forex trading

Monday, July 2, 2007

Energy Prices Decline In Morning Trading, Monday, July 02, 2007 10:27:56 AM

Energy prices were down at the start of U.S. trading on Monday morning. Crude oil fell below the $70 mark after topping $71 on Friday. Natural gas, heating oil and gasoline also saw weakness.

Oil prices fell away from a 10-month high on Monday in U.S. trading. August-dated crude oil was at $69.80, down 88 cents. It reached as high as $71.06 on Friday.

Natural gas continued to fall on Monday in U.S. trading. August-dated natural gas was at $6.58, down 19.3 cents on the session. It has been trending down for two weeks.

Heating oil dropped in early U.S. trading on Monday, losing 0.83 cents to trade at $2.0341. In general, trading has been range-bound for two weeks.

Gasoline was down slightly in U.S. trading on Monday morning. RBOB gasoline for August settlement was at $2.2255, down 1.73 cents. In general, trading has been level for two weeks.

Latin American Currencies Strengthen Against Dollar Monday Morning, Monday, July 02, 2007 10:27:01 AM

Latin American currencies strengthened against the American dollar Monday morning in New York. The Mexican peso and Brazilian real both climbed versus their American counterpart. Greenback traders considered the release of June U.S. ISM manufacturing data, which came in ahead of expectations.

The Mexican peso advanced against the greenback Monday morning in New York. The Mexican currency gained ground during the early-to-mid-morning, reaching an intraday high of 10.7612 at 7:00 am ET. The peso lost some of its gains over the next three hours, trading at a mark of 10.7714 at 10:00 am. This is compared to an intraday low of 10.7990 at 1:20 am.

The Brazilian real climbed sharply against the American dollar Monday morning in New York. After a morning mostly dominated by uncertain trading, the Brazilian currency began to advance at 8 am ET. At 10:07 am ET, the real reached a mark of 1.9155 against its American counterpart. This is compared to an intraday low near 1.9320 around 12:30 am. Traders looked ahead to Monday morning`s release of the Brazilian trade balance for June.

Treasuries Little Changed Ahead Of ISM Report, Monday, July 02, 2007 9:53:18 AM

Bond trading has been relatively flat Monday morning. The market rose on Friday, approaching a multi-week high set earlier in the week. The ISM manufacturing Index, scheduled for release at 10:00 ET, could spark some trading. However, traders may wait until Friday`s employment data before making any big moves.

Tomorrow`s early close and the Fourth of July holiday Wednesday means a shortened week for the bond market, which could contribute to a decreased trade volume. In addition to the holiday, traders will be reluctant to make large moves ahead of the key government employment report due out Friday. Therefore, this week will most likely remain relatively flat, though the ISM report and technical factors could spark some movement.

At 9:50 am Eastern Time, the yield on the benchmark 10-year note was down 1.1 basis points to 5.022%

Metals Up In Early Trading, Monday, July 02, 2007 9:56:23 AM

Metal prices advanced at the start of Monday`s U.S. trading session. Gold climbed near a 10-day high, while silver, copper, platinum and palladium also advanced.

Gold prices were up at the start of Monday`s U.S. trading. August-dated bullion was at $656.90, up $6.00. The metal is trading near a 10-day high.

Silver for July delivery advanced on Monday, adding 17.7 cents to trade at $12.53. The metal touched a six-day high.

Copper gained early Monday in U.S. trading. Copper for July settlement was up 4.9 cents to $3.5025. The metal touched a two-week high.

Platinum for July delivery was up on Monday in U.S. trading, adding $10.10 to trade at $1,289.10. It is up for the third straight session.

Palladium was up at the start of Monday`s U.S. trading session. September-dated palladium increased to $369.95, up $1.45. It is at a six-day high.

Southeast Asian Currencies Mixed Versus Greenback Monday Morning, Monday, July 02, 2007 9:51:13 AM

Southeast Asian currencies experienced mixed results against the American dollar Monday morning in New York. The Singapore dollar climbed to a six-week high versus the buck. Meanwhile, the Thai baht and Indonesian rupiah fell to the downside against their American counterpart.

