KLSE IForex Recommendations

TRADING TIPS :

GBP/USD hit 1.5440 during European morning trade, the pair’s highest since January 2; the pair subsequently consolidated at 1.5413, adding 0.12%.The dollar remained under pressure after data on Friday showed that the preliminary reading of the University of Michigan’s consumer sentiment index fell to 93.6, down from January’s final reading of 98.1.The report came a day after data showing that U.S. retail sales unexpectedly fell 0.8% lastmonth after dropping 0.9% in December, indicating that consumer spending remained sluggish at the start of the year.The pound had strengthened last week after the Bank of England said inflation is likely to fall to zero in the first half of this year, but added that there was no threat of deflation taking hold in the U.K.

INTRADAY OUTLOOK

Support: 1.5327

Resistance: 1.5408

RECOMMENDATION:

1. Buy GBP/USD Above 1.5410-TG: 1.5430/1.5460 SL 1.5380

2. Sell GBP/USD Below 1.5325-TG: 1.5305/1.5275 SL 1.5355

INTRADAY OUTLOOK

Immediate Support: 1.1368

Immediate Resistance: 1.1459

RECOMMENDATION:

1. Buy EUR/USD Above -1.1461 TG: 1.1481/1.1511 SL 1.1431

2. Sell EUR/USD Below -1.1366 TG:1.1346/1.1316 SL 1.1399

Euro rises vs. dollar as European leaders tackle Greek debt

The euro rose against the U.S. dollar Monday as European officials held crucial talks aimed at resolving Greece’s standoff with its international creditors.

The shared currency EURUSD, +0.06%  was trading at $1.1413, more than the $1.1391 it was buying late Friday in North American trade.

 The dollar USDJPY, +0.05%  was down to ¥118.44, compared with ¥118.78 late Friday in New York.

The WSJ Dollar Index BUXX, -0.06% a measure of the dollar against a basket of major currencies, was down 0.2% at 85.24.

Silver Market Update

 March silver SIH5, -0.54%  was flat at $17.295 an ounce. 

Platinum for April delivery PLJ5, -0.29%  fell $2 to $1,207.50 an ounce.

March palladium PAH5, -0.89%  dropped $5.45 to $789 an ounce.

 High-grade copper for March delivery HGH5, +0.13%  rose a penny, to $2.61 a pound.

Gasoline Market Update

Nymex reformulated gasoline blendstock for March RBH5, +0.33%   — the benchmark gasoline contract — was up 2 cents, or 1.4%, to $1.6495 a gallon.

Oil tops $53 a barrel as some bet prices have bottomed out

Crude-oil futures pushed higher Monday, with some investors continuing to bet that oil prices have bottomed out.

U.S. light, sweet crude futures for delivery in March CLH5, +0.49%  rose 38 cents, or 0.7%, to $53.16 a barrel in the Globex electronic session.

Brent crude for April delivery LCOJ5, +0.83%  rose 72 cents, or 1.1%, to $62.24 a barrel on London’s ICE Futures exchange. The recent rally in crude prices has been stronger for Brent than for Nymex West Texas Intermediate, with Brent trading near its highest level so far this year and above $60 a barrel.