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Commodities Briefing - Archive | January, 2012

Commodity investment at the crossroads

Posted on 31 January 2012 by VRS  |  Email |Print

Investors’ enthusiasm for commodity indices and other investment products has supported a huge expansion in banks’ commodity desks as well as the number of specialist commodity funds and hedge funds. The question is whether it can be sustained if returns do not start to improve.
The best columns begin with a chart. This one starts with a graph showing excess returns on the Standard and Poor’s Goldman Sachs Light Energy Index since 1970:……………………………………….Full Article: Source

Opec says EU ban on Iran oil to boost prices

Posted on 31 January 2012 by VRS  |  Email |Print

Abdullah al-BadriThe EU’s embargo on Iranian oil exports will add upward pressure to oil prices, Opec’s secretary general said yesterday, even though there is no shortage of oil on the market.
Abdullah al-Badri also said he was not concerned about too much oil in the market, even though the Organisation of the Petroleum Exporting Countries is pumping about 600,000 barrels per day (bpd) more than its new target of 30mn bpd………………………………………..Full Article: Source

OPEC sees oil market well-supplied, ready to fill shortage

Posted on 31 January 2012 by VRS  |  Email |Print

Global oil markets are “very well supplied,” the head of the Organization of Petroleum Exporting Countries said, while Saudi Arabia, the group’s largest member, said it’s able to deal with any future shortages.
OPEC, responsible for 40 percent of world oil output, is pumping about 30.6 million barrels a day, Secretary-General Abdalla El-Badri said today in a speech at Chatham House in London. There’s unlikely to be any disruption to shipping in the Persian Gulf, as threatened by Iranian officials in response to a European embargo on the country’s oil exports, he said………………………………………..Full Article: Source

Saudi oil minister reassures on global supply‎

Posted on 31 January 2012 by VRS  |  Email |Print

Saudi Arabia can meet any future world oil shortages thanks to massive investment, and its rising gas output will mean crude exports will not be affected by booming domestic energy demand, Oil Minister Ali al-Naimi said Monday.
Growing tension between Iran and the West over the Islamic Republic’s nuclear program has led to fears of a disruption in oil supplies from the Middle East Gulf………………………………………..Full Article: Source

Year of dragon first week sees record gold sales

Posted on 31 January 2012 by VRS  |  Email |Print

Gold prices fell in Asia and in Europe this morning with profit taking after last week’s 4.3% gains seeming to be the primary reason for weakness.
However, gold prices are likely to continue to be supported by the continuing Greek debt saga (and risk of contagion) and developments in the increasingly tense situation with Iran (and the risk of war)………………………………………..Full Article: Source

Morgan Stanley looks for gold quarterly average price to rise through 4Q 2013

Posted on 31 January 2012 by VRS  |  Email |Print

Morgan Stanley says it remains upbeat on gold. While strength in the U.S. dollar would be a headwind, Morgan Stanley says it anticipates aggressive Federal Reserve monetary-policy action, including the likely adoption of a third round of quantitative easing in the first half of 2012, to be positive for gold.
“We forecast prices to rise on a quarterly average basis through 4Q13,” Morgan Stanley says. Analysts say constrained new gold supply is placing greater emphasis on increased delivery of above-ground stocks to meet demand………………………………………..Full Article: Source

Central-bank gold holdings reach 6 year high: Joining the dots

Posted on 31 January 2012 by VRS  |  Email |Print

The gold price on Wednesday broke up through the downtrend starting at last summer’s record high. Or so a technical analyst studying the price chart would tell you.
But just as in late 2007 - from where gold began a 55% run inside 6 months - this week the price of gold bullion jumped on news that is fundamental: the price of money, specifically Dollars, the world’s #1 currency for trade and central-bank reserves………………………………………..Full Article: Source

Gold price and other precious metals ease

Posted on 31 January 2012 by VRS  |  Email |Print

Gold eased on Monday, under pressure from a weaker euro but was off session lows and still within sight of last week’s seven-week highs, supported by evidence of improved investor demand.
The euro slid by one per cent from six-week highs against the US dollar, while US shares fell in early trade on the back of concern about the lack of progress in negotiations over a Greek debt swap, which also pushed up the risk premium on European government bonds………………………………………..Full Article: Source

