Forex – Dollar supported in risk-off trade – Sean Seshadri

The dollar remained supported against a basket of other major currencies on Monday as heightened tensions between Russia and the West and conflict in the Middle East underpinned safe haven demand.

USD/JPY was steady at 101.32, holding above Friday’s one week low of 101.07.Tensions between the West and Russia have mounted since the shooting down of a Malaysian airliner in eastern Ukraine late last week. The U.S. and other nations have accused Russia of complicity in the crash, which Moscow has denied.
Market sentiment deteriorated on Monday following reports that Ukrainian troops were moving in to the rebel held city of Donetsk, fuelling fears over an escalation of the conflict in the region.Concerns over Israel’s ground offensive in Gaza also contributed to risk aversion in markets.
EUR/USD dipped 0.04% to 1.3520, not far from Friday’s five month trough of 1.3490.The euro remained under pressure after recent comments by European Central Bank President Mario Draghi were seen as the latest sign that the bank is open to further monetary easing measures to stave off the risk of deflation in the euro area.
In contrast, Federal Reserve Chair Janet Yellen indicated last week that interest rates may rise sooner if the economy continues to improve.The euro also edged lower against the yen, with EUR/JPY slipping 0.07% to 136.96 close to the five month lows of 136.69 set on Friday.
The dollar was little changed against the Swiss franc, with USD/CHF at 0.8983. The pound slipped lower, with GBP/USD down 0.17% to 1.7058.AUD/USD lost 0.20% to trade at 0.9372, while NZD/USD was almost unchanged at 0.8689.

USD/JPY was steady at 101.32, holding above Friday’s one week low of 101.07.Tensions between the West and Russia have mounted since the shooting down of a Malaysian airliner in eastern Ukraine late last week. The U.S. and other nations have accused Russia of complicity in the crash, which Moscow has denied.

Forex - Dollar supported in risk-off trade

Market sentiment deteriorated on Monday following reports that Ukrainian troops were moving in to the rebel held city of Donetsk, fuelling fears over an escalation of the conflict in the region.Concerns over Israel’s ground offensive in Gaza also contributed to risk aversion in markets.

EUR/USD dipped 0.04% to 1.3520, not far from Friday’s five month trough of 1.3490.The euro remained under pressure after recent comments by European Central Bank President Mario Draghi were seen as the latest sign that the bank is open to further monetary easing measures to stave off the risk of deflation in the euro area.

In contrast, Federal Reserve Chair Janet Yellen indicated last week that interest rates may rise sooner if the economy continues to improve.The euro also edged lower against the yen, with EUR/JPY slipping 0.07% to 136.96 close to the five month lows of 136.69 set on Friday.

The dollar was little changed against the Swiss franc, with USD/CHF at 0.8983. The pound slipped lower, with GBP/USD down 0.17% to 1.7058.AUD/USD lost 0.20% to trade at 0.9372, while NZD/USD was almost unchanged at 0.8689.

http://www.investing.com/news/forex-news/forex—dollar-supported-in-risk-off-trade-296464

Gold prices ease in Asia on profit taking from overnight gains – Sean Seshadri

Gold prices eased in Asia on Friday, retracing overnight gains made on concerns about southern European banks.On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,337.40 a troy ounce, down 0.13%, after hitting an overnight session low of $1,325.40 and off a high of $1,346.10.
The parent company of Portugal’s largest bank, Banco Espírito Santo, said it missed payments on commercial paper to a few clients, which spooked markets by fueling concerns surrounding the soundness of the banking sectors in Portugal as well as in Spain and Italy.
Gold rose on safe-haven demand while, weak euro zone factory data further bolstered the precious metal’s appeal.Italy’s industrial output unexpectedly fell 1.2% in May from April, defying expectations for a 0.2% expansion, while French industrial production plunged 1.7% in May, also confounding expectations for a 0.2% gain.
Meanwhile in the U.S., solid jobless claims numbers supported the greenback, which tends to trade inversely with the yellow metal, the European concerns offset the data due to Fed expectations
The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending July 5 declined by 11,000 to 304,000. Analysts had expected jobless claims to hold steady at 315,000 last week.
On Wednesday, the Federal Reserve released the minutes of its June policy meeting in which monetary authorities forecast bond purchases should conclude in October.

Gold prices eased in Asia on Friday, retracing overnight gains made on concerns about southern European banks.On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,337.40 a troy ounce, down 0.13%, after hitting an overnight session low of $1,325.40 and off a high of $1,346.10.

