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Daily World Economic and Financial News
(CNBC): 30/JAN/2016— The U.S. dollar was on track for its biggest weekly percentage decline against the yen since the 2008 financial crisis in the aftermath of the Bank of Japan’s decision not to ease policy further, while strong euro zone growth data boosted the euro. The dollar was last down 1.3 percent against the yen at 106.72 yen on Friday, near an 18-month low. The dollar was last down about 4.5 percent against the yen for the week, putting it on track for its biggest weekly loss since October 2008.
(CNBC): 30/JAN/2016— The dollar also tumbled against the euro, with the euro hitting its highest against the dollar in two and a half weeks. The euro was last up 0.8 percent against the dollar at $1.1448. The dollar index, which measures the greenback against a basket of six other major currencies, hit an eight-month low and was last down 0.7 percent at 93.12.
(CNBC): 30/JAN/2016— Gold and silver prices rallied 2 percent to their highest since January last year on Friday as the Bank of Japan’s decision the previous day to hold off expanding monetary stimulus weighed heavily on the dollar, and European and U.S. stocks fell.
(CNBC): 30/JAN/2016— Spot gold was up 2.25 percent at $1,296.70 an ounce, having reached a 15-month high of $1,296.76. U.S. gold futures for June delivery settled up 1.9 percent at $1,290.50 an ounce.
(CNBC): 30/JAN/2016— U.S. oil prices dipped on Friday after an early rise to 2016 peaks, but posted a gain of about 20 percent for April, the largest monthly gain in a year.
Futures held losses after oilfield services firm Baker Hughes reported its weekly U.S. oil rig count fell by 11 to 332. At this time last year, drillers were operating 679 oil rigs.
(WSJ): 30/JAN/2016—China’s efforts to support its state-controlled oil giants have so far yielded mixed results, showing how the global oil-price slump is reshaping the industry and how some companies will need more ambitious cost cuts to protect profits this year.
(Bloomberg): 30/JAN/2016—The U.S. put economies including China, Japan and Germany on a new currency watch list, saying their foreign-exchange practices bear close monitoring to gauge whether they provide an unfair trade advantage over America.
(Bloomberg): 30/JAN/2016—China’s central bank responded to an overnight tumble in the dollar by strengthening its currency fixing the most since a peg was dismantled in July 2005. The reference rate was raised by 0.6 percent to 6.4589 per dollar.
The EUR/USD Pair Analysis
It was a bad week for the greenback, as there was not a single sign that the US has reverted the slowdown suffered late 2015. In fact, it seemed that things not only were worse during the first quarter of the year, but that the situation persisted through April. Still, the 1.1460 level has been a tough bone to break for over a year now, and a breakout is still not confirmed. In fact, the price can go slightly above the level to “clean” shorts and reduce the pressure, to later advance. A clearer confirmation will come then, with some steady advance around the 1.1500 level, which will open doors for a test of 1.1713, August 2015 monthly high. For the upcoming days, the pair has an immediate support at 1.1360, but it will take a break below 1.1310, to confirm additional declines, back to the 1.1220 price zone. Buying interest is expected to surge around this last, as dollar has little room for long term gains, and market will keep taking advances in the currency as opportunities to sell.
International & Financial Terms
- GDP: gross domestic product.
- Dipped: put or let something down quickly or briefly in or into (liquid).
- Tumbled: fall suddenly.
- Greenback: a dollar bill; a dollar.
Compiler: A Bank Dealing Room Section
Management of International Deputy The Expert In Charge Of Dealing Room