GCI Forex News - Crude Oil: Oil trading above $92 per barrel on positive China data

Crude Oil Movement

On Monday, Crude Oil prices advanced 1.24% against the USD for the 24 hour period ending 23:00GMT, closing at 91.75, on the hopes of a fiscal cliff agreement after Senate Majority Leader ,Mitch McConnell stated that lawmakers has reached an agreement on all tax issues related to the fiscal cliff.

Additionally, Oil received support after a report from HSBC released confirmed that manufacturing activity in China expanded at the fastest pace since May 2011 in December.

In the Asian session, at GMT0400, Crude Oil is trading at 92.58, 0.9% higher from Monday’s close, after an official report indicated that manufacturing activity in China expanded at a mild pace in December, suggesting that the economy is rebounding.

Crude oil is expected to find support at 90.84, and a fall through could take it to the next support level of 89.10. Crude oil is expected to find its first resistance at 93.48, and a rise through could take it to the next resistance level of 94.38.

Crude oil is trading above its 20 Hr and its 50 Hr moving averages.

GCI Forex News - AUD/USD: Higher risk appetite supports the Aussie

AUDUSD Movement

For the 24 hours to 23:00 GMT on Monday, AUD strengthened marginally against the USD to close at 1.0394.

LME Copper prices rose 0.6% or $47.3/MT to $7914.75/MT. Aluminium prices rose 0.5% or $9.3/MT to $2039.75/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0468, with the AUD trading 0.71% higher from Monday’s close, as risk appetite rose after the US lawmakers passed legislation to avert the “fiscal cliff” of automatic spending cuts and tax increases. Data released this morning showed that the headline manufacturing Purchasing Managers’ Index in China remained unchanged at a reading of 50.6 in December.

The pair is expected to find support at 1.0390, and a fall through could take it to the next support level of 1.0313. The pair is expected to find its first resistance at 1.0519, and a rise through could take it to the next resistance level of 1.0571.

The currency pair is trading above its 20 Hr and its 50 Hr moving averages.

GCI Forex News - Silver: White metal continues to zoom higher

Silver Movement

Silver prices rose 0.88% to the USD30.35 per ounce during the 24 hours ending 23:00GMT on Monday.

In the Asian session, at GMT0400, Silver is trading at 30.53, 0.61% higher from Monday’s close.

Silver is expected to find support at 30.10, and a fall through could take it to the next support level of 29.68. Silver is expected to find its first resistance at 30.75, and a rise through could take it to the next resistance level of 30.98.

The white metal is trading above its 20 Hr and its 50 Hr moving averages.

GCI Forex News - Crude Oil: Crude Oil pressured as the US fiscal cliff deadline draws near

Crude Oil Movement

On Friday, Crude Oil prices declined 0.83% against the USD for the 24 hour period ending 24:00GMT, closing at 90.62.

On Friday, the US Energy Information Administration reported that, during the week ended December 21, crude supplies retreated by 600,000 barrels. Market had expected a 2 million-barrel decline. Gasoline supplies rose by 3.8 million barrels, while distillate stocks rose by 2.4 million barrels.

In the Asian session, at GMT0400, Crude Oil is trading at 90.82, 0.22% higher from Friday’s close, on concerns that the US may not reach a deal by January 1 to prevent a fiscal crisis that could erode fuel demand at the world’s largest oil consumer.

Democrats and Republicans remained at loggerheads on Sunday over a deal that would prevent the US from tumbling over a “fiscal cliff” of sharp spending cuts and higher taxes for all Americans.

Crude Oil is expected to find support at 90.30, and a fall through could take it to the next support level of 89.78. Crude oil is expected to find its first resistance at 91.36, and a rise through could take it to the next resistance level of 91.90.

Crude Oil is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.

GCI Forex News - AUD/USD: Private sector credit increases in Australia

AUDUSD Movement

For the 24 hours to 23:00 GMT on Friday, the AUD weakened marginally against the USD to close at 1.0372.