Gold prices ease in Asia on profit taking from overnight gains

The parent company of Portugal’s largest bank, Banco Espírito Santo, said it missed payments on commercial paper to a few clients, which spooked markets by fueling concerns surrounding the soundness of the banking sectors in Portugal as well as in Spain and Italy.

Gold rose on safe-haven demand while, weak euro zone factory data further bolstered the precious metal’s appeal.Italy’s industrial output unexpectedly fell 1.2% in May from April, defying expectations for a 0.2% expansion, while French industrial production plunged 1.7% in May, also confounding expectations for a 0.2% gain.

Meanwhile in the U.S., solid jobless claims numbers supported the greenback, which tends to trade inversely with the yellow metal, the European concerns offset the data due to Fed expectations

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending July 5 declined by 11,000 to 304,000. Analysts had expected jobless claims to hold steady at 315,000 last week.

On Wednesday, the Federal Reserve released the minutes of its June policy meeting in which monetary authorities forecast bond purchases should conclude in October.

http://www.investing.com/news/commodities-news/gold-prices-ease-in-asia-on-profit-taking-from-overnight-gains-294329

Natural gas futures tumble to 3-month low as supply outlook weighs – Sean Seshadri

Natural gas futures fell to the lowest level in three months on Monday, as market players continued to assess the outlook for U.S. demand and supply levels.
On the New York Mercantile Exchange, natural gas for delivery in August hit a session low of $4.263 per million British thermal units, the weakest level since April 2, before trimming losses to last trade at $4.274 during U.S. morning hours, down 2.16%, or 9.5 cents.
Futures were likely to find support at $4.221 per million British thermal units, the low from April 2 and resistance at $4.411, the high from July 3.
Concerns over tight supplies continued to fade away after weekly supply data released last week showed that utilities in the U.S. added 100 billion cubic feet of gas into storage in the week ended June 20. The five-year average change for the week is an increase of 68 billion cubic feet.
Total U.S. natural gas storage stood at 1.929 trillion cubic feet as of last week, 25.7% below their level this time last year and 29.1% below the five-year average.Natural gas stockpiles have grown by 100 or more billion cubic feet for eight consecutive weeks, a record streak since 1994.

Natural gas futures fell to the lowest level in three months on Monday, as market players continued to assess the outlook for U.S. demand and supply levels.

On the New York Mercantile Exchange, natural gas for delivery in August hit a session low of $4.263 per million British thermal units, the weakest level since April 2, before trimming losses to last trade at $4.274 during U.S. morning hours, down 2.16%, or 9.5 cents.

Natural gas futures tumble to 3-month low as supply outlook weighs

Futures were likely to find support at $4.221 per million British thermal units, the low from April 2 and resistance at $4.411, the high from July 3.

Concerns over tight supplies continued to fade away after weekly supply data released last week showed that utilities in the U.S. added 100 billion cubic feet of gas into storage in the week ended June 20. The five-year average change for the week is an increase of 68 billion cubic feet.

Total U.S. natural gas storage stood at 1.929 trillion cubic feet as of last week, 25.7% below their level this time last year and 29.1% below the five-year average.Natural gas stockpiles have grown by 100 or more billion cubic feet for eight consecutive weeks, a record streak since 1994.

http://www.investing.com/news/commodities-news/natural-gas-futures-tumble-to-3-month-low-as-supply-outlook-weighs-293279

Forex – Japanese yen reverses course on weaker industrial output – Sean Seshadri

The Japanese yen gained against the dollar on Monday after industrial production data came in below expectations.Industrial production for May in Japan rose 0.5%, below expectations of a gain of 0.9% month-on-month.
USD/JPY traded at 101.39, down 0.03%, after the data, mildly reversing direction.In New Zealand, new dwelling consents fell 4.6% in May, initially weakening NZD/USD, but it reversed course later in the day to trade flat at 0.8777.
Last week, the dollar ended the week lower against a basket of major currencies on Friday as upbeat U.S. consumer sentiment data failed to dispel concerns over the outlook for the wider economic recovery.
The report did little to alter expectations that the Federal Reserve will keep rates on hold for an extended period after data earlier in the week showed that U.S. first quarter growth was revised sharply lower.
The dollar weakened across the board after the Commerce Department said Wednesday that U.S. gross domestic product contracted at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.
U.S. first quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.
The dollar came under additional pressure after data on Thursday showed that U.S. consumer spending rose by just 0.2% in May, below forecasts for 0.4%.
The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was flat at 80.09.
In the week ahead, investors will be looking to the U.S. nonfarm payrolls report on Thursday for further indications on the strength of the labor market, while Monday’s euro zone inflation report will also be in focus, ahead of the European Central Bank policy meeting and press conference on Thursday.

