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  • Squawk / Yesterday at 12:37 GMT
    Head of Macro Strategy / Saxo Bank
    Denmark
    US durable goods orders rebound 3.4% in June:

    Orders for durable goods, including aircrafts and vehicles, rose 3.4% m/m last month to more than offset the 2.1% drop in May (revised from -1.8%). The consensus expectation of 3.2% was not far off the mark.
    If you exclude the volatile transportation sector then orders rose a more modest 0.8% vs. 0.5% expected. However, May was revised lower to -0.1% from +0.5%.

    Capital goods orders, which serves as a proxy for future investment, rose 0.9%, nearly double the 0.5% expected, but again the revision was negative (to -0.4% from +0.4%). Capital goods shipments, a proxy for present investment, dropped 0.1% vs. +0.6% expected while May was revised down to -0.3% from +0.3%.

    Overall a much more mixed report than the headline reading of 3.4% suggests. EURUSD has not moved much on the release.
    Read the Squawk
  • 19h
    Martin O'Rourke Martin O'Rourke
    Both Brent and WTI continue to drift ever downwards. Brent is at $53.60/barrel at 1231 GMT. WTI is at $47.50/b.
    19h
    Martin O'Rourke Martin O'Rourke
    It's a similar story for gold which is firmly in the doldrums at $1,089.74 at 1236 GMT.
    19h
    Martin O'Rourke Martin O'Rourke
    WTI has since slipped to $47.33/b, down a further 17 cents at 1250 GMT.
  • 23h
    Ricky2154857 Ricky2154857
    This comment has been redacted
  • Editor’s Picks / Yesterday at 6:33 GMT

    Battered gold price should tumble by another 30%

    The Australian Financial Review
    Gold may need to fall 30% to reach fair value, says Deutsche Bank, with cheap oil the only potential lifeline for the battered precious metal. Gold is trading just above last week's fresh five-year low of $1,072.30/oz. Deutsche argues the price of the precious metal needs to drop sharply. "Gold would need to fall towards $750/oz to bring prices in real terms back towards long-run historical averages," says Deutsche. The Deutsche "gold price model", which factors in world growth, the US dollar, money supply and central bank gold purchases, calculated fair value at $785/oz. But the long-run average price in real terms – using the CPI – was just $770/oz.
    Read article on The Australian Financial Review
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    1d
    rhodium rhodium
    Seems 850-885 $ by end of 2015...=
    23h
    Ricky2154857 Ricky2154857
    This comment has been redacted