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agosto- Forex Trading Technicals: Dollar extends gains vs yen,
softer vs euro in Singapore afternoon trade
- The US dollar extended its gains against the yen in afternoon trade here after
Japanese data released earlier showed a smaller-than-expected rise in the July
consumer price index, dealers said. But further dollar gains through the European
session could be curbed by caution before US Federal Reserve Chairman Ben Bernanke's
speech on global economic integration later today at the Kansas City Fed annual
Economic Symposium in Jackson Hole, Wyoming, they said. The dollar saw a sharp
spike against the yen at the start of the session after Japan released July CPI
data, which reflected a revised formula and change in weightings.
CPI for July came in weaker than expected, rising only 0.2 pct from a year earlier
after a revised 0.2 pct rise in June, up for the second
consecutive month under
a new formula and using 2005 as base year, official data showed.
figure was unexpectedly lower as the impact of the change to the formula was larger
than anticipated," Takahide Kiuchi, a senior economist at the Nomura Securities
Financial and Economic Research Center.
The revised CPI data sparked concerns
that the Bank of Japan may rethink its monetary tightening policy and refrain
from raising rates further, analysts said.
Euro-dollar meanwhile suffered
from the dollar's gains in late Asia and early European dealings, erasing most
of the gains it had made in the morning,
But they said further
declines may be limited as players brace for the weekend, with Bernanke's speech
being the only major event for markets to look at later today.
is hoping for tonight's Fed Symposium to break currencies out of their tight ranges,"
said DBS Bank analysts.
"Bernanke will seek to assure the market that
the weakness in the housing sector is not a precursor to recession," the
DBS analysts predicted. "While other Fed officials have indicated that inflation
remains a greater risk than slow growth, Bernanke is likely to be more measured
and balanced in delivering his message," they said.
agosto - Precious Metals: Gold rangebound amid quiet trade
--28Aug2006/359 am EDT/759 GMT
The spot gold price remained rangebound during
the quiet Hong Kong trade Monday afternoon, industry sources said. Local traders
said the spot gold
price did not stay too far away from the Asia opening level.
Hong Kong gold prices opened slightly higher Monday at $623.30-623.80/oz, up from
Friday's close of $623.00-623.50/oz. One trader said the spot gold price was moving
within a narrow range of $1-3/oz, following the lackluster trade during New York
Friday. Another trader concurred, adding that players were staying sidelines on
the back of a public holiday in the UK. The first trader added that trade was
thin and players were waiting for the announcement of two major US statistics
for August; the non-fund payroll to be released on Monday and consumer confidence
for the second quarter this Friday. Gold inched up to $623.50/oz at 0700GMT during
Hong Kong trade Monday, up $1/oz from $622.50/oz Friday. Meanwhile, silver was
quoted at $12.46/oz, up from $12.43/oz Friday.
The spot platinum price
continued the downward trend seen on Friday and slipped during Hong Kong trade
Monday. Local traders attributed the weaker spot price to the extreme lack of
buying interest. One trader said buyers were on the sidelines on the back of a
public holiday in the UK. Another trader concurred, adding that players remained
focused on gold price and they are concerned with the strength of the US dollar,
pending the announcement of two major US statistics for August; the non-fund payroll
to be released on Monday and consumer confidence for the second quarter this Friday.
Meanwhile, the spot palladium price held steady, unchanged from Friday, amid thin
trade. Platinum dipped to $1,224/oz at 0700 GMT during Hong Kong trade Monday,
down $2/oz from $1,226/oz Friday. Palladium was quoted at $346/oz Monday, unchanged