The Japanese yen gained against the dollar on Monday after industrial production data came in below expectations.Industrial production for May in Japan rose 0.5%, below expectations of a gain of 0.9% month-on-month.

USD/JPY traded at 101.39, down 0.03%, after the data, mildly reversing direction.In New Zealand, new dwelling consents fell 4.6% in May, initially weakening NZD/USD, but it reversed course later in the day to trade flat at 0.8777.

Forex - Japanese yen reverses course on weaker industrial output

Last week, the dollar ended the week lower against a basket of major currencies on Friday as upbeat U.S. consumer sentiment data failed to dispel concerns over the outlook for the wider economic recovery.

The report did little to alter expectations that the Federal Reserve will keep rates on hold for an extended period after data earlier in the week showed that U.S. first quarter growth was revised sharply lower.

The dollar weakened across the board after the Commerce Department said Wednesday that U.S. gross domestic product contracted at an annual rate of 2.9% in the first three months of the year, compared to the consensus forecast for a decline of 1.7%.

U.S. first quarter GDP was initially reported to have increased by 0.1%, but was subsequently revised to show a contraction of 1.0%.

The dollar came under additional pressure after data on Thursday showed that U.S. consumer spending rose by just 0.2% in May, below forecasts for 0.4%.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was flat at 80.09.

In the week ahead, investors will be looking to the U.S. nonfarm payrolls report on Thursday for further indications on the strength of the labor market, while Monday’s euro zone inflation report will also be in focus, ahead of the European Central Bank policy meeting and press conference on Thursday.

http://www.investing.com/news/forex-news/forex—japanese-yen-reverses-course-on-weaker-industrial-output-291999

NYMEX crude rises smartly in Asia on Iraq tension, shrugs off API data – Sean Seshadri

Crude oil prices gained smartly in Asia on Wednesday on Iraq tension, shrugging off an industry report that showed a solid gain in U.S. crude stocks.
The American Petroleum Institute, an industry group, said late Tuesday that there was a four million-barrel build in crude stocks. The group also said that gasoline supplies rose by 2.2 million barrels and stocks of distillates fell by 253,000 barrels, according to the sources.
Overnight, crude futures fell as investors sold the commodity for profits for a second session on sentiments that the Sunni insurgency in Iraq has yet to affect operations in the country’s major oilfields, which are far away from the violence.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $107.11 a barrel, up 1.01%, after hitting an overnight session low of $105.28 a barrel and a high of $106.46 a barrel.
Brent oil on the ICE futures exchange rose 0.3% to $114.46 a barrel with the spread with West Texas Intermediate widening by 48 cents to $8.43 a barrel.
Brent typically reacts more strongly to geopolitical tensions because U.S. oil production is high and most domestic crude can’t be exported.
Investors locked in gains stemming from fears that the Iraqi insurgency will disrupt supply and sold for profits, as the violence still remains far away from the country’s main oilfields in the south.

Crude oil prices gained smartly in Asia on Wednesday on Iraq tension, shrugging off an industry report that showed a solid gain in U.S. crude stocks.

The American Petroleum Institute, an industry group, said late Tuesday that there was a four million-barrel build in crude stocks. The group also said that gasoline supplies rose by 2.2 million barrels and stocks of distillates fell by 253,000 barrels, according to the sources.

NYMEX crude rises smartly in Asia on Iraq tension, shrugs off API data

Overnight, crude futures fell as investors sold the commodity for profits for a second session on sentiments that the Sunni insurgency in Iraq has yet to affect operations in the country’s major oilfields, which are far away from the violence.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $107.11 a barrel, up 1.01%, after hitting an overnight session low of $105.28 a barrel and a high of $106.46 a barrel.

Brent oil on the ICE futures exchange rose 0.3% to $114.46 a barrel with the spread with West Texas Intermediate widening by 48 cents to $8.43 a barrel.

Brent typically reacts more strongly to geopolitical tensions because U.S. oil production is high and most domestic crude can’t be exported.