Gold set for biggest daily fall in a month

Posted on 31 January 2012 by VRS  |  Email |Print

Gold was set for its steepest one-day fall in a month on Monday, under pressure from a retreat in investor risk appetite that undermined the euro, although the bullion price remained within sight of last week’s seven-week highs.
The euro fell back from six-week highs, and European shares came under pressure from a decline across the banking sector after Greece and its creditors failed to come up with an agreement on a debt swap ahead of the start of a key European summit………………………………………..Full Article: Source

Silver looks more bullish than gold in near term: Deutsche Bank

Posted on 31 January 2012 by VRS  |  Email |Print

Silver prices could outperform Gold in the near-term but in longer-term the persistence of negative real interest rates will sustain the appeal of holding precious metals, said Deutsche Bank in a research note. Fed announcement resulted in a strong positive move in the silver price.
According to Deutsche Bank, precious metals advanced as the Fed statement led to a weak USD against the Euro. Bank believes that renewed USD weakness could be exacerbated near-term by an unwinding of Euro-short positions and this, in addition to a moderation in deflationary or growth fears, could underpin a further rise in gold prices………………………………………..Full Article: Source

Silver: Epic reversal

Posted on 31 January 2012 by VRS  |  Email |Print

On January 11th, we expected the US dollar to top as sentiment was uber-bullish, which would lead to a nice rally for gold, silver, and (mining) stocks. That day, the USD index closed at 81.35, silver at $29.89, and gold at $1,641.
Today, the USD stands at 78.90, Silver at $33.89 and Gold at $1,733.50, so we got what we expected. On January 9th, we posted the following chart, which compares the current silver “bubble” to the Nasdaq bubble a decade ago:……………………………………….Full Article: Source

U.S. mineral values rise to $74 bln in 2011–USGS

Posted on 31 January 2012 by VRS  |  Email |Print

U.S. mineral production values increased by 12% in 2011 over 2010, indicating that the nonfuel minerals industries, metals in particular, continued to show a recovery from the recession that began in 2007, the U.S. Geological Survey said Monday.
In its annual summary of mineral production statistics and summary of trends and statistics, USGS said the value of raw, nonfuel minerals mined in the U.S. in 2011 was $74 billion. That was up from $66 billion in 2010………………………………………..Full Article: Source

Hedge-fund bulls add to bets as rally accelerates: Commodities

Posted on 31 January 2012 by VRS  |  Email |Print

Hedge funds increased wagers on rising commodity prices to the most in two months and the rally in raw materials accelerated as the Federal Reserve pledged to keep borrowing costs low for three more years.
Money managers raised combined bullish positions across 18 U.S. futures and options by 13 percent to 742,902 contracts in the week ended Jan. 24, Commodity Futures Trading Commission data show………………………………………..Full Article: Source

12 companies join German commodity alliance

Posted on 31 January 2012 by VRS  |  Email |Print

Twelve German companies have joined the new German alliance aimed at securing raw materials supplies in the face of growing competition for key commodities, the Federation of German industry BDI said on Monday.
In October 2010, Germany’s government approved a new commodities strategy aimed at helping German industry secure supplies in the face of intense competition from China and other newly-industrialised countries which will include partnerships with supplier countries and greater cooperation between German commodity consumers………………………………………..Full Article: Source

Why the European debt crisis could actually be good for commodity prices

Posted on 31 January 2012 by VRS  |  Email |Print

It is widely accepted that the European debt crisis is driving down commodity prices in the near-term because of its impact on economic growth and commodity trade finance.
A Financial Times report by Javier Blas however points out that the crisis could in fact be bullish for commodities in the medium term………………………………………..Full Article: Source

Technology changing currency exchange landscape

Posted on 31 January 2012 by VRS  |  Email |Print

Technological advances are changing the currency exchange landscape, according to experts. Currency exchange specialist, Currencies Direct, says the currency exchange landscape will change “beyond recognition” over the coming years.
Key drivers of the changes include tablets, smartphones, mobile wallet technology and online video content. Currencies Direct says that these trends and gadgets are having a massive impact on consumer behaviour and businesses who deal in payments and currency exchange risk being left behind if they don’t move with the times………………………………………..Full Article: Source

Rubber may advance to highest level since September

Posted on 31 January 2012 by VRS  |  Email |Print

Rubber may extend a recovery from a two-year low to the highest level since September, according to technical analysis by research company JSC Corp.
The 25-day moving average for the most-active contract on the Tokyo Commodity Exchange climbed above its 50-day moving average this month for the first time since August, signaling that the medium-term downtrend is over, said Takaki Shigemoto, an analyst at the Tokyo-based company………………………………………..Full Article: Source

