Monday, April 23, 2007


US$ "Recovering"

Reuters reports on currencies. "The dollar gained across he board on Monday in generally light trading, recovering from last week's sell-off, as investors trimmed bearish bets ahead of a slew of U.S. economic data this week. 'The yen aside, the dollar is just going through a small corrective phase,' said Matt Kassel, director of foreign exchange at ING Capital Markets."

"'There's nothing going on that's changed the scope of dollar-bearish sentiment. The market has had several weeks of dollar selling and I think this just a little bit of profit-taking on the lack of upside momentum in other currencies,' he added."

"In late morning trading, the euro eased 0.2 percent to $1.3565, with investors taking profits after the single currency last week climbed within half a cent of the 2004 record high of $1.3670. The dollar was flat at 118.71 yen."

"'One source of solace for greenback bulls may be this week's housing data,' Boris Schlossberg, senior currency strategist at, wrote in a research note. 'If the numbers meet or beat expectations, talk of some sort of a bottom in housing could help fuel a more sustained rally.'"

"U.S. gold futures finished slightly lower on Monday as a recovering dollar prompted investors to lock in profits after last week's rally, but rising oil kept prices from falling further. The platinum group metals also ended down after a report showed that speculative long positions were building up, and that indicated the precious metals were at risk of liquidation."

"Most-active gold for June delivery on the COMEX division of the New York Mercantile Exchange settled down $1.60 at $694.20 an ounce, traded from $690.50 to $697.70. Spot gold was quoted at $688.90/9.40 an ounce, below a late quote of $691.70/2.20 in New York on Friday. London's afternoon gold fix was $688.70."

"Bernard Hunter, director of precious metals marketing at ScotiaMocatta, said that selling after spot prices ran into resistance at around $690.50."

"Palladium and platinum also closed down after solid gains last week on proposals for physically backed exchange-traded funds. UBS Investment Bank said in a research note that futures positioning was approaching risky levels for precious metals, especially for palladium."

"'But we believe further short-term gains in metals can occur, especially in platinum and palladium due to the impending launch of the platinum and palladium ETFs, this week in London and then next month in Zurich,' UBS said."

"Platinum fell after hitting a one-year high last week. July platinum ended down $9.50 at $1,331.70 an ounce. Spot platinum was quoted at $1,315.00/20.00. June palladium eased 85 cents to finish at $387.40 an ounce. Spot palladium fetched $380.00/385.00."

"COMEX May silver reversed early losses to close up 9.50 cents at $14.050 an ounce, traded from $13.860 to $14.110. Spot silver was quoted at $13.90/3.95, compared with $13.92/3.96 late Friday. Silver was fixed at $13.860 in London."

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