Investors locked in gains stemming from fears that the Iraqi insurgency will disrupt supply and sold for profits, as the violence still remains far away from the country’s main oilfields in the south.

http://www.investing.com/news/commodities-news/nymex-crude-rises-smartly-in-asia-on-iraq-tension,-shrugs-off-api-data-291333

NYMEX crude oil prices gain in Asia, Iraq fighting continues – Sean Seshadri

Crude oil prices gained in early trade Monday in Asia as events in Iraq show continued battles between Sunni militants and governmet forces in cities close to the capital Baghdad.
On the New York Mercantile Exchange, crude oil for delivery in August traded at $107.15 a barrel, up 0.29%, after closing trade last week at $106.83, up 0.74%.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery hit $115.71 a barrel on Thursday, the highest level since September 9, before subsequently consolidating at $114.81 by close of trade on Friday, down 0.22%.
Despite Friday’s modest decline, the August Brent contract rallied 2.04%, or $2.35 a barrel, on the week.Oil traders continued to monitor events in Iraq, as Iraqi army forces fought with Sunni militants for control of a 300,000 barrel-per-day refinery in the northern city of Baquba, fuelling concerns over a disruption to supplies.
U.S. President Barack Obama said Thursday he would send 300 members of the special-operations forces to Iraq and added he was prepared to take “targeted” military action later if deemed necessary.
Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC’s second-biggest oil producer behind Saudi Arabia.
Elsewhere, a broadly weaker U.S. dollar also contributed to gains. The greenback weakened against most of its major counterparts after the Federal Reserve gave no indication of when interest rates could start to rise at the conclusion of its two-day meeting on Wednesday.

Crude oil prices gained in early trade Monday in Asia as events in Iraq show continued battles between Sunni militants and governmet forces in cities close to the capital Baghdad.

On the New York Mercantile Exchange, crude oil for delivery in August traded at $107.15 a barrel, up 0.29%, after closing trade last week at $106.83, up 0.74%.

NYMEX crude oil prices gain in Asia, Iraq fighting continues

Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery hit $115.71 a barrel on Thursday, the highest level since September 9, before subsequently consolidating at $114.81 by close of trade on Friday, down 0.22%.

Despite Friday’s modest decline, the August Brent contract rallied 2.04%, or $2.35 a barrel, on the week.Oil traders continued to monitor events in Iraq, as Iraqi army forces fought with Sunni militants for control of a 300,000 barrel-per-day refinery in the northern city of Baquba, fuelling concerns over a disruption to supplies.

U.S. President Barack Obama said Thursday he would send 300 members of the special-operations forces to Iraq and added he was prepared to take “targeted” military action later if deemed necessary.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC’s second-biggest oil producer behind Saudi Arabia.

Elsewhere, a broadly weaker U.S. dollar also contributed to gains. The greenback weakened against most of its major counterparts after the Federal Reserve gave no indication of when interest rates could start to rise at the conclusion of its two-day meeting on Wednesday.

http://www.investing.com/news/commodities-news/nymex-crude-oil-prices-gain-in-asia,-iraq-fighting-continues-290836

Crude extends gains on Iraq insurgency – Sean Seshadri

Crude futures rose on Friday as a bloody Iraq insurgency continued to stoke fears shipments from the oil-rich country will be affected, while the U.S. said it was sending military advisors to the troubled country in an effort to end the violence.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $106.75 a barrel during U.S. trading, up 0.66%. New York-traded oil futures hit a session low of $105.82 a barrel and a high of $106.77 a barrel.The August contract settled up 0.44% at $106.05 a barrel on Thursday.
Nymex oil futures were likely to find support at $105.11 a barrel, Thursday’s low, and resistance at $106.84 a barrel, the high from June 13.
Iraqi security forces fought with Sunni militants for control of a 300,000 barrel-per-day refinery on Thursday, which pressured prices higher by stoking supply concerns.
Still, many of the country’s major oilfields remain far south of the fighting, which kept prices steady.
U.S. President Barack Obama said on Thursday that he was sending up to 300 U.S. military advisers to Iraq and added he was prepared to take “targeted” military action later if deemed necessary.
Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC’s second-biggest oil producer behind Saudi Arabia.

Crude futures rose on Friday as a bloody Iraq insurgency continued to stoke fears shipments from the oil-rich country will be affected, while the U.S. said it was sending military advisors to the troubled country in an effort to end the violence.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $106.75 a barrel during U.S. trading, up 0.66%. New York-traded oil futures hit a session low of $105.82 a barrel and a high of $106.77 a barrel.The August contract settled up 0.44% at $106.05 a barrel on Thursday.

Nymex oil futures were likely to find support at $105.11 a barrel, Thursday’s low, and resistance at $106.84 a barrel, the high from June 13.

