MARKET PULSE
- Funds last week reduced shorts on the EUR to the lowest since June
- Fed Fund Rise probability in Sep. declined to 28 %, from more than 50 %
- Germany's Merkel, France's Hollande and Ukraine's Poroshenko hold Ukraine talks
- Greece's election will pit Tsipras's Syriza 2.0 against what's left
- Germany's export pickup may fade as China casts global shadow
- Oil-nation currency pegs to cave on crude rout, Kazakhstan's PM says
- Marathon Korea talks continue as Kim steps up mobilizations
- US Treasuries advance , 10-year yield falling 4 bps to 1.998%
- Govt. to sell 10%, or 242.8m shares, of Indian Oil Corp. at a min. price of 387 INRs
- INR registered Asia's worst performance after the MYR slump Monday.
- More than $5 trillion has been erased from world stocks
- Iran reiterated it will boost production
- Iran will expand output "at any cost"-Oil Minister Bijan Zanganeh
- In the U.S., the rig count climbed by 2 to 674 through Aug
- The number of active oil rigs in the U.S. rose for the 7th time in 8 weeks
- Crude prices down by more than 30 % since May
- Funds to cut oil longs to a five-year low
- U.S. crude stockpiles are 100 million barrels above the 5-year seasonal average.
- OPEC has pumped above its quota of 30 million barrels a day for more than a year
- BB Commodity Index, sank to the lowest level in 16 years
- Shares of Asia's largest refiner China Petroleum & Chemical Corp plunged 7.9 % in Shanghai
INR
MARKETS
- INR drops 1% to 66.5100 per USD , weakest since Sept. 2013
- 1-month volatility jumps 96 bps to 9.44%; Average for past 12M is 6.7%
- INR 1-month forwards drop 0.5% to 67.03 per USD
- USD/INR Pivot point at 65.8133
- USD/INR support at 65.7141, 65.5958, and 65.3783
- USD/INR resistance at 65.9316, 66.0308, 66.2483 all breached
- USD/INR MACD steepens climb above signal line, both above zero
FACTORS
- Global investors sold net $146.9m of Indian stocks on Aug. 20
- India's leading stock Index Sensex is down 3.1% today
- Govt. to sell 10%, or 242.8m shares, of Indian Oil Corp. at a min. price of 387 INRs
- INR registered Asia's worst performance after the MYR slump Monday
- More than $5 trillion has been erased from world stocks
FOREIGN EXCHANGE
MARKETS
- EUR climbed to the strongest since Feb. (4.3% up in Aug.)
- JPY rose to a 6-week high vs. the USD
- USD/JPY -0.82% at 121.04 (range 120.73-122.13)
- EUR/USD +0.61% at 1.1456 (range 1.1365-1.1499)
- UD/USD -1.30% at 0.7221 (range 0.7201-0.7318)
- USD/CAD +0.39% at 1.3240 (range 1.3179-1.3256)
- GBP/USD -0.07% at 1.5683 (range 1.5661-1.5731)
- USD/CHF -0.43% at 0.9425 (range 0.9366-0.9490)
FACTORS
- Funds last week reduced shorts on the EUR to the lowest since June
- Fed Fund Rise probability in Sep. declined to 28 %, from more than 50 %
- Germany's Merkel, France's Hollande and Ukraine's Poroshenko hold Ukraine talks
- Greece's election will pit Tsipras's Syriza 2.0 against what's left
- Germany's export pickup may fade as China casts global shadow
- Oil-nation currency pegs to cave on crude rout, Kazakhstan's PM says
- Iran to raise oil output 'at any cost' to defend market share
- Marathon Korea talks continue as Kim steps up mobilizations
- US Treasuries advance , 10-year yield falling 4 bps to 1.998%
- Brent crude and copper slide; gold gains
GOLD
MARKETS
- Gold held the biggest weekly advance since Jan. 2015
- Gold spot at $1,162.35 from $1,160.77 on Friday, when it capped a 4.1 % weekly advance
- Prices rose to $1,168.39 on Friday, the highest level since July 7
- Gold futures December rose 0.3 % to $1,163.50 after jumping 4.2 % last week
- Silver spot fell 0.3 % to $15.2705
FACTORS
- Global rout in equities and commodities spurred investors to seek haven assets
- Fed may not raise the cash rate in September
CRUDE OIL
MARKETS
- Brent below $45 a barrel for the first time since March 2009
- Brent Oct. fell $1.22 to $44.24 ,was at $44.36 early Asian hours
- Brent Oct. lost $1.16 to $45.46 on Friday
- Brent traded at a $5.03 premium to WTI
- WTI Oct. fell $1.45, or 3.6 %, to $, the lowest intraday price since February 2009.
- WTI prices fell 4.8 % through Friday for an 8th weekly drop, longest losing streak since 1986.
- WTI Total volume was more than double the 100-day average
FACTORS
- Iran reiterated it will boost production
- Iran will expand output "at any cost"-Oil Minister Bijan Zanganeh
- In the U.S., the rig count climbed by 2 to 674 through Aug.
- The number of active oil rigs in the U.S. rose for the 7th time in 8 weeks
- Crude prices down by more than 30 % since May
- Funds to cut oil longs to a five-year low
- U.S. crude stockpiles are 100 million barrels above the 5-year seasonal average.
- OPEC has pumped above its quota of 30 million barrels a day for more than a year
- BB Commodity Index, sank to the lowest level in 16 years
- Shares of Asia's largest refiner China Petroleum & Chemical Corp plunged 7.9 % in Shanghai
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