Iranian Missile Tests Boost Brent Crude Oil Spread Betting Market
|
|
 |
The regular Financial Markets Update from Simon Denham of Financial Spreads.
For today's update >> Financial Markets.
Spread Betting 3 January 2012
2012 has got off to a flyer with the FTSE recouping almost half of its annual losses on the first day of trading.
Yesterday a few European indices such as the DAX and CAC were open and they started the New Year with aplomb, being boosted by stronger than expected manufacturing data across the continent. Indices have been boosted further overnight by a good Chinese PMI number to kick things off.
Buyers have piled into mining stocks this morning as a bout of increased risk appetite sweeps through the markets as the FTSE plays catch up.
Those who have read many of the headlines this morning will be forgiven for thinking that the year would start on a down note. Report after report suggests that people in the UK are expecting more than before for the economy to dip back into recession.
Confidence remains beaten up and the high street has suffered further blows with retailers under pressure.
Even though the PMI data released across Europe yesterday was better than expected, it still remains well below the 50 level suggesting contraction and a recession across the continent is possibly even underway as I write.
The New Year also kicks off with quite a bit of economic data with the UK's own manufacturing PMI data which is expected to fall further below the 50 level. However, don't be surprised if this comes in slightly better than expected following on from yesterday's good numbers in Europe and overnight in China.
Then we get the same data from the US, including construction spending numbers, which unlike their European counterparts are expected to show the US economy continues to ride the storm.
The risk appetite is feeding across into all financial spread betting markets with the dollar coming under pressure which is allowing the euro to test the $1.3000 level again.
We have been above here briefly already this morning but at the time of writing the EUR/USD forex pair is sitting at $1.2985.
The $1.3000 level can be expected to offer up some resistance as it replaces its previous role of support so for now the euro bears are just keeping it in check.
Near term support and resistance is seen at $1.2915, $1.2885 and $1.3025, $1.3050 respectively.
Sterling is also enjoying the risk on scenario as it makes gains against the dollar, but is flat against the euro.
GBP/USD is at $1.5570 at the time of writing with GBP/EUR at €1.1995 as the latter pair continues to find the €1.2000 level a bit too much of a hurdle.
For cable near term support and resistance is seen at $1.5400, $1.5350 and $1.5610/45 respectively.
Gold suffered some selling in between Christmas and New Year but has recovered well in the past few sessions dragging itself back towards the $1600 level.
At the time of writing the yellow brick is trading at $1586 and has been benefiting from the rise in geopolitical tensions in Iran as the safe haven status comes back into play somewhat. Support and resistance is seen at $1560/42 and $1600/13 respectively.
Brent crude oil has seen a spike as Iran carries out its missile tests, but also the Chinese data and general risk on start to the year has helped lift the black stuff.
At the time of writing Brent is trading at $109 on the figure and despite spending the latter part of 2011 trending a little lower the average price for crude was a record and many expect the same again in 2012. Support and resistance is seen at $108.20 and $109.45 respectively.
The above comments do not constitute investment advice and neither Financial Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
Financial Spreads >>
"With FinancialSpreads.com you get all the normal
advantages of Spread Betting plus..." >> read
Financial Spreads review.
|
Risk Warning: Spread betting carries a high level of risk to your capital. You may lose more than your initial investment. It may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
Article provided / approved by Financial Spreads which is a trading name of London Capital Group Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 182110.
'Iranian Missile Tests Boost Brent Crude Oil Spread Betting Market' edited by SD, updated 03-Jan-12
Related Articles:
Financial Markets, updated 23-May-12
Financial Markets - your daily update on the markets with views and opinions from the insiders, plus a look at...read article: Financial Markets.
Online Spread Trading, updated 16-May-12
A look at the latest spread betting markets plus company reviews, compare prices and details on where to free charts and free live prices....read article: Online Spread Trading.
Bargain Hunters Boost Gold Futures as Greece Secures Bailout Tranche, updated 11-May-12
Buyers returned into the gold futures market yesterday, albeit at a cautious pace. They pushed the price of the precious metal higher and...read article: Bargain Hunters Boost Gold Futures as Greece Secures Bailout Tranche.
Dow Jones Futures Sink as Greek Politicians Fail to Form Coalition, updated 10-May-12
Amid growing concern about the turmoil in Greece, and the failure to put together a coalition government, the Dow Jones extended its losses for...read article: Dow Jones Futures Sink as Greek Politicians Fail to Form Coalition.
French Banks Weigh on CAC 40 Spread Trading Index Over Greek Exit Concerns, updated 09-May-12
The losses for the French banks would be considerable if Greece exited the euro. The CAC 40 index dropped 2.8% yesterday, one of the worst...read article: French Banks Weigh on CAC 40 Spread Trading Index Over Greek Exit Concerns.
Sterling/Euro Financial Spread Betting Market Hits 3 Year Highs on Euro Woes, updated 08-May-12
Sterling is currently gaining from the euros woes. The sterling/euro financial spread betting market is now trading at a three year high. However,...read article: Sterling/Euro Financial Spread Betting Market Hits 3 Year Highs on Euro Woes.
Nymex Crude Oil Futures Fall as US Recovery Remains Weak, updated 04-May-12
The price of Nymex crude oil futures posted a steep fall of $2.68, yesterday. Discouraged by the anaemic US recovery, buyers did not...read article: Nymex Crude Oil Futures Fall as US Recovery Remains Weak.
First Page << 1 2 3 4 5 6 7 8 9 10 11 12 >> Last Page
Daily Spread Trading Index
Index of spread trading articles - the regular Spread Trading Update from Financial Spreads...see Index.
|
|
Q) Average Trading Results?
A) Get free spread betting tips, offers, price updates, important news and more!
|
|