Iraqi security forces fought with Sunni militants for control of a 300,000 barrel-per-day refinery on Thursday, which pressured prices higher by stoking supply concerns.

Crude extends gains on Iraq insurgency

Still, many of the country’s major oilfields remain far south of the fighting, which kept prices steady.

U.S. President Barack Obama said on Thursday that he was sending up to 300 U.S. military advisers to Iraq and added he was prepared to take “targeted” military action later if deemed necessary.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC’s second-biggest oil producer behind Saudi Arabia.

http://www.investing.com/news/commodities-news/crude-extends-gains-on-iraq-insurgency-290779

Silver rallies to 5-week high as dollar drops on Fed outlook – Sean Seshadri

Silver prices rallied to a five-week high on Thursday, as the dollar dropped after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s bond-buying program ends.
On the Comex division of the New York Mercantile Exchange, silver for July delivery rose to a session high of $19.94 a troy ounce, the most since May 14, before trimming gains to last trade at $19.93 during European morning hours, up 0.78%, or 15.4 cents.
Also on the Comex, gold for August tacked on 0.7%, or $8.90, to trade at $1,281.60. Prices were likely to find support at $1,258.00, the low from June 17 and resistance at $1,285.10, the high from June 16.
At the conclusion of its two-day meeting on Wednesday, the Fed cut its bond purchases by another $10 billion a month, to $35 billion, saying there was “sufficient underlying strength” in the U.S. economy to continue tapering.
The Fed said it expects the federal-funds rate, currently close to zero, to reach 1.2% by the end of next year and 2.5% by the end of 2016, a slightly faster rate of tightening than formerly expected.
But the forecast did not bring forward the timing for the first rate hike, disappointing many investors and weighing on the dollar.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, declined 0.22% to 80.32, the lowest since June 6.
Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Silver prices rallied to a five-week high on Thursday, as the dollar dropped after the Federal Reserve indicated that interest rates will remain low for a considerable time after the bank’s bond-buying program ends.

On the Comex division of the New York Mercantile Exchange, silver for July delivery rose to a session high of $19.94 a troy ounce, the most since May 14, before trimming gains to last trade at $19.93 during European morning hours, up 0.78%, or 15.4 cents.

Silver rallies to 5-week high as dollar drops on Fed outlook

Also on the Comex, gold for August tacked on 0.7%, or $8.90, to trade at $1,281.60. Prices were likely to find support at $1,258.00, the low from June 17 and resistance at $1,285.10, the high from June 16.

At the conclusion of its two-day meeting on Wednesday, the Fed cut its bond purchases by another $10 billion a month, to $35 billion, saying there was “sufficient underlying strength” in the U.S. economy to continue tapering.

The Fed said it expects the federal-funds rate, currently close to zero, to reach 1.2% by the end of next year and 2.5% by the end of 2016, a slightly faster rate of tightening than formerly expected.

But the forecast did not bring forward the timing for the first rate hike, disappointing many investors and weighing on the dollar.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, declined 0.22% to 80.32, the lowest since June 6.

Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

http://www.investing.com/news/commodities-news/silver-rallies-to-5-week-high-as-dollar-drops-on-fed-outlook-290473

Crude falls on profit taking, eyes stockpile data – Sean Seshadri

Crude futures fell on Tuesday after investors priced in gains stemming from supply disruption fears in war-torn Iraq and sold the commodity for profits, especially considering that active oilfields remain far south from the insurgency.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $105.85 a barrel during U.S. trading, down 0.42%. New York-traded oil futures hit a session low of $105.47 a barrel and a high of $106.67 a barrel.

Crude falls on profit taking, eyes stockpile data

The August contract settled up 0.12% at $106.30 a barrel on Monday.
Nymex oil futures were likely to find support at $105.47 a barrel, the session low, and resistance at $106.84 a barrel, Friday’s high.
An insurgency led by radical Sunni radicals continued to press towards Baghdad, which kept prices elevated though profit taking lowered the commodity, as investors felt geopolitical concerns had sent prices climbing too high, especially considering that oilfields in the southern reaches of the country continue to operate normally.
Many investors jumped to the sidelines to await the release of public and private-sector U.S. invntory reports.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 0.3 million barrels in the week ended June 13.
Investors also looked ahead to the outcome of the upcoming Federal Reserve policy meeting on Wednesday, as they await fresh indications on the timing of possible interest rates increases.
Mixed data kept investors on the sidelines as well, especially soft housing-sector indicators.
The Commerce Department reported that housing starts dropped by 6.5% last month to 1.001 million units, while the number of building permits issued last month fell by 6.4% to 991,000 units, both figures disappointing investors, though upbeat inflation data cushioned oil’s losses.
The Labor Department reported earlier that the U.S. consumer price index rose 2.1% on year in May and rose 0.4% from April. It was the fastest increase in annual inflation since October 2008, which sparked demand for the greenback.
Market expectations had been for an annual increase of 2.0% and a monthly rise of 0.2%.

