U.S. dollar weakened

The U.S. dollar weakened against its major counterparts on Tuesday, as U.S. treasury yields fell amid bargain hunting, as well as on expectations that the U.S. Federal Reserve would not raise rates quickly given the recent weak economic data.
The 10-year Treasury yield fell 0.76 percent to 2.547 percent, while yields on 30-year Treasuries were at 3.271 percent, a 0.54 percent decrease. The yield falls when bond prices rise.
Data from the National Association of Realtors showed that U.S. existing home sales fell unexpectedly by 1.8 percent in August, halting four months of gains. According to a report from Chicago Federal Reserve, manufacturing activity in the U.S. weakened in August, with the national activity index based on a survey declining to -0.21 in the month from a positive reading of 0.26 in the previous month.

Japanese yen

The Japanese yen is stable on Tuesday, as USD/JPY trades in the mid-108 range late in the European session. Trade is light as the Japanese markets are closed for a national holiday. In the US, today’s highlight is the Richmond Manufacturing Index. The indicator is expected to post another strong reading.
USD/JPY enjoyed another strong week, buoyed by dollar gains after the Federal Reserve statement on Wednesday. The Fed statement reaffirmed that interest rates would remain ultra-low for a “considerable time” after the asset purchase scheme (QE) ends next month, but surprised the markets in hinting that once a rate hike was introduced, rate levels could move up more quickly than expected. As expected, the Fed trimmed QE by $10 billion/month, and the remaining $15 billion/month is scheduled to be phased out in October.

USD/JPY,,AUD/USD

The Japanese yen continues to struggle, as USD/JPY lost about 170 points last week. The pair is trading just above the 109 line in Monday’s European session, as the yen trades at its lowest level in over six years. On the release front, the only US data on the schedule is Existing Home Sales. There are no Japanese releases on Monday.
US Unemployment Claims has looked sluggish over the past two readings, but that changed on Thursday, as the key indicator sparkled, dropping to 280 thousand, down sharply from 315 thousand in the previous reading. The estimate stood at 312 thousand. Building Permits was not as strong, dipping to 1.00M. This was shy of the estimate of 1.04M.
The Australian dollar continues to head south on Monday, as AUD/USD trades in the high-0.88 range late in the European session. The Aussie has been in free fall in September, giving up about 450 points. Taking a look at Monday’s events, the US will release Existing Home Sales later in the day. There are no Australian releases on Monday.
US Unemployment Claims has looked sluggish over the past two readings, but that changed on Thursday, as the key indicator sparkled, dropping to 280 thousand, down sharply from 315 thousand in the previous reading. The estimate stood at 312 thousand. Building Permits was not as strong, dipping to 1.00M. This was shy of the estimate of 1.04M. There was disappointing news from the manufacturing front, as the Philly Fed Manufacturing Index slipped to 22.5 points, down from 28.0 a month earlier. The estimate stood at 22.8 points.

Bullish Stocks

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Bullish Stocks

US dollar gained ground

The US dollar gained ground against gold on Wednesday following the Federal Reserve statement. The Fed statement reaffirmed that interest rates would remain ultra-low for a “considerable time” after the asset purchase scheme (QE) ends next month, but surprised the markets in hinting that once a rate hike was introduced, rate levels could move up more quickly than expected. As expected, the Fed trimmed QE by $10 billion/month, and the remaining $15 billion/month is scheduled to be phased out in October.
US inflation data was worse than expected on Wednesday. CPI, the primary gauge of consumer inflation, came in at -0.2%, its first drop since October. The estimate stood at +0.1%. Core CPI followed suit with a flat reading of 0.0%. This was the first time the index failed to post a gain since October 2010. The weak numbers follow disappointing manufacturing inflation data. PPI, a key event, dipped to just 0.0%, a 3-month low. The estimate stood at 0.1%. Core PPI slipped to 0.1%, down from 0.2% a month earlier. This matched the forecast. Low inflation continues to be a concern and could delay an interest rate hike in 2015.

Gold prices continue to fall

Gold prices continue to fall, as the spot price stands at $1219.60 per ounce on Thursday. XAU/USD is at its lowest levels since late December of 2013. On the release front, there are three key events on the calendar Building Permits, Unemployment Claims and the Philly Fed Manufacturing Index. As well, Federal Reserve Chair Janet Yellen will deliver remarks at an event in Washington.
The US dollar gained close to 100 points on Wednesday following the Federal Reserve statement. The Fed statement reaffirmed that interest rates would remain ultra-low for a “considerable time” after the asset purchase scheme (QE) ends next month, but surprised the markets in hinting that once a rate hike was introduced, rate levels could move up more quickly than expected. As expected, the Fed trimmed QE by $10 billion/month, and the remaining $15 billion/month is scheduled to be phased out in October.

Texas Oil

West Texas Intermediate crude fell from a two-week high after an industry group was said to report an increase in U.S. inventories.
WTI slid for the first time in three days. The American Petroleum Institute reported yesterday that supplies rose 3.3 million barrels last week, according to Bain Energy. The Energy Information Administration will release its inventory data today. Brent climbed as Libya halted its biggest oil field.The build in the API report was quite big, said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. If we get a confirmation from the EIA, I wont be surprised if WTI starts to give up more of yesterdays gains. Brent is focusing on reports that Libya has reduced production.WTI for October delivery slid 17 cents to $94.71 a barrel at 9:03 a.m. on the New York Mercantile Exchange. The volume of all futures traded was about 6.8 percent above the 100-day average for the time of day.
Brent for November settlement advanced 22 cents to $99.27 a barrel on the ICE Futures Europe exchange. Volume was 3 percent above the 100-day average. The European benchmark crude was at a premium of $5.61 to WTI on ICE for the same month. It closed at $5.24 yesterday.