Oil.......
Crude oil futures stayed flat in the Asia electronic trades today as traders remain cautious ahead of the FOMC meeting minutes. Also, the appreciation in the US dollar against the Yen kept pressure on the commodities.
The Japanese yen lost ground Tuesday following fresh remarks by Japan's economic minister about the currency's recent price levels.
The U.S. dollar rose to 102.50 yen, up from ¥102.20 earlier in Tokyo trading hours following reports that Economy Minister Akira Amari said he hopes the yen's foreign-exchange rates will settle at levels that “match the basic strength of the Japanese economy.”
Over the six months since then, the yen has dropped 21% against the dollar, and the greenback has vaulted above the ¥103 level for the first time since late October 2008. Gains for the dollar accelerated after the Bank of Japan in April formally announced a two-year easing campaign aimed at stimulating economic growth and defeating years of deflation.
The Reserve Bank of Australia said Tuesday in the minutes of its May 7 policy meeting that tame inflation readings and the prospect of below average economic growth in the next year allowed the one quarter of a percentage point cut in the cash rate target to 2.75%. Australia's currency has lost more than 4% against the dollar since the early May rate cut.
NYMEX light sweet crude oil futures are trading down 1 cent at $ 96.70 per barrel. Yesterday, it settled higher by 69 cents, or 0.7%, at $96.71 a barrel.
MCX May crude oil futures may open today's session near Rs 5330 levels with support near Rs 5310 levels and resistance near Rs 5370-90 levels.
Source by Commodity Insights
No comments:
Post a Comment