The August contract settled up 0.12% at $106.30 a barrel on Monday.Nymex oil futures were likely to find support at $105.47 a barrel, the session low, and resistance at $106.84 a barrel, Friday’s high.

An insurgency led by radical Sunni radicals continued to press towards Baghdad, which kept prices elevated though profit taking lowered the commodity, as investors felt geopolitical concerns had sent prices climbing too high, especially considering that oilfields in the southern reaches of the country continue to operate normally.

Many investors jumped to the sidelines to await the release of public and private-sector U.S. invntory reports.The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 0.3 million barrels in the week ended June 13.

Investors also looked ahead to the outcome of the upcoming Federal Reserve policy meeting on Wednesday, as they await fresh indications on the timing of possible interest rates increases.

Mixed data kept investors on the sidelines as well, especially soft housing-sector indicators.

The Commerce Department reported that housing starts dropped by 6.5% last month to 1.001 million units, while the number of building permits issued last month fell by 6.4% to 991,000 units, both figures disappointing investors, though upbeat inflation data cushioned oil’s losses.

The Labor Department reported earlier that the U.S. consumer price index rose 2.1% on year in May and rose 0.4% from April. It was the fastest increase in annual inflation since October 2008, which sparked demand for the greenback.Market expectations had been for an annual increase of 2.0% and a monthly rise of 0.2%.

http://www.investing.com/news/commodities-news/crude-falls-on-profit-taking,-eyes-stockpile-data-290159

Asian shares gain as China data, U.S. markets support – Sean Seshadri

Asian shares gained on Monday as strong export data from China and upwardly revised growth figures from Japan supported regional sentiment.The Nikkei 225 rose 0.52%, while the Shanghai Composite rose 0.38% and the Hang Seng index gained 0.71%.Japan raised its economic growth reading for the first quarter, as capital spending was higher than initially thought. Japan’s gross domestic product increased at an annualized rate of 6.7% in the first three months of the year, up from an original estimate of a 5.9% expansion.

Asian shares gain as China data, U.S. markets support

South Korea’s KOSPI was up 0.1%. Australian markets were closed for a public holiday.At the weekend, China showed a better than expected surplus for May, coming in at $35.92 billion, the largest since $39 billion in January 2009.Exports were up 7.0%, and imports dropped 1.6%, which is bearish for the Australian dollar as the China is a top export destination.

Last week, U.S. stocks rose after data revealed the U.S. economy added more than 200,000 new nonfarm payrolls in May for a fourth consecutive month.Tthe Dow 30 rose 0.52%, the S&P 500 index rose 0.46%, while the NASDAQ Composite index rose 0.59%

The U.S. Labor Department reported earlier that the economy added 217,000 in May, close to market expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.

U.S. stocks continued to applaud the European Central Bank’s decision to cut its benchmark interest rate on Thursday to a record-low 0.15% from 0.25%, cut its deposit rate to -0.1% and said it will support the banking sector to spur lending via targeted long-term credit injections.

http://www.investing.com/news/stock-market-news/asian-shares-gain-as-china-data,-u.s.-markets-support-288503

South Korea’s KOSPI was up 0.1%. Australian markets were closed for a public holiday.At the weekend, China showed a better than expected surplus for May, coming in at $35.92 billion, the largest since $39 billion in January 2009.Exports were up 7.0%, and imports dropped 1.6%, which is bearish for the Australian dollar as the China is a top export destination.
Last week, U.S. stocks rose after data revealed the U.S. economy added more than 200,000 new nonfarm payrolls in May for a fourth consecutive month.Tthe Dow 30 rose 0.52%, the S&P 500 index rose 0.46%, while the NASDAQ Composite index rose 0.59%.
The U.S. Labor Department reported earlier that the economy added 217,000 in May, close to market expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.
U.S. stocks continued to applaud the European Central Bank’s decision to cut its benchmark interest rate on Thursday to a record-low 0.15% from 0.25%, cut its deposit rate to -0.1% and said it will support the banking sector to spur lending via targeted long-term credit injections.