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Crude-oil futures were volatile in Asian trade Monday after last week’s gains as investors weighed a further drop in rig counts in the U.S. and weak Chinese trade data.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH5, +0.39% traded at $51.99 a barrel, up $0.30 in the Globex electronic session. March Brent crude LCOH5, -0.28% on London’s ICE Futures exchange rose $0.10 to $57.90 a barrel.
TRADING TIPS :
GBP/USD hit 1.5341 during European morning trade, the session high; the pair subsequently consolidated at 1 .5310, slipping 0.10%.In a report, the Office For National Statistics said that the U.K. trade deficit widened to £10.15 billion in December from £9.28 billion in November, whose figure was revised from a previously estimated deficit of £8.85 billion.Meanwhile, the dollar remained supported by data on Thursday showing that the number of individuals filing for initial jobless benefits rose less-than-expected to 278,000 last week.Investors continued to focus on developments in Greece, after German Finance Minister Wolfgang Schauble said on Thursday that Greece’s financial difficulties were the result of domestic problems, but that Germany would do all in its power to help.
INTRADAY OUTLOOK
Support: 1.5178
Resistance: 1.5257
RECOMMENDATION:
1. Buy GBP/USD Above 1.5260-TG: 1.5280/1.5310 SL 1.5230
2. Sell GBP/USD Below 1.5176-TG: 1.5156/1.5126 SL 1.5206
INTRADAY OUTLOOK
Immediate Support: 1.1277
Immediate Resistance: 1.1348
RECOMMENDATION:
1. Buy EUR/USD Above -1.1350 TG: 1.1370/1.1400 SL 1.1320
2. Sell EUR/USD Below -1.1275 TG:1.1255/1.1225 SL 1.1305
MARKET UPDATES :
The FBM KLCI index gained 10.04 points or 0.56% on Friday. The Finance Index increased 0.63% to 15857.19 points, the Properties Index up 0.07% to 1307.39 points and the Plantation Index rose 0.54% to 8023.34 points. The market traded within a range of 8.23 points between an intra-day high of 1814.30 and a low of 1806.07 during the session.
STOCK RECOMMENDATION :
BUY PUNCAK NIAGA ABOVE 2.695 TARGET 2.735 2.800 SL 2.640
INTERNATIONAL COMMODITY NEWS :
Oil prices steadied on Monday as falling U.S. oil rig counts and conflict in producer Libya were balanced by a slump in Chinese imports, pointing to lower fuel demand in the world biggest energy consumer.”Weak China trade data are likely to weigh on industrial commodity markets,” ANZ Bank analysts said in a note to clients.Global benchmark Brent crude oil for March was up 30 cents at $58.10 a barrel by 0140 GMT after rising as high as $59.06 earlier in the session.Oil prices steadied on Monday as falling U.S. oil rig counts and conflict in producer Libya were balanced by a slump in Chinese imports, pointing to lower fuel demand in the world biggest energy consumer.
TRADING STRATEGY :
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234
SELL GOLD BELOW 1228 TARGET 1223 1217 SL 1234
The dollar was flat against the yen in Asia trade Monday, with profit taking kicking in to erase some of the greenback’s weekend gains after upbeat U.S. jobs data.
The dollar USDJPY, -0.13% was down to ¥118.85 compared with ¥118.83 late Friday in New York.
The euro EURUSD, +0.10% was at $1.1332 from $1.1320 and at EURJPY, -0.01% ¥134.70 from ¥134.50.
The WSJ Dollar Index BUXX, -0.05% , a measure of the dollar against a basket of major currencies, was down 0.01% at 85.71.