EU takes next step in making airlines pay for carbon

Posted on 31 January 2012 by VRS  |  Email |Print

The European Commission on Monday took another technical step to bring all airlines using EU airports into its carbon trading scheme, following on from last year’s court ruling that, despite loud international opposition, the EU plan was legal.
U.S. Secretary of State Hillary Clinton and China are among those to have stated fierce objections to the EU law forcing airlines landing or taking off from the European Union to pay for carbon emitted………………………………………..Full Article: Source

China to pilot emissions trading system

Posted on 31 January 2012 by VRS  |  Email |Print

China will test a provincial emissions trading system next year with the help from the Asian Development Bank (ADB), paving the way for a national scheme and lower greenhouse gas emissions in the country.
The ADB is providing a US$750,000 equivalent grant to lay the groundwork for a cap-and-trade emission trading system (ETS) in Tianjin municipal area and help to design the platform including the trading rules and regulatory framework as well as supporting the commissioning of the trading platform………………………………………..Full Article: Source

Iran predicts global oil prices to soar by 50 pct

Posted on 30 January 2012 by VRS  |  Email |Print

Rostam QasemiIranian officials predicted that global oil prices would soar by 50 per cent in the wake of EU sanctions as the country’s oil minister declared exports to “some countries” would be cut off.
In what will be seen as evidence of brinksmanship, Iran’s parliament postponed debate on a proposal immediately to halt oil deliveries to the EU, which accounts for 20 per cent of Tehran’s exports of crude. Despite postponing the parliamentary debate, Rostam Qasemi, Iran’s energy minister, promised that exports to some countries, which he did not name, would be ended “soon”………………………………………..Full Article: Source

Iran will soon cut oil to certain EU states: oil minister

Posted on 30 January 2012 by VRS  |  Email |Print

Oil Minister Rostam Qasemi has announced that Iran will cut oil exports to certain European countries in the near future in response to the recent oil embargo on the country.
The European Union formally imposed an oil embargo on Iran and agreed to a freeze on the assets of the Central Bank of Iran on Monday, but existing contracts will be honored until July 1………………………………………..Full Article: Source

Renewable energy deals hit record high in 2011

Posted on 30 January 2012 by VRS  |  Email |Print

Global renewable energy deals climbed 40 percent to a record high of $53.5 billion last year from $38.2 billion in 2010, as solar, wind and energy efficiency overtook hydropower as the main deal drivers for the first time, a report said on Monday.
Historically, hydro power has dominated renewables deal flow, but deals worth $1 billion or more in wind, solar, biomass and energy efficiency have outnumbered hydro by seven to one, the PriceWaterHouse Coopers report said………………………………………..Full Article: Source

Gold is the hottest currency in the world

Posted on 30 January 2012 by VRS  |  Email |Print

The price of gold is r oaring back from its latest temporary correction, sending the bears into full withdrawal. If you sold your gold in December as it fell to $1525 an ounce, you’re probably feeling foolish at the incredible $210 rise to $1735– a 15% move in no time at all.
Gold, you see, is not a commodity like oil and copper and wheat. It is rather an alternative currency– one that finds buyers when paper currencies like the Euro are being hugely increased in supply by the ECB to forestall a sovereign cum bank crisis in Europe………………………………………..Full Article: Source

Gold to hit $2150/oz by year end: TDS

Posted on 30 January 2012 by VRS  |  Email |Print

Gold to hit north of $2,150 an ounce later this year, particularly after this week’s uber dovish Federal Open Market Committee statement and a news conference by the Fed chairman signaled easy money is here to stay for a long time, said TD Securities in a research note.
According to TDS, Wednesday’s rally of the FOMC meeting a preview for the rest of 2012………………………………………..Full Article: Source

Gold regains momentum on safe haven status

Posted on 30 January 2012 by VRS  |  Email |Print

Gold has once again embarked on an upward momentum as it takes on the role of safe haven asset in an environment where the Euro Zone sovereign debt crisis is far from resolved and US Federal Reserve promising to keep interest rates low until late 2014.
The Federal Reserve’s move on interest rates has clearly provided the trigger for the yellow metal to stay in the positive zone and push for more in the next few days, analysts said………………………………………..Full Article: Source

