EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Deflationary Bitcoin صلابة بيتكوين
How bitcoin halving reduces bitcoin inflation below that of gold and how its "hardness" can beat every other asset & currency over time. Watch here.
كيف تنخفض نسبة التضخم في بيتكوين تحت نسبة تضخم الذهب و ما يعني "صلابة" بيتكوين كعملة او إرادة؟
Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
View Hot-Chart..
Its not clear if they are hedging or merely returning to European markets abandoned last spring at the worst of the sovereign debt crisis. Either way, they have been a steady presence that has helped keep EUR/USD underpinned.
EUR/USD trades at 1.2680 with some profit-taking seen as short-term accounts book profits as US equities lose steam. The S&P is nearly 9 points below earlier highs and are now up less than 2 points
Central Bank Bid Crops Up On Dip
Traders report an Asian central bank bought EUR/USD as it dipped into the high-1.2650s.
Prices have stabilized and we now trade in the 1.26565 area
IMF: Downside Risks To US Have Increasedhttp://www.imf.org/external/np/ms/2010/070810.htm
If data remains weak in coming months, would have to consider revising forecast (really? ya dont say) Fed could change language to indicate rates to stay low for longer if outlook worsens.
Calls for eliminating mortgage interest deduction in US (THAT will help the housing marketNot!
UKs NIESR: Q2 GDP 0.7%
NIESR says the UK economy grew 0.7% in the June quarter but slowed from a 0.9% pace in the three-months end in May. Headwinds ahead for the UK economy include budget consolidation in the UK and euro zone, the think-tank says.
Cable has been a major laggard today after a sharp drop in UK house prices was released overnight. 1.5080 is important support on weakness. Stops are perched below
Baltic Dry Drops Another 4%, Below 2000, Longest Decline On Record Enters 31st Day
The Baltic Dry, which contrary to what some may claim, actually is one of the best leading indicators on global trade and thus the health of the economy, continues to plunge, and is now below 2000, hitting fresh 14 month lows, at 1940. It is now at the levels last seen during the March 2009 "generational" low, and just after the Lehman bankruptcy. Yet futures are up as initial claims beat expectations by 6,000 very statistically relevant people.
Nat gas is in freefall after the EIA reported a much larger than expected build up in natgas inventories: the Energy Information Administration reported an increase by 78 billion cubic feet for the week ended July 2. Expectations were for a 70 bcf increase, while the last week reading was at 60 bcf. The result is a freefall in the price of nattie which has now plunged 5% for the day, and is back to early June levels. Today's move is sure to result in major adverse P&L at some of the key players in the space.
China continues to be vocal about its reserves diversification and still mum on the details. Its State Administration of Foreign Exchange (SAFE) is now posting soothing Q&As on its website in order to calm fears about its $2.4 trillion cash mountain without actually offering any specifics about recent changes in its allocation.
However, at least one detail has come to the fore. China has markedly increased its purchases of Japanese bonds to the tune of about $6.2 billion in the first quarter of 2010.
From todays Wall Street Journal:
The statement reiterated Chinas rationale for diversifying its reserves, long dominated by dollar assets, saying it can help control risk and maintain the stability of the overall value of reserves.
China, the biggest holder of U.S. government debt, has ramped up purchases of Japanese government bonds this year, apparently part of its diversification effort. China bought some $6.17 billion in Japanese government bonds in the first four months of the year, more than double the full-year record it set in 2005.
The statement said that Chinas investment in U.S. debt is a market investment action and that whether to increase or reduce holdings of U.S. sovereign debt is entirely a normal investment operation.
Speculation Chinas SAFE reserves abounds, especially given its recent comments about decreased investment in US and euro-zone debt as well as its insistent dismissal of gold as a useful reserves asset despite speculation that the country is already buying gold directly from its domestic producers on an ongoing basis.
Yesterday, the WSJ also noted that the spiking Japanese bond purchases are a dramatic departure from last year. During 2009, China net sold roughly 80 billion yen (nearly $1 billion) in Japanese securities.