The Singapore dollar advanced to a six-week high against the greenback Monday morning in New York. The Singapore currency gained steadily through much of the early and mid-morning, reaching an intraday high of 1.5227 at 9:00 am ET. The Singapore dollar lost some of its gains over the next thirty minutes, trading at a mark of 1.5232 at 9:30 am. This is compared to an intraday low of 1.5300 at 12:30 am. Traders considered data showing that Singapore residential property prices grew at a faster pace during the second quarter over the prior period.

The Indonesian rupiah fell versus the American dollar Monday morning in New York. The Indonesian currency began to retreat around 2:30 am ET. At 6:30 am, the rupiah fell to an intraday low of about 9020.00 against its American counterpart. The Indonesian currency rebounded from some of its losses over the next couple hours. At 9:00 am, the rupiah traded at a mark of 9013.00 against the greenback. Investors mulled data showing that the Indonesian trade surplus was little changed in May over April, as both imports and exports rose.

The Thai baht retreated sharply against the greenback Monday morning in New York. The Thai currency advanced after 3:00 am ET, eventually reaching an intraday high of about 31.60 at around 3:30 am. The baht, however, more than lost its gains over the next several hours. At 9:00 am, the Thai currency traded at a mark of 31.90 against its American counterpart. Traders considered news that Thailand will retain capital controls imposed at the end of last year.

Scandinavian Currencies Gain Against Dollar, Norwegian Krone Hits Multi-Year High, Monday, July 02, 2007 9:23:49 AM

Scandinavian currencies gained ground against a generally weak American dollar Monday morning in New York. The Norwegian krone advanced copiously to a multi-year high against the greenback. Meanwhile, the Danish krone reached a one-month high and the Swedish krona ticked to a three-week high against their American counterpart.

The Norwegian krone advanced to a multi-year high versus the dollar Monday morning in New York. After uncertain trading marked the very early morning, the Norwegian currency advanced sharply just before 1:00 am ET. At 9:00 am, the krone reached an intraday high of 5.8504 against its American counterpart.

The Danish krone climbed to a one-month high against the greenback Monday morning in New York. At 9:00 am ET, the Danish currency hit an intraday high of 5.4663 against its American counterpart. This is compared to an intraday low of 5.5060 at 1:40 am. Traders considered data showing that Danish retail sales were down 0.9% on month and lower by 2.8% on year in May.

The Swedish krona hit a three-week high against the dollar Monday morning in New York. After falling during the early morning, the Swedish currency began an advance just before 3:00 am ET. At 8:40 am, the krona climbed to an intraday high of 6.7918 against its American counterpart. The Swedish currency lost some of its gains soon after that, trading at a mark of 6.8015 at 9:13 am. Investors mulled data showing that Swedish June PMI rose 1.4 points over May.

Eastern European Currencies Advance Versus Dollar Monday Morning, Monday, July 02, 2007 9:02:34 AM

Eastern European currencies reached monthly highs versus a generally weak greenback Monday in New York. The Hungarian and Russian currencies reached two-month highs against their American counterpart. Meanwhile, the Polish zloty hit a nearly one-month high versus the greenback. American currency investors looked ahead to Monday morning`s release of June ISM manufacturing data. Analysts expect a reading of 55, the same mark it was at last month.

The Hungarian forint advanced to a nearly two-month high against the greenback Monday morning in New York. The Hungarian currency began to gain steadily after 1:00 am ET against its American counterpart. At 8:40 am, the forint reached a mark of 180.2890. This is compared to an intraday low of 182.1400 at 1:00 am. Traders watched a press conference by Hungarian state secretary Miklos Tatrai. Tatrai stated that the country would use extra tax revenues to cut the budget deficit.

The Russian rouble reached a two-month versus the dollar Monday morning in New York. After uncertain early morning trading, the Russian currency advanced at 3:00 am ET. At 8:20 am, the rouble reached an intraday high of 25.6790 against the greenback, its highest mark since April 30. This is compared to an intraday low of 25.7480 at 12:40 am. Investors considered data showing that Russian oil output was up 3% in the first six months of the year over the prior period.

The Polish zloty climbed to a nearly one-month high against the American dollar Monday morning in New York. The Polish currency gained steadily though the bulk of the early and mid-morning, advancing to an intraday high of 2.7581 at 8:50 am ET. This is compared to an intraday low of 2.7844 at 12:30 am. Traders considered a report from the Polish finance ministry showing that it forecasts the June Polish CPI above the central bank`s target. This marks the first time in two years inflation would top that target.

Monday, July 2, 2007

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