Gold bulls ascendant amid biggest rally since 1980

Posted on 30 January 2012 by VRS  |  Email |Print

Gold traders are bullish for a fourth consecutive week, betting that the Federal Reserve’s pledge to keep interest rates low until late 2014 will extend the metal’s best start to a year in more than three decades.
Nine of 15 surveyed by Bloomberg expect prices to gain next week. The value of gold held in exchange-traded products jumped $3.9 billion on Jan. 25, the most since October, as the central bank laid the groundwork for a possible third round of asset purchases……………………………………….Full Article: Source

Silver may outperform gold in near term

Posted on 30 January 2012 by VRS  |  Email |Print

Gold could build on its rally into next week and possibly close out the month of January with a gain market participants said. Countries that celebrate the Lunar New Year such as China will return to work next week and others said that momentum that started following the dovish statement by the Federal Open Market Committee on its long term interest rate outlook will likely continue.
Still some market watchers said given the nearly one way move in commodity prices in general gold and other markets could be due for a corrective pullback which would mean lower values………………………………………..Full Article: Source

Silver could rise dramatically in 2012

Posted on 30 January 2012 by VRS  |  Email |Print

There is a well-established relationship between how silver and gold trade. They often trade similarly in the same time period, but also at similar milestones, although those milestones are sometimes reached at different times. This can cause silver or gold to be the leading indicator, depending on the particular milestone.
I have previously used this relationship to predict how silver will trade. Below is an extract of that update:……………………………………….Full Article: Source

Gartman returning to gold/euro, still holds copper position

Posted on 30 January 2012 by VRS  |  Email |Print

Dennis Gartman, Investor and newsletter writer, is buying Gold in euro terms again after stepping to the sideline during the metal’s correction late last year.
After consolidating its gains in recent weeks between 1,275 and 1,300 euros, gold has broken to the upside on the technical charts, he said in The Gartman Letter. Meanwhile, he remains long in copper, which has risen to $3.90 from $3.40 a pound this month………………………………………..Full Article: Source

China’s copper buying frenzy is not over yet

Posted on 30 January 2012 by VRS  |  Email |Print

The Chinese were importing copper at record levels during December 2011 to restock their inventory. There has been a concern that in 2012, there will be a copper deficit, which resulted from this buying frenzy.
As a result we can see that since September 2011 the copper price was going up, just at the same time that LME stock levels were going down………………………………………..Full Article: Source

Hedge funds lift bets to two-month high as rally accelerates: Commodities

Posted on 30 January 2012 by VRS  |  Email |Print

Hedge funds increased wagers on rising commodity prices to the most in two months and the rally in raw materials accelerated as the Federal Reserve pledged to keep borrowing costs low for three more years.
Money managers raised combined bullish positions across 18 U.S. futures and options by 13 percent to 742,902 contracts in the week ended Jan. 24, Commodity Futures Trading Commission data show………………………………………..Full Article: Source

London Stock Exchange eyes bid for metal bourse

Posted on 30 January 2012 by VRS  |  Email |Print

London Stock Exchange Group Plc (LSE) is considering a bid for the London Metal Exchange, the Sunday Times said, which cites unidentified sources close to the auction.
The London Stock Exchange may team up with a partner such as the Singapore Exchange Ltd. (SGX) to compete for the world’s biggest metals bourse, according to the newspaper………………………………………..Full Article: Source

Is the bell tolling for the current London Metal Exchange?

Posted on 30 January 2012 by VRS  |  Email |Print

With the rest of the City having retreated behind office computer screens, it’s no surprise that the show at the London Metal Exchange (LME) daily draws crowds of spectators.
As the seconds tick towards the bell marking the end of a trading session for a particular metal, the “ring-dealers”, or metal traders, throw themselves forward in their frenzy to close the deal for whichever of the exchange’s 12 ring-dealing members they work for – names like Société Générale, JP Morgan and Barclays Capital………………………………………..Full Article: Source

India: Banks may get to hedge in commodity futures

Posted on 30 January 2012 by VRS  |  Email |Print

In what could be a game-changing move, banks may be allowed to hedge their risks in the commodity futures market. According to government sources, the finance ministry has written to the Reserve Bank of India (RBI) to explore ways to allow entry of banks in commodity hedging. RBI is actively considering the matter.
Banks give finance against commodity as collateral and hence they take risk on the price of that collateral commodity………………………………………..Full Article: Source

