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Gold Edges Up From 9-½ -Month Low as Dollar Eases





Gold climbed after slipping to a 9-½ month low during the previous session, as the U.S. dollar retreated after reaching near 14-year highs last week. Spot gold climbed 0.55 percent at $1,189.43 per ounce.


U.S. gold futures was up 0.9 percent to $1,189.0 an ounce. Oil prices slipped on concerns that producer countries might not come up with a final agreement to reduce output, pressuring U.S. stock futures and Asian shares. Gold premiums in China rose to the highest in almost three years in the week to Nov. 25 on uncertainty regarding a supply shortage that traders claim were because of Beijing's attempt to restrict import licenses.


SPDR Gold Trust said that its holdings declined 0.73 percent to 885.04 tonnes on Friday.


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Fxwirepro: South Korean Won Opens Onshore Trade at 1,169.5 Per U.s. Dollar, Faces Strong Support at 1,162





USD/KRW is currently trading around 1,167 levels.
It made intraday high at 1,170 and low at 1,166 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels. A daily close above 1,172 will drag the parity higher towards key resistances at 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
On the other side, a sustained close below 1,172 will test key supports at 1,162/1,152/1,146/1,132/1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
Seoul shares open down 0.05 pct at 1977.10.
We prefer to go short on USD/KRW around 1,168, stop loss at 1,172 and target of 1,160.


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Wall Street Retreats As Discretionary Stocks Pullback





U.S. stocks retreated for their worst performance in almost a month, pressure was added by the pullback in the financial and consumer discretionary sectors. Investors have placed bets that President-elect Donald Trump's policies might improve domestic growth, reduce corporate taxes and raise infrastructure spending.


The Dow Jones Industrial Average dropped 0.28 percent to 19,097.9. The S&P 500 slipped 0.53 percent to 2,201.72 while the Nasdaq Composite fell 0.56 percent to 5,368.81. Three of the top four decliners on the S&P 500 were banks, as Wells Fargo lost two percent, Bank of America was down 2.7 percent while Citigroup fell 2.3 percent. Amazon dropped 1.7 percent at $766.77, and was the largest decliner on the Nasdaq. Time Inc rose 17.6 percent to $16 following the New York Post report that the publisher rejected a takeover bid from investor Bronfman Jr.


The CBOE Volatility Index (VIX), widely considered the best measure of fear in the market, traded higher, near 13.2.


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Fxwirepro: Aud/nzd Stabilizes Below 1.05 Mark After mixed Housing Data from Australia





AUD/NZD is currently trading around 1.0485 marks.
Pair made intraday high at 1.0501 and low at 1.0481 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 1.0532 marks.
A sustained close above 1.0532 will drag the parity higher towards key resistances at 1.0618/1.0655/1.0751/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA) /1.1123/1.1298/1.1317 levels respectively.
Alternatively, a consistent close below 1.0479 will take the parity down towards key supports around 1.0446, 1.0333, 1.0237, 1.0184, 1.0109 and 1.0053 marks respectively.
Australia’s October building approvals decreases to -12.6 % (forecast 1.5 %) vs previous -8.7 %.
Australia’s October private sector credit increases to 0.5 % (forecast 0.4 %) vs previous 0.4 %.
Australia’s October housing credit increases to 0.6 % vs previous 0.5 %.
Australia’s October private house approvals decrease to -3.4 % vs previous 2.3 %.


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Dollar Stalls Ahead of OPEC Meeting





The dollar fluctuated against the yen and euro, as traders prepared ahead of the OPEC meeting that could possibly turn financial markets and pressure the U.S. currency. The greenback was steady at 112.430 against the Japanese yen while the euro was flat at $1.0648.


The dollar index was little changed at 100.98 after declining 0.4 percent the previous day. The U.S. currency has recently stalled, as Treasury yields showed signs of peaking for now amidst purchasing by investors' month-end portfolio rebalancing. This is probably why the dollar failed to capitalise on latest positive data that showed U.S. third quarter GDP and much-stronger-than-expected November consumer confidence figures. The Canadian dollar was little changed at C$1.3432 a dollar.


The Australian dollar was flat at $0.7485 AUD, within hitting a 12-day peak of $0.7497 the previous day. The pound was fixed at $1.2490 GBP after climbing 0.6 percent the day earlier.


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Australia Capital Spending Slips 4.0% In Q3





Capital spending in Australia was down a seasonally adjusted 4.0 percent on quarter in the third quarter of 2016, the Australian Bureau of Statistics said on Thursday - coming in at A$28.030 billion.


That missed forecasts for a fall of 3.0 percent following the 5.2 percent decline in the three months prior. On a yearly basis, capex tumbled 13.7 percent.


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Oil Surges as OPEC Strikes Production Cut Deal





OPEC members managed to reach a deal to cut oil output, causing crude prices to jump more than 8% after months of struggling with declines due to market uncertainty regarding the capability of the group to reach an agreement.


The deal was made possible when Saudi Arabia and Iran, whose disputes blocked the deal which looked to end the oil glut persisting in the market, reached a compromise. Iran was allowed to raise its production, while Saudi Arabia conceded to take the lion's share of the cuts.


The oil producer cartel announced that it would reduce production by 1.2 million barrels per day from its current level of 33.6 million bpd beginning January 2017. It also expects producers who are non-OPEC members, including Russia, to join the cuts adding up to 600, 000 bpd.


The cuts were bigger than anticipated and equals around 1% of total global production. Oil prices soared and shares of oil companies surged more than 10% after the agreement was confirmed.


U.S. crude rose $4.21 or 9.3% and traded at $49.44 per barrel. Meanwhile, global benchmark Brent crude rose $4.09 or 8.8% and settled at $50.47.


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Japan Monetary Base Climbs 21.5% In November





The monetary base in Japan was up 21.5 percent on year in November, the Bank of Japan said on Friday - coming in at 417.657 trillion yen.


That follows the 22.1 percent spike in October.


Banknotes in circulation added 4.7 percent on year, while coins in circulation gained 1.0 percent.


Current account balances surged an annual 28.2 percent in November, including a 26.8 percent jump in reserve balances.


The adjusted monetary base soared 26.0 percent to 412.167 trillion yen, after rising 17.9 percent a month earlier.


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Dollar Edges Down after Solid November Gains





The dollar slipped against a basket of currencies, with traders booking gains after a positive November on speculation of a stronger U.S. economy under the administration of Trump and ahead of the government payrolls report. The dollar index was down 0.4 percent to 101.06.


The pound climbed as much as nearly 1.6 percent to a three-week peak against the U.S. currency of $1.2696. The dollar retreated from a previous nine-month high against the yen at 114.82, before slipping 0.4 percent to 114.03 yen in late trading. The euro firmed after a report that the European Central Bank will continue its bond buying beyond next March and has considered to send a formal signal next week that the asset purchase program will sometime end. The dollar's weak beginning in December mirrored higher U.S. Treasury yields after a positive data on manufacturing and construction spending.


The dollar index hit a 13-1/2-year high of 102.05 the previous week, and for November it advanced 3.1 percent. The euro rose 0.6 percent at $1.0649.


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China Services PMI Jumps To 53.1 In November - Caixin





The services sector in China continued to expand in November, and at a faster pace, the latest survey from Caixin showed on Monday with a PMI score of 53.1.


That's up from 53.4 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.


The survey also showed that the composite index was unchanged at 52.9.


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