Forex Commodity News: Gold Shines On Ukranian Crisis

Gold surges up to a three-week high as it is considered as safe-haven by investors in lieu of the tension in Ukraine. Another metal that has reached its highest level since August 2011 is Palladium.  The yellow metal advanced by as much as 0.4 % to trade at $1,313.66 an ounce. On May 5, Gold climbed to $1,315.68 an ounce, which is the highest since April 15.

And for the year, Gold has seen a rally of 9.2 %. Even though the Federal Reserve reduced their monthly bond-buying, the positive support was drawn to the metal from the rising conflict between Russia and Ukraine. In China, the world’s largest consumer of Gold, volumes for the benchmark spot gold contract in Shanghai moved up for a second day on May 6.

Palladium for immediate delivery moved down by 0.3 % to $816.25 an ounce. The metal slipped due to the apprehension that supplies from Russia, the biggest producer, may be disturbed on behalf of U.S. sanctions.

Platinum traded at $1,454.10 an ounce. The second-largest producer of the metal, Impala Platinum Holdings Ltd., projected a 60 % cut in the deliveries in three to four months if a 14-week-old pay strike persist to paralyze the mining activity in South African mines. Silver advanced by a 0.5 % to trade at $19.6974 an ounce.

Forex News: Yen Stronger Against The Dollar

The yen hit the highest in a week versus the dollar following the Ukraine tensions that is bringing the safety sentiment among the investors. On 24th April, U.S. Secretary of State John Kerry gave a warning for Russia to follow the consensus that is intended to de-escalating the Ukraine crisis. Nagayuki Yamagishi, a senior analyst in Tokyo at Money Square Japan Inc, foreign-exchange broker. said in a statement that the yen is viewed as a safe destination upon the escalating Ukraine situation.

Against the dollar, the yen traded at 102.40 at the time of 12:14 p.m. in Tokyo. It moved up by 0.2 %, the strongest since April 17. Against the euro, the yen traded at 141.66, moving down from 0.2 % weekly. The euro was at 1.3835 against the euro from the level of 1.3831, making a 0.2 % decrease.

Forex Market Outlook: NZD/USD Is Vulnerable To Downside Correction

After reaching a high of 0.8747 on 17th April 2014, the highest in years, the NZD/USD settled down to below 0.8700 level in the week. Speculating that the pair is heavily overbought, any correction will be healthy until the support level of 0.8600 is unbroken.

Investors are speculating on some of the important reports such as the CPI numbers scheduled on 16th April 2014  and the consumer confidence report to be released on 17th April. Some of the sentiments due to geopolitical tensions in Ukraine and the weak Chinese data may affect the kiwi. Investors can expect the kiwi to be range bound between 0.8700 level on the upside and a 0.8600 level on the downside, unless it starts a new movement.

NZD/USD                                                  0.8648/55 (-0.43%)
                                                                    H0.8695 L 0.8630 

S3	S2	S1	R1	R2	R3
0.8613	0.8635	0.8656	0.8740	0.8761	0.8783

Asian Stock Market Down – Forex Up

Asian stock markets had slight records to look at this morning as equities stay to effort on the Russia Ukraine scenario and also reply to Wall Street. Asian markets are trading on a negative message today on the back of additional than expected decay in US manufacturing data in yesterday’s trade, thereby representative a slowdown in the world’s major economy.

The Hang Seng was low by 0.10% while the Nikkei 225 was low by 0.35% and the Chinese market was top by 0.33%. Asian stocks fell, through the regional benchmark key sliding after its main gain in a month. US markets stimulated frequently lower led moderately by a fall in US manufacturing movement.

Let European stock markets clipped last week’s gains to close lower on Monday, off the back of weak Chinese statistics and intensifying tension in Ukraine. 

The US Dollar Index traded down by 0.2 % yesterday on the back of optimistic market feelings in initial part of the trade which ran to fall in request for the little yielding currency. The astonishment performer this morning is the Australian dollar which is trading at 0.9138 after moving a 2014 earlier in trading services.

Remaining in the Pacific county the Japanese yen relieved against together the US dollar and the euro to trade at 102.30 and 141.53 as traders look carefully the effects of the sale tax rise hitting on the 1st of the month and the response by the Bank of Japan.

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