LME Copper prices ended flat or $3.8/MT to $7867.5/MT. Aluminium prices declined 0.6% or $12.8/MT to $2030.5/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0384, with the AUD trading 0.11% higher from Friday’s close.

This morning in Australia, private sector credit advanced 3.5% (YoY) in November, lower than the 3.8% increase recorded in October.

Meanwhile, in China, the HSBC manufacturing Purchasing Managers’ Index climbed to a reading of 51.5 in December, higher than the earlier estimate and compared to a reading of 50.5 reported in the previous month.

The pair is expected to find support at 1.0364, and a fall through could take it to the next support level of 1.0344. The pair is expected to find its first resistance at 1.0407, and a rise through could take it to the next resistance level of 1.0429.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CAD: US Dollar trading lower this morning

USDCAD Movement

For the 24 hours to 23:00 GMT on Friday, the USD rose 0.20% against the CAD to close at 0.9970, as risk appetite fell amid rising uncertainty surrounding talks between US lawmakers to avoid the looming fiscal cliff crisis.

In the Asian session, at GMT0400, the pair is trading at 0.9950, with the USD trading 0.20% lower from Friday’s close.

The pair is expected to find support at 0.9936, and a fall through could take it to the next support level of 0.9921. The pair is expected to find its first resistance at 0.9968, and a rise through could take it to the next resistance level of 0.9986.

The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.

GCI Forex News - USD/CHF: Swiss Franc tad lower this morning

USDCHF Movement

For the 24 hours to 23:00 GMT on Friday, the USD rose 0.14% against the CHF and closed at 0.9137.

In the Asian session, at GMT0400, the pair is trading at 0.9147, with the USD trading 0.12% higher from Friday’s close.

The pair is expected to find support at 0.9116, and a fall through could take it to the next support level of 0.9085. The pair is expected to find its first resistance at 0.9180, and a rise through could take it to the next resistance level of 0.9213.

The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.

GCI Forex News - EUR/USD: Euro fell on disappointing French and Spanish economic data

EURUSD Movement

For the 24 hours to 23:00 GMT on Friday, EUR declined 0.24% against the USD and closed at 1.3216, amid poor French and Spanish economic data and disappointing Italian bond auction.

In French economic news, the gross domestic product expanded 0.1% (QoQ) in the Q3 FY2012, compared to a 0.2% expansion previously estimated. However, consumer spending in France rose 0.2% in November, compared to a revised 0.1% fall in the previous month. Market had expected spending to remain unchanged. Separately, Spanish retail sales retreated 7.8% (YoY) in November, after declining 9.7% in the previous month. Additionally, the domestic producer price index (PPI) in Italy rose 2.2% (YoY) in November, slower than a 2.6% rise in October. The overall PPI rose 2.0% annually, compared to a 2.3% increase in the previous month.

Over the weekend, the German Chancellor, Angela Merkel stated that he Euro-zone sovereign debt crisis is far from over even though reform measures designed to address the roots of the problem are beginning to bear fruit.

The Euro also came under pressure, after Italy saw borrowing costs edge higher at an auction of five- and- ten-year government bonds, amid uncertainty ahead of national elections in February. It sold €3 billion of 10-year bonds at an average yield of 4.48%, up from 4.45% last month. The country also auctioned €2.87 billion of five-year debt at a yield of 3.26%, compared to 3.23% a month earlier.

Meanwhile, on Sunday, the US President, Barack Obama warned lawmakers that they must reach a deal on taxes and spending cuts or risk the consequences to the US economy.

In the US, the Chicago business barometer rose to 51.6 in December, against the expectations for a rise to 51.0 and following a reading of 50.4 in November. Also, the pending home sales index climbed 1.7% (MoM) in November, from a downwardly revised rise of 5.0% in October.

In the Asian session, at GMT0400, the pair is trading at 1.3198, with the EUR trading 0.14% lower from Friday’s close.

The pair is expected to find support at 1.3157, and a fall through could take it to the next support level of 1.3116. The pair is expected to find its first resistance at 1.3248, and a rise through could take it to the next resistance level of 1.3298.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.