European equities and the euro climb higher

Monday, March 16, 2015

European equity markets opened in positive territory this week, with the CAC, DAX, IBEX and London equity benchmark indices gaining between 1.0% and 2.5%. The euro edged higher within the recent range and hovered around 1.058 against the US dollar. The USD index slid slightly lower towards 99.50 against a basket of currencies, providing some support to commodity prices.

USD index retreats towards 99.50

DXY Curncy (DOLLAR INDEX SPOT)   2015-03-16 16-34-51

Base metal prices were fairly mixed in afternoon’s session with copper hovering around $5855 and aluminium consolidating near $1770, at the time of writing. In addition, nickel (-0.95%) and lead (-1.7%) remained under pressure. However, in London, BHP Billiton, Rio Tinto, Antofagasta and Fresnillo gained between 0.30% and 1.75%.

Precious metal prices slid lower as investors’ appetite increased in global equity markets. Gold posted fresh losses retreating towards $1150/ounce and silver slid lower to retest $15.50.

XAU- Gold Spot

XAU Curncy (Gold Spot   $_Oz )  D 2015-03-16 16-36-18

Crude oil prices plunged in today’s session amid ongoing concerns over bearish oil fundamentals. WTI front month futures sunk over 3.3% towards $43 per barrel, hitting their lowest level since March 2009, while Brent futures followed the downtrend and retreated over 3% towards $52.50 per barrel. BP and Tullow Oil remained under pressure after falling sharply 0.55% and 6.3%, respectively.   

WTI front month futures retreat sharply towards $43/barrel

CL1 Comdty (Generic 1st 'CL' Fut 2015-03-16 16-36-56

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