Monday, July 16, 2007


It's Been One-Way Traffic For US$

AFX International reports on currencies. "The euro dropped back slightly against the dollar after France's president Nicolas Sarkozy once again put the level of the single currency on the euro zone's economic policy agenda. Speaking following the Franco-German summit meeting in Toulouse, Sarkozy noted that Article 111 of the EU treaty stipulates that 'the council can define the general direction of currency policy.'"

"Sarkozy went on to suggest the problem is not the level of the euro but the level of the other currencies. 'Sustained strength in the euro exchange rate threatens to bring the crisis in the affairs of the euro zone to a head,' said Stephen Lewis, analyst at Insinger de Beaufort."

"Meanwhile in the UK, the pound shrugged off government figures showing house prices rose at a slower pace in May and marched up to a 26-year high of 2.0402 ussd."

From Reuters. "The Canadian dollar stormed to 96 U.S. cents for the first time in 30 years on Monday as higher oil prices triggered a slew of automatic buy orders. The Canadian dollar closed at C$1.0428 to the U.S. dollar, or 95.89 U.S. cents, up from C$1.0485 to the U.S. dollar, or 95.37 U.S. cents, at Friday's session close."

"'It's been one-way traffic,' said Steve Butler, director of foreign exchange trading at Scotia Capital. 'I think it's going to be a little bit sticky here, but certainly I think (the Canadian dollar's) got some more room to appreciate.'"

From Dow Jones. "Gold and silver futures pulled back slightly Monday in markets that weresubdued ahead of a pair of key inflation reports and congressional testimonyfrom the Federal Reserve chairman this week."

"August gold fell $1 to $666.30 an ounce on the Comex division of the New YorkMercantile Exchange. As pit trade was closing, the August contract at theChicago Board of Trade was down 80 cents to $666.50."

"Comex September silver fell 4.5 cents to $13.065. As it was closing, CBOTSeptember silver was up 5 cents to $13.063."

"'We have severe resistance for gold at the $670 to $675 area,' said Leonard Kaplan, president of Prospector Asset Management. 'The euro did nothing, and gold did nothing.' He put resistance for September silver around $13.25."

"Jon Nadler, analyst with Kitco Bullion Dealers, commented that some profit-taking may have been prompted in the bullion markets since the dollar'srecent decline appears to be decelerating and crude oil's upward momentumappears to be tapering off. Shortly after gold closed, the euro was at $1.3784,little changed from $1.3783 late Friday although also not far from its recordhigh of $1.3812 on Friday."

"Gold has been benefiting from the dollar's weakness lately, but Nadler said this has also been one of his concerns. 'When this fuel of dollar declines runs out, what are we left with?' he asked rhetorically."

"The market is awaiting a heavy slate of economic data the next three days,plus Tuesday and Wednesday will feature congressional testimony from Federal Reserve Chairman Ben Bernanke."

"'I think that is what the market is going to key on,' said said Larry Young, senior trader with Infinity Brokerage Services. 'Nobody wants to do anything until they hear the numbers during the week andespecially Bernanke's speeches on Wednesday and Thursday,' echoed Kaplan."

From Bloomberg. "Platinum rose in London after Lonmin Plc, the world's third-biggest platinum company, said it would delay sales of some of its metal at a time when global supply was barely keeping pace with demand."

"The sales were expected to help platinum supplies exceed demand in the second half of 2007 from a deficit in the first half, London-based platinum marketer Johnson Matthey Plc said in May. 'The Lonmin shortfall will likely make a dent in any expected surplus,' Jeremy Coombes, general manager of marketing at Johnson Matthey in Royston, England, said today. 'It supports the platinum price.'"

"Platinum for immediate delivery rose $3.50, or 0.3 percent, to $1,315 an ounce as of 1:02 p.m. London time, bringing the gain this year to 16 percent. Coombes declined to say what Johnson Matthey's forecast is for supply and demand this year."

"Supply exceeded demand last year by 10,000 ounces, the first surplus since 1998, according to Johnson Matthey. Palladium rose 25 cents to $368.50 an ounce."

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