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INTERNATIONAL COMMODITY NEWS :
The global decline in crude oil prices is beginning to reveal consequences around the globe far beyond the Russian ruble’s historic collapse last week. The magnitude of cheaper oil is beginning to rock the world’s emerging markets in two very different ways depending on whether nations are commodity producers or commodity importers. The fact that the global economy is teetering on the verge of a widespread slowdown – or worse – could magnify the effect of the ruble’s collapse on emerging markets and the bonds they issue.
TRADING STRATEGY :
BUY GOLD ABOVE 1179.75 TARGET 1184.75 1190.75 SL 1173.75
SELL GOLD BELOW 1175 TARGET 1170 1164 SL 1181
The S&P 500 and Dow Jones Industrial Average ended Monday at new records, fueled by continued hopes that the Federal Reserve won’t be in a rush to raise interest rates.
The S&P 500 SPX, +0.38% gained 7.9 points, or 0.4%, to 2,078.55, closing at a record for the 50th time this year. This is the highest number of record closes in a year since 1995. Gains in technology and telecom stocks outweighed sharp losses in energy and health-care companies.
The dollar moved higher against the Canadian dollar and Norwegian krone as West Texas Intermediate crude futures gave up early Monday gains.
The dollar USDCAD, -0.11% rose to 1.165 Canadian dollars, its highest level since last Wednesday. The buck traded around 1.16 loonies Friday. The move came as West Texas Intermediate crude CLG5, +1.30% futures for February delivery lost 1.7% to $56.12.
The dollar USDNOK, -0.05% rose to 7.42 krone, its highest level since last Wednesday. It traded at 7.35 on Friday.
The dollar USDJPY, +0.07% rose to 120 yen, its highest level in more than two weeks, benefiting from the Federal Reserve’s signal that it will raise interest rates in 2015. It traded at ¥119.52 Friday.
After trading higher against the dollar for most of the North American trading day, the euro traded flat at $1.222 EURUSD, -0.01%
The ICE U.S. Dollar Index DXY, -0.08% , a measure of the greenback’s strength against a trade-weighted basket of six currencies, was up 0.17% to 89.7490.
January platinum PLF5, +0.31% fell $14.90, or 1.2%, to $1.182.10 an ounce, while March palladium PAH5, -0.23% gained $10.15, or 1.3%, to $815.25 an ounce. High-grade copper for March delivery HGH5, +0.09% slipped 1.2 cent to $2.8748 a pound.
Nymex reformulated gasoline blendstock for January RBF5, +0.11% — the benchmark gasoline contract — fell 2 cents to $1.540 a gallon.
Heating oil for January HOF5, +0.19% also fell 1 cent to $1.95 a gallon, while natural gas for the same month NGF15, +0.64% dropped 30 cents to $3.16 per million British thermal unit.
