The dollar started the week
close to a six-year peak against the yen and touched a fresh four-year high
against a basket of currencies, getting a tailwind from data showing higher
U.S. growth in the second quarter.
The Commerce Department on
Friday raised its estimate of gross domestic product to show the economy
expanded at a 4.6 percent annual rate – its fastest pace in 2-1/2 years.
The pick up in the economy was broad-based and highlighted a faster pace of
business spending and sturdier export growth than previously estimated.
Speculators raised their
bullish bets on the U.S. dollar in the week ended Sept. 23, as the greenback
extended its winning weekly streak against a basket of currencies, according to
the latest data from the Commodity Futures Trading Commission released on
Friday. The value of the dollar’s net long position rose to $35.81 billion from
$31.42 billion the previous week.
Norwegian conglomerate Orkla
plans to list its Swedish aluminium subsidiary Granges on the Stockholm bourse
next month in an initial public offering valuing the firm at between 3.1
billion and 3.7 billion Swedish crowns ($426-508 million). Orkla will offer up
to 60 percent of the total number of shares in the company, or 44.8 million
shares, it said on Monday. Orkla expects the final price of the offering within
the range of 45-50 Swedish crowns. The company is expected to be listed on Oct.
10.
US Dollar Aims to Extend
Advance, Gold and Crude Oil Range-Bound. Prices are trying to clear the way for
continued gains after touching the strongest level in over four years. A daily
close above the 38.2% Fibonacci expansion at 11033 exposes the 50% level at
11074. Alternatively, a reversal below the intersection of a rising trend line and
the 23.6% Fib at 10983 clears the way for a test of the 14.6% expansion at
10953.
Prices are testing
downward-sloping resistance at 1987.90, with a break above that on a daily
closing basis exposes the 23.6% Fibonacci expansion at 1994.60. Near-term support
is at 1964.40, the September 26 swing low.
Gold Technical Analysis – Prices put in a bullish
Morning Star candlestick pattern, hinting a move higher may be ahead. A break
above the 14.6% Fibonacci retracement at 1226.73 on a daily closing basis exposes
the 23.6% level at 1239.20. Near-term support is at 1206.49, the September 25
low.
Crude Oil Technical Analysis – Prices are testing
support at 96.73, the April 2013 low, with a break below that on a daily
closing basis exposing the 23.6% Fibonacci expansion at 95.11. Near-term
resistance is at 99.59, the September 17 high.
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