Good morning everyone! Its Friday today and we are happy! Here are the #IronFX main points for today by Marshall Gittler: • #Gold, #silver jump – Maybe due to expectations of continued low US rates, or increased tensions in Iraq – Unwind of Chinese commodity financing deals could be pushing up futures • Silver outperformed gold; seems likely to continue – Silver is historically more volatile than gold – Speculative community is flat silver but still long gold – #Retail has been selling gold but buying silver = underlying demand is still there – Silver tends to outperform gold when #US #economic activity is expanding • Dollar down vs most #G10 #currencies, up vs EM – #CHF, #GBP were biggest gainers in #G10 – #NOK was big loser on Norges Bank rate view; #SEK also falls – #USD gains vs most #EM currencies except #RUB, #CZK, #HUF = risk aversion due to rising Iraq tensions? • Today: – #Eurozone: German PPI expected to decline in May, although less than in April – Canada: Headline #CPI expected to remain steady in May; retail sales seen rising in April, which could be CAD-positive
Posted on: Fri, 20 Jun 2014 05:51:40 +0000
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