Monday, February 21, 2011

Day Wrap-Up

American markets were closed on President's Day, resulting in a very slow day with no majors changes other than the spike in commodities. Metals continued to rally, while heavy buying on Oil led prices to soar by more than 6% past $90/bbl as tensions in the Middle-East worsen.

Asian session – Majors hover around NY closing levels

It was another quiet session in Asia, with majors moving in a torturous sideways fashion around its NY closing levels. EUR/USD made a high at 1.3724 but lack of follow through led the pair to retreat towards 1.3667. AUD/USD pared Friday's gains on profit taking, ending at 1.0115.

Regional bourses -0.5% on average. Oil rose almost 1% on increased tensions in Libya, where hundreds were feared dead. Angela Merkel’s CDU had a rout on Hamburg state elections. Two Irish banks were to blame for the last week's spike in ECB emergency borrowing. UK house prices were up 3.1% MoM. Japanese PM continued to lose popularity according to the latest surveys.

European session – Commodities rise on concerns

EUR/USD settled at 1.3675 by session end,  effectively unchanged on the day. We did rally to 1.3700 but lack of momentum undermined any hopes to witness a break-up. GBP/USD tailed off at 1.6220, slightly lower. The rest of pairs were virtually unchanged.

Gold skyrocketed to $1,406 while silver resumed uptrend to a new 31-yr high at $33.88. The Loonie was substantially higher as Oil went ballistic, rising more than 6% on Middle East social unrest.

Euro zone February manufacturing PMI 59.0, up from 57.3 in January. Ifo February German business climate index 111.2,  better than median forecast 110.3.

source: http://www.fxstreet.com
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20 comments:

  1. synoptixsFebruary 21, 2011 at 4:18 PM

    I'm looking to get into stocks, going to keep following you learn some info

    ReplyDelete
  2. edFebruary 21, 2011 at 4:31 PM

    damn i should start investing in gold soon

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  3. Electric AddictFebruary 21, 2011 at 5:13 PM

    good info :)

    ReplyDelete
  4. LifeHacksFebruary 21, 2011 at 5:13 PM

    I actually made some money today!

    ReplyDelete
  5. ChrisFebruary 21, 2011 at 6:05 PM

    Interesting. president's day is awesome! no school!

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  6. l33 v4n cl33fFebruary 21, 2011 at 6:08 PM

    wow i knew i should have bought gold.

    ReplyDelete
  7. SamFebruary 21, 2011 at 6:17 PM

    Thanks for the info! always nice to know :)

    ReplyDelete
  8. Eric PFebruary 21, 2011 at 6:34 PM

    I can't believe gold has gotten so high.. the pound has rebounded quite a bit, too.

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  9. BrendanFebruary 21, 2011 at 6:36 PM

    well at least gold skyrocketed

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  10. Aaron M. GipsonFebruary 21, 2011 at 6:46 PM

    Gold is at $1,406 now?!? I remember when it was a steady $300-$350 during almost all of the 90's.

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  11. donga5000February 21, 2011 at 6:59 PM

    I really hope oil prices come down. I'm getting priced out of gas.

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  12. The Awesome AlienFebruary 21, 2011 at 7:18 PM

    gold i need that and yeah gas here in california is no joke 3.55+ at the pump

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  13. AlopixFebruary 21, 2011 at 7:25 PM

    Seems like a normal day, doesnt it?

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  14. ScottFebruary 21, 2011 at 8:22 PM

    Commodities on the rise and no talk of Canada? No love for us!

    ReplyDelete
  15. AnonymousFebruary 21, 2011 at 8:36 PM

    As long as this doesnt ends in a bad effect to my game shopping, I'm ok! :D

    ReplyDelete
  16. obiFebruary 21, 2011 at 8:55 PM

    ahh oil prices ;(

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  17. PekkaKFebruary 22, 2011 at 12:14 AM

    Well, this was expected.

    ReplyDelete
  18. DecadentFebruary 22, 2011 at 3:09 AM

    You should've been investing in gold for over a year :D

    ReplyDelete
  19. mtnFebruary 22, 2011 at 4:59 AM

    gosh i should buy gold, its always up

    ReplyDelete
  20. PolybiusFebruary 22, 2011 at 5:56 AM

    Thanks for the info!

    ReplyDelete

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