The SAFE reserves guessing game will continue and the stakes remain high. You can read more details in The Wall Street Journals coverage of China pouring into Japanese bonds and saying it wont threaten with US debt.
China Goes on Japanese Bond Shopping Spree
by Rocky Vega
China continues to be vocal about its reserves diversification and still mum on the details. Its State Administration of Foreign Exchange (SAFE) is now posting soothing Q&As on its website in order to calm fears about its $2.4 trillion cash mountain without actually offering any specifics about recent changes in its allocation.
However, at least one detail has come to the fore. China has markedly increased its purchases of Japanese bonds to the tune of about $6.2 billion in the first quarter of 2010.
From todays Wall Street Journal:
The statement reiterated Chinas rationale for diversifying its reserves, long dominated by dollar assets, saying it can help control risk and maintain the stability of the overall value of reserves.
China, the biggest holder of U.S. government debt, has ramped up purchases of Japanese government bonds this year, apparently part of its diversification effort. China bought some $6.17 billion in Japanese government bonds in the first four months of the year, more than double the full-year record it set in 2005.
The statement said that Chinas investment in U.S. debt is a market investment action and that whether to increase or reduce holdings of U.S. sovereign debt is entirely a normal investment operation.
Speculation Chinas SAFE reserves abounds, especially given its recent comments about decreased investment in US and euro-zone debt as well as its insistent dismissal of gold as a useful reserves asset despite speculation that the country is already buying gold directly from its domestic producers on an ongoing basis.
Yesterday, the WSJ also noted that the spiking Japanese bond purchases are a dramatic departure from last year. During 2009, China net sold roughly 80 billion yen (nearly $1 billion) in Japanese securities.
The SAFE reserves guessing game will continue and the stakes remain high. You can read more details in The Wall Street Journals coverage of China pouring into Japanese bonds and saying it wont threaten with US debt.
http://online.wsj.com/article/BT-CO-20100706-702002.html
http://online.wsj.com/article/SB10001424052748704545004575352553747891766.html
Fears of a U.S. double-dip recession have been eased but not dispelled despite the pullback in bonds. Recent labor and housing market data have inspired some of these fears. Such views have convinced some bond investors that the Federal Reserve will keep short-term interest rates near zero well into the second half of 2011. It is believed that the likelihood of renewed U.S. economic contraction is remote. That belief could keep benchmark bond yields from falling further after hitting 14-month lows last week.
Currencies
EUR/USD:- Fails to break 1.2700: Session highs come in around the top of the Bollinger band and hourly charts are set to peak in overbought territory. The Eur having failed at 1.2700 looks now to test bids lower at 1.2600/1.2610 Bias is still with move higher but overbought levels are a concern.
GBP/USD: Sterling maintaining bid Into London Trade A solid European session Wednesday for Cable with a broadly weaker Dollar and strong order flow supporting a move higher from 1.5082 lows to 1.5219 highs.
Into Thursday and Sterling has maintained its bid tone as London picks up the pace from Asia. With the DJIA up 2.8% and Nikkei up 2.7% the risk on play has added some support to Cable. The Overnight range was 1.5174 to 1.5230 with early London taking price up and away from a profit take 1.5174 dip.
Looking ahead, after today's BoE's rate announcement came in no change was expected.
For Cable we see price moving higher within a broad 1.5050 to 1.5385 daily bull channel with a 1.5250 break needed to bolster the trend. Look for a minor base at 1.5125-30 to stall if not hold pullbacks.
USD/JPY: Breaks higher! From range-trading on the 87 handle, USD/JPY moved up a leg alongside EUR/JPY and other JPY crosses to the 88-handle, and dealers are wondering if the next comfort zone is 88. The pair earlier traded up from an early Asian low of 87.66 through stops in the 88.05-10 area and above 88.25 to 88.47. It has since eased back a bit but remains on the 88-handle. Next resistance topside is seen at 88.50-60, 88.57 the high on July 1. More is seen at 88.70-80, 88.77 the high on June 30. Trader stops are seen above 88.60 and 88.80 as well as 89.00 but offering interest from Japanese exporters and other players will continue to be seen all the way up, not allowing this pair to charge higher. Below, standing bids are eyed from ahead of 87.50 and trailing lower. Large stops are still eyed sub-86.95, 86.96 the spike low last Thursday. USD/JPY trades 88.15/18.
