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Analytics, News, and Forecasts for CFD Markets: raw news — 23-04-2013.
The price of oil fell, dropping at the same time below $ 99, helped by a weaker-than-expected manufacturing data from China and Germany, which have worsened the prospects of demand for fuel.
As it became known, in the current month increase production sector in China has slowed. According to the report, a preliminary purchasing managers' index for the manufacturing sector from HSBC Holdings Plc and Markit Economics was 50.5, compared with a final figure for March, equal to 51.6. Published data fell short of analysts' forecasts, which suggested that the figure will be 51.5. Value is at the level above 50, indicating that the increase in production areas.
Note that a surprise to experts also found a reduction of business activity among German companies, but in the whole Eurozone services PMI rose slightly, being at the same time close to economists' forecasts.
We also add that prevented a sharper drop in oil prices helped the tense situation in the oil producing countries. As it became known, at least 23 people were killed in confrontations among the Iraqi forces and Sunni Muslims near Kirkuk. Later in the day, a bomb blast, at least seven people were killed and 17 were injured.
Meanwhile, we note that the dynamics of the trade is also affected by expectations about tomorrow's report on U.S. oil reserves, which will help to assess the demand of the largest oil consumer in the world. We add that, according to the predictions of many economists, crude oil inventories rose last week.
The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 88.93 dollars per barrel, the lowest intraday level since Dec. 19.
June futures price for North Sea Brent crude oil mixture fell $ 0.40 to $ 99.99 a barrel on the London exchange ICE Futures Europe.
Gold prices fell today, losing more than one percent, which was associated with the acceleration of the outflow from the largest gold exchange-traded fund, as investors shifted their attention toward other assets such as stocks. In addition, experts point out that the strengthening of the dollar also put pressure on prices. Note also that the precious metal retreated from one-week high, which was fixed on the basis of the previous session, as investors were concerned with the state of their positions, which they held for a long time.
Meanwhile, we add that to the dynamics of trade have influenced U.S. data. After reporting a sharp drop in new home sales in the previous month, the Commerce Department released a report showed relatively modest sales growth in March.
The report showed that new home sales in March rose 1.5% year on year to 417,000 from the unrevised 411,000 in February. Economists had expected sales to rise to 419,000.
On a monthly measurement of sales in the primary housing market in the U.S. fell in February by 7.6% from 445 000 four-year high in January. The number of unsold homes in the U.S. in March corresponds to 4.4 months of sales.
At the same time, considering the current situation in the market of precious metals, traders point to the pressure with a shift in the distribution of assets, while Goldman Sachs said it expected further decline in gold prices, coupled with the ongoing flow of the ETF.
Note that the data showed that stocks in the SPDR Gold Trust fell by 1.6%, reaching thus the lowest level since November 2009, which followed the daily falls of less than 1% last week.
The cost of the June gold futures on COMEX today dropped to 1408.30 dollars per ounce.
Change % Change Last
GOLD 1,424.90 29.30 2.10%
OIL (WTI) 88.76 0.75 0.85%
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