COMMODITY ANALYSIS TODAY
- CPO: Bearish Signal Detected, Watch range RM2387 - RM2303
- CPO: Saturated Stalking Correction, Potential Bearish Enduring
- Beware Sell Gold Under Pressure Support 1621
- CPO: GMMA and MACD Agreed Up, Stochasctics Come up Sinyak Correction
- Beware of Action Profit-Taking Oil
Currencies are traded in yen rate near 87 per dollar, has fallen about 11% since mid-November when Shinzo Abe, who became prime minister last month, promised to do more easing monetary policy aggressively. Intends to overcome deflation of the Japanese economy, Abe wants BOJ to adopt inflation target at 2% rate. "Japan will be interesting to watch this year and I am surprised that Japanese officials finally began seriously to combat deflation and stimulate growth," said Richard Jerram, chief economist of Bank of Singapore told CNBC Asia Squawk Box program on Tuesday.
"The yen has weakened rapidly and will continue. What we say here is to price the yen against the U.S. dollar should be taken to combat deflation "I think we have to look yen against the U.S. dollar at 110.20 points while the problem of deflation is in its top level," added Jerram.
Gold Moves Related Stronger Euro and Action Buy Physical
Gold prices moved up on Tuesday as euro maintained gains related to expectations that the European Central Bank will hold interest rate cuts this week, and improving physical demand in Asia that raised prices. Economists expect that the ECB will keep interest rates at Thursday's meeting, support the performance of the single European currency, while the U.S. dollar index moved down, making commodity prices more readily available to the holders of other currencies.
Asia's physical gold market is moving up this year, with market participants are triggered by falling prices and demand ahead of the Lunar New Year, traders said paa. "Physical gold demand is still high," said a trader based in Beijing. "This is an interesting combination of price with the request before the holidays."
Spot gold moved up 0.2% to $ 1,649.86 per ounce. U.S. gold futures also rose 0.2%, to $ 1,650.30.
"The yen has weakened rapidly and will continue. What we say here is to price the yen against the U.S. dollar should be taken to combat deflation "I think we have to look yen against the U.S. dollar at 110.20 points while the problem of deflation is in its top level," added Jerram.
Gold Moves Related Stronger Euro and Action Buy Physical
Gold prices moved up on Tuesday as euro maintained gains related to expectations that the European Central Bank will hold interest rate cuts this week, and improving physical demand in Asia that raised prices. Economists expect that the ECB will keep interest rates at Thursday's meeting, support the performance of the single European currency, while the U.S. dollar index moved down, making commodity prices more readily available to the holders of other currencies.
Asia's physical gold market is moving up this year, with market participants are triggered by falling prices and demand ahead of the Lunar New Year, traders said paa. "Physical gold demand is still high," said a trader based in Beijing. "This is an interesting combination of price with the request before the holidays."
Spot gold moved up 0.2% to $ 1,649.86 per ounce. U.S. gold futures also rose 0.2%, to $ 1,650.30.
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