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COMMODITY STRATEGY - 01st September, 2010
News Highlight
GOLD IN 3-DAY RALLY AS PRICES HIT FRESH 2-MTH PEAK.
US OIL FALLS TO $74, HEADS FOR MONTHLY LOSS.
BASE METALS UP ON POSITIVE CONSUMER CONFIDENCE.
INDIA JEERA UP ON BARGAIN BUYING; PEPPER SLIPS.
Fundamental Review
GOLD RECOUPED LOSSES ON TUESDAY AND RALLIED FOR A THIRD DAY, HITTING TWO-MONTH HIGHS AFTER MORE DATA SUGGESTED THE U.S. ECONOMY IS RUNNING OUT OF STEAM AND A FLURRY OF END-OF-MONTH BUYING LIFTED PRICES. BASE METALS RISES AS U.S. CONSUMER CONFIDENCE EDGED UP IN AUGUST WHILE PRICES FOR U.S. HOMES GAINED MORE THAN EXPECTED IN JUNE, PROVIDING A LITTLE RELIEF FOR THOSE CONCERNED ABOUT A SLOWDOWN IN THE ECONOMIC RECOVERY.
Today's Economic Events
Date
Time
Currency
Economic Data
Forecast
Previous
Wed
Sep 01
5:00am
AUD
AIG Manufacturing Index
54.4
6:30am
CNY
Manufacturing PMI
51.6
51.2
7:00am
AUD
GDP q/q
0.9%
0.5%
8:00am
CNY
HSBC Manufacturing PMI
49.4
8:30am
NZD
ANZ Commodity Prices m/m
-0.8%
11:30am
EUR
German Retail Sales m/m
0.6%
-0.3%
12:00pm
AUD
Commodity Prices y/y
51.0%
1:00pm
CHF
SVME PMI
65.9
66.9
1:30pm
EUR
Final Manufacturing PMI
55.0
55.0
1st-7th
GBP
Halifax HPI m/m
0.6%
2:00pm
GBP
Manufacturing PMI
57.1
57.3
5:00pm
USD
Challenger Job Cuts y/y
-57.2%
5:45pm
USD
ADP Non-Farm Employment Change
20K
42K
7:30pm
USD
ISM Manufacturing PMI
53.2
55.5
7:30pm
USD
Construction Spending m/m
-0.4%
0.1%
7:30pm
USD
ISM Manufacturing Prices
55.5
57.5
8:00pm
USD
Crude Oil Inventories
1.3M
4.1M
8:15pm
USD
FOMC Member Duke Speaks
All Day
USD
Total Vehicle Sales
11.6M
11.5M
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