Stock Market
US
Stocks had their best one-day gain in six weeks on Wednesday after a bullish forecast from financial company State Street Corp fueled optimism and encouraged investors ahead of the earnings season. Wall Streets rally helped the S&P 500 close above 1,040 points, a major technical resistance level.
Asia
Japans Nikkei average was up 2.8% on Thursday to 9,535.74, marking its best one-day rise in over a month, with exporters especially strong performers. A bullish forecast from U.S. financial firm State Street raised optimism ahead of the earnings season. State Street said its quarterly earnings would far exceed expectations, providing a lifeline for investors after weeks of dismal economic reports. U.S. jobs data last week and further strengthening in the yen had hit market sentiment and exacerbated a bearish trend for the Nikkei since April.
Europe
After U.S. stocks logged their best one-day rise in about six weeks following a bullish forecast from State Street, indices mixed in Europe with the DAX and CAC40 futures down 0.4%, while the Swiss index SMI and Italian FTSE-MIB up 1% .
Commodities
Oil
Oil jumped to a one-week high above $75 on Thursday after earnings euphoria injected positive sentiment into Asian equities, reinforcing overnight gains triggered by an industry report showing U.S. crude inventories plunged last week.
Fears of a double dip recession have eased some bit over the last month. Oil is following the equity markets and other risky assets. Crude Oil prices are still more than $12 off its 19-month peak above $87 reached in May.
Gold
Gold rose to hold above $1,200 an ounce on Thursday on steady purchases from jewellers and other physical buyers after a recent drop to a six-week low, while sentiment was also lifted by gains in equities markets. The Nikkei jumped nearly 3 percent after U.S. stocks logged their best one-day gain in about six weeks on optimism about the coming earnings season, discouraging speculators from selling gold to cover losses in other markets. It had dropped to its weakest since May 25 at $1,185.05 on Wednesday, or around 6 percent below a record high above $1,264 struck in late June, before regaining strength. Traders said gold would have to crack a June level of around $1,230 to sustain gains, but that a rebound to the current level had prompted investors to start accumulating long positions again.
Bonds
U.S. Treasury prices fell on Wednesday as a robust stock market rally drew investors into riskier assets and away from safe-haven U.S. government debt. Fears of a U.S. double-dip recession have been eased but not dispelled despite the pullback in bonds. Recent labor and h
Jamshed what you need to realise is politicians make statements all along who even knows if Obama will be there after 5 years. Probably by the time he leaves US maybe in far worse shape than it ever was.
The only way to control the dollar, is either to improve the bond market and reduce its align threats to them bond or to hold and another global reserve currency.
http://jsmineset.com/wp-content/uploads/2010/07/July0710Gold.pdf
year 1996!
http://archives.cbc.ca/economy_business/business/topics/1211/
July 08th, 2010
Dear Friend of GATA and Gold:
What can be made of this week's reports that the Bank for International Settlements has undertaken gold swaps with central banks, giving them dollars for their pawned gold?
A few things have to be considered.
First, the BIS apparently has been engaged in surreptitious manipulation of the gold market for a long time.
GATA has often publicized the acknowledgement made by BIS official William S. White in a speech to central bankers and friends at a BIS conference in Basel, Switzerland, in June 2005. Among the five objectives of central bank cooperation, White said, was "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful." You can find White's speech here:
Read more here........ http://www.24hgold.com/english/news-gold-silver-mystery-around-bis-gold-swaps-impugns-them-as-market-rigging.aspx?article=2997320512G10020&redirect=false&contributor=Chris+Powell