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8 Mar 2013

Commodities Brief – Precious metals decline sharply following upbeat US payroll and employment data, crude prices held in check

Gold prices have collapsed in recent moments after what could be described as a tepid European session. However, following the release of very upbeat US data, which saw Nonfarm Payrolls in February climb to 234K and Unemployment drop to 7.7%, the yellow metal found itself under siege, dropping to USD $1566.70 per oz. in these moments. This represents a minor bounce off the knee-jerk induced lows of 1560.95.

Silver rally roiled
The white metal faced a similar calamity as investors shed their risk-averse bets amidst highly optimistic US data, culminating in a staunch pullback ahead of the US open. Silver is now negotiating a spot price of just USD $28.56 per oz., however still operating above calculated support and the first downside target of 28.40.

Crude edges lower
WTI crude oil has not followed its metallic counterparts by partaking in sweeping movements Friday. Indeed, crude has edged slightly lower off the 91.62 level, having eased to $91.39/bbl in these moments – crude has yet to threaten the 92.00 upside barrier today.
Mar 8, 2013

Forex: EUR/GBP spikes higher following NFP surprise

Having posted a morning high at 0.8739, EUR/GBP has steadily decline throughout the European session, posting a low at 0.8706 in the build up to today's NFPs.
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Mar 8, 2013

Forex: AUD/USD reverses daily advance after US jobs data

The AUD/USD tumbled to fresh daily lows, reversing its intraday advance, as the greenback rose sharply on the back of a much better-than-expected US jobs report. The US economy added 236,000 new jobs in February, against 160,000 expected, while the unemployment rate fell to 7.7% from 7.9% in January.
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