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Aussie closes in red again |
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The Aussie closed trading once again in red Tuesday as a greenback revival pushed the local currency back towards 71 cents.
At close, the Australian dollar was trading at 71.18 cents, down from Monday's close of 71.34 cents.
During the day, the Aussie moved between a low of 71.06 cents and a high of 72.06 cents its strongest level since it reached 72.38 cents on October 15.
Earlier, The Aussie opened firmer at 71.52 cents but its stay was only brief as a stronger dollar caused the Aussie to drift lower.
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| FOREX Reports |
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SA rand remains steady |
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South Africa’s currency, the rand was little changed from its morning levels by midday Tuesday, tracking the euro as markets looked to consolidate. |
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Yen extends losses against majors |
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Japanese currency, the yen extended its early Asian session's slide against its major opponents in late trading and slumped to multi-day lows against most of them. |
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Kuwait again cuts key rates |
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Kuwait’s central bank, the Central Bank of Kuwait on Monday cut its one-week and one-month repurchase rates by 25 basis points each in a bid to expand money supply, a day after reducing the benchmark discount rate.
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| Technical Calls |
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Physical gold demand, ETF holdings plunge |
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The Citi analysts go on to point out that: “The strength of investment demand over the last few years has been reflected in physical bullion and ETF demand although both are showing signs of dissipating. Investment in physical bullion has slowed shar |
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Falling price keeps Gold out of limelight |
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The U.S. gold market, whether it be COMEX of gold Exchange Traded Funds have, to date, dominated the gold price itself. These markets place an overriding emphasis on the Technical picture. Major buyers, follow these short-term moves and players caref |
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Experts are wrong on gold: Howard Katz |
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This concept that the “experts” are repeatedly wrong is so common in economics that it has a special name: the theory of contrary opinion. A good example of this is the bottom in gold in 1999-2001. |
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Mentha oil futures gained marginal momentum at the MCX counter Tuesday on short covering. Mentha oil futures have been trading under selling pressure after UP Government imposed mandi tax on mentha. |
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Copper prices extended the previous gains on Tuesday in the domestic futures market backed by the strong global sentiments. |
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Silver futures tumbled in the domestic market on Tuesday in line with weak global sentiments despite weak US dollar.
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