Point Carbon slashes CO2 price outlook … again

Posted on 30 January 2012 by VRS  |  Email |Print

Thomson Reuters Point Carbon analysts have slashed their price forecasts for EU Allowances and U.N.-backed offsets for the second time in two months to reflect swelling supplies and the demand destruction caused by the euro zone debt crisis.
In a report published late Thursday, the Oslo-based analysts forecast EUAs will average 9 euros this year, 13 percent above current levels, and around 8 euros in 2013 as the market becomes even more oversupplied………………………………………..Full Article: Source

Cutting climate change is simple: Just stop subsidising fossil fuels

Posted on 30 January 2012 by VRS  |  Email |Print

According to IEA research, 37 governments spent $409bn on artificially lowering the price of fossil fuels in 2010. Critics say the subsidies significantly boost oil and gas consumption and disadvantage renewable energy technologies, which received only $66bn of subsidies in the same year.
Birol and the IEA said that a phase-out would avoid 750m tonnes of CO2 a year by 2015, potentially rising to 2.6 gigatonnes by 2035, a level sufficient to provide half the emissions reductions needed to limit global warming to 2C, considered the limit of safety by many scientists………………………………………..Full Article: Source

Commodities stay resilient after US Federal Reserve chairman’s remarks

Posted on 30 January 2012 by VRS  |  Email |Print

Gold prices rallied strongly and penetrated above 1700.00 benchmarks after Federal Reserve chairman Ben Bernanke signalled the possibility of maintaining the near zero interest rate until 2014.
Greenback weakened and spurred higher prices in gold and crude instruments. In addition, lower-than-expected United States GDP for the last quarter also recedes the dollar value and caused the gold rally to continue on Friday………………………………………..Full Article: Source

Commods investment almost ground to halt in 2011

Posted on 27 January 2012 by VRS  |  Email |Print

New investments in commodities almost ground to a halt last year, Barclays Capital said on Thursday, with inflows into the sector dropping almost 78 percent from 2010 to the lowest in nine years.

The move may indicate a shift in how investors are approaching the volatile asset class. Commodities saw an explosion in interest between 2005 and 2010, attracting the attention of critics and regulators who said the influx of cash may have played a role in inflating energy and food prices……………………………………….Full Article: Source

Positive economic signs extend commodities rally

Posted on 27 January 2012 by VRS  |  Email |Print

Sterling SmithMost commodities rallied for a second day Thursday on the latest signs that the U.S. economy is building momentum. Investors were encouraged by an increase in orders for long-lasting manufactured goods. But a primary driver of the rally was the Federal Reserve’s announcement Wednesday that it will keep interest rates near zero until 2014 to aid the economic recovery.

The policy is expected to cause the dollar to weaken against other currencies. Commodities are priced in dollars so a weaker dollar makes them cheaper for investors who use other currencies……………………………………….Full Article: Source

Commodities: World of opportunities, the limited risk way (Video)

Posted on 27 January 2012 by VRS  |  Email |Print

Even if you don’t directly trade commodities you have to be aware of what is happening in those markets. In fact, like the armed service mantra, commodities traders do more by the open of the NYSE than most do all day.

Think about it, every morning you check the stock futures prices, crude, interest rates, gold and the dollar to set up for the day. They will all directly impact the stock market opening and the rest of your trading day……………………………………….Full Article: Source

Gold to hit $2,000/Oz by third quarter, then retreat – Barclays

Posted on 27 January 2012 by VRS  |  Email |Print

Precious metals, paced by gold breaking $2,000 an ounce by the third quarter, should lead the commodity sector in 2012 with 20% gains by the end of the second quarter and up 21% for the entire year, Barclays Capital said Thursday.

In a research note, Barclays said after rising to $2,000 by the third quarter, gold likely will back off slightly. Gold will still end higher year-over-year, Barclays said. Silver should have a similar trajectory, up in the first and second quarter, peaking in the third quarter……………………………………….Full Article: Source

Gold bulls ascendant amid biggest rally since 1980: Commodities

Posted on 27 January 2012 by VRS  |  Email |Print

Gold traders are bullish for a fourth consecutive week, betting that the Federal Reserve’s pledge to keep interest rates low until late 2014 will extend the metal’s best start to a year in more than three decades.
Nine of 15 surveyed by Bloomberg expect prices to gain next week. The value of gold held in exchange-traded products jumped $3.9 billion on Jan. 25, the most since October, as the central bank laid the groundwork for a possible third round of asset purchases, data compiled by Bloomberg show. Lower interest rates increase the appeal of bullion because it generally earns investors returns only through price gains……………………………………….Full Article: Source

Gold reclaims $1,700 after FOMC statement signals Fed more dovish than thought

Posted on 27 January 2012 by VRS  |  Email |Print

Gold rocketed above $1,700 an ounce Wednesday for the first time since mid-December when a statement from the Federal Open Market Committee suggested that policy-makers may be even more dovish than financial markets had expected.

