a trade-weighted basket of six rival currencies, was down 0.34% to 88.7410.
The dollar USDCNY, -0.09% traded at 6.18 yuan, compared to 6.17 yuan Monday. The yuan’s exchange rate remains controlled within a trading band set daily by the People’s Bank of China
In other Asian currencies, the dollar USDJPY, -0.74% tumbled to 119.60 yen as Asian equities ended lower. It had traded above ¥121 Tuesday night, its highest level in seven years. Chinese stocks were slammed Tuesday, falling over 4%.
The euro EURUSD, +0.16% traded at $1.2371 Tuesday. It traded around $1.23 Monday afternoon.
The pound GBPUSD, +0.08% traded at $1.5663 Tuesday, compared to $1.56 Monday afternoon.
January platinum PLF5, +0.28% rose $17.40, or 1.4%, to $1,246.80 an ounce, while March palladium PAH5, +0.22% tacked on $13.80, or 1.7%, to $811.60 an ounce.
High-grade copper for March delivery HGH5, -0.56% climbed 4 cents to $2.93 a pound.
Gasoline for January delivery RBF5, -1.46% rose nearly 2 cents, or 1%, to settle at $1.7236 a gallon on Nymex, while January heating oil HOF5, -0.92% advanced 3 cents, or 1.4%. to $2.0840 a gallon on Nymex.
January natural gas NGF15, -0.33% rose 6 cents, or 1.6%, to finish at $3.6250 per million British thermal units.
