Range: 1.5692 – 1.5765
Cable closed in New York at 1.5731, basically at session lows 1.5730. The rate extended the late New York risk off pullback, seen after markets reacted to a Fitch comment that eurozone contagion could affect the outlook for US banks. Cable extended lows to 1.5692, before picking up demand interest as risk gained favour on equity market correction. US index futures and Asian bourses moved into positive territory, which saw the rate push to a session high of 1.5766. The rate settled between 1.5740-1.5760 ahead of the European open. Support now at 1.5692 and 1.5663 followed by 1.5617. Resistance held at 1.5784, 1.5813 and 1.5859.
Range: 1.3423 – 1.3517
Euro-dollar closed in New York at 1.3465, off pullback lows of 1.3452, after the rate was pressed down from highs of 1.3552. This risk off tone carried over into Asia, with the barrier at 1.3425 targeted and triggered but profit-taking demand quickly emerged to contain follow-through selling at 1.3421. A move lower came as early Sydney, with targeted stops below 1.0040 as both rates recovered in tandem as risk appetite moved back into favour and US equity futures edged back into positive territory. Euro-dollar continued to recover through the balance of the overnight session, marking highs at 1.3514, with early Europe extending this move to 1.3517. Offers seen placed between 1.3520-1.3525, a break to open a move back towards 1.3553-1.3557. Stops seen placed above 1.3560. Support at 1.3420, 1.3410-1.3405 ahead of the next barrier at 1.3400.
Range: 1,757.99 – 1,766.97
Gold prices fell back yesterday on the back of a firmer dollar index but the losses were somewhat tempered by a sharp jump in US crude prices and further unease in the eurozone over sovereign debt and European bank funding issues. The ECB is under pressure after being heavily drained of funds this week, putting pressure on equity markets. Gold opened yesterday at 1,780.85 and after an early high of 1,783.70, fell back sharply to 1,762.50 before a bounce to 1,780. New York then sold the metal again to lows of 1,753.50, closing out the day at 1,763.40. Asia saw a dip to 1,757.65 before picking up to 1,767. Support today is at 1,753.50 and 1,745.75, with resistance at 1,783.70 and 1,796.30.