Furthermore, Gold generated upward technical momentum with a so-called “outside day” reversal higher on the charts and also by closing the pit session above a number of moving averages……………………………………….Full Article: Source

Standing by a $140 silver price in 2012

Posted on 27 January 2012 by VRS  |  Email |Print

There is a well-established relationship between how silver and gold trade. They often trade similar in the same time period, but also at similar milestones, although those milestones are sometimes reached at different times. This can cause silver or gold to be the leading indicator, depending on the particular milestone.

I have previously used this relationship to predict how silver will trade. Below, is an extract of that update:………………………………………Full Article: Source

Silver is on the way to break $50/oz in 2012

Posted on 27 January 2012 by VRS  |  Email |Print

We saw silver basically double from around the $25level to $48, in a matter of months. That ended about May 1. Gold did a similar parabolic move, but not quite the percentage gain that silver outlined, but it did it later in the year. So who went parabolic first, silver or gold? Well, in this case, silver did.
A tightly held silver supply, continued sovereign debt concerns in Europe and a strong appetite for the white metal at the start of the year are factors that he says will make silver a leader in the commodity sector in 2012……………………………………….Full Article: Source

Palladium prices to struggle in 2012

Posted on 27 January 2012 by VRS  |  Email |Print

Palladium is expected to average $725.00 an ounce down from the $868.00 forecast back in July and below the median trading price of $748.30 of 2011.
The survey of 28 analysts offered a range from $846.00 to a low of $555.50. In 2013, the palladium price is expected to rise to average $818.75 an ounce……………………………………….Full Article: Source

OPEC to boost exports as winter demand peaks, Oil Movements says

Posted on 27 January 2012 by VRS  |  Email |Print

OPEC will increase shipments through the middle of February as winter demand in the northern hemisphere reaches its peak, according to tanker-tracker Oil Movements.

The Organization of Petroleum Exporting Countries will ship 23.51 million barrels a day in the four weeks to Feb. 11, 1.3 percent more than the 23.2 million transported in the period to Jan. 14, the Halifax, England-based researcher said today in an e-mailed report. The figures exclude Angola and Ecuador……………………………………….Full Article: Source

Aluminum to rise by year end but stay in the slow lane

Posted on 27 January 2012 by VRS  |  Email |Print

Aluminum to rise by year-end but stay in the slow lane. The metal has strengthened in early 2012 with other base metals while benefiting from its own fundamentals, such as swathes of the smelting industry remaining unprofitable, a contrast to other metals,said BNP Paribas in a research note.

BNP estimated that world aluminum demand rose by 10% in 2011 and forecasts a still-impressive 7% rise in 2012. However, there is no shortage of aluminum smelter capacity to meet expected demand growth……………………………………….Full Article: Source

IEA chief says no need to tap oil stockpiles

Posted on 27 January 2012 by VRS  |  Email |Print

The International Energy Agency continues to monitor the oil markets in light of mounting tensions over Iran, but there is no need for an emergency release right now, the agency’s executive director said Thursday.

“We monitor the situation, we assess the situation and of course emergency stocks are there, but they can only be used if there is a real very serious disruption of supplies,” IEA Executive Director Maria van der Hoeven said Thursday. “And at this moment, this is not the case.”………………………………………Full Article: Source

Emerging market currencies continue post-FOMC rally

Posted on 27 January 2012 by VRS  |  Email |Print

Emerging-market currencies surged to fresh highs Thursday, as global markets digested the prospect of ultra-low rates in the U.S. for at least another two years. The Mexican peso, Brazilian real and Turkish lira jumped to their strongest levels versus the dollar in months, while Hungarian forint climbed to a three-month high against the euro. Emerging-market sovereign debt’s gains were more subdued, however.

The U.S. Federal Reserve said Wednesday that U.S. interest rates would likely remain exceptionally low until late 2014……………………………………….Full Article: Source

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