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international monetary fund
troy ounce
unemployment rate
Middle East Driving The Market
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Today’s major news comes out of the Middle East; the International Monetary Fund has announced that it will provide Egypt with a 12-month loan in the amount of $3 billion to cover expenses on investment programs designed to create jobs for the population with the highest unemployment rate in the Middle East.

Over the weekend, the presidential palace in Yemen was attacked. The country’s president, Abdulla Saleh, who was inside the palace at the time of the attack, was injured but not killed and is now in hiding in Saudi Arabia. It appears that a long-awaited transition in power is taking place in yet another Middle Eastern country, along with Libya and Syria. Commodities markets reacted positively to this news, however, speculative demand on oil, generated by the civil wars in the Middle East and especially in Libya, seems to be diminishing. Brent, the most expensive type of crude oil, fell in the morning in Europe from $116 to $114.85 per barrel and continues to fall. Deep Trust Trading analysts believe that the overthrowing of authoritarian regimes in the region will provide investors with even more certainty that oil supplies from the region will be more regular and experience fewer disruptions.

Meanwhile, during the Asian trading session and at the beginning of trading in Europe today, gold continues to experience permanent demand and rose from Friday’s close at $1542.30 to $1548.20 per troy ounce. Consequently, Asian investors continue to be under the influence of negative unemployment data coming out of the US early in the trading session on Friday. Contrary to predictions made on the number of jobs created outside of the agricultural sector, only 54,000 were actually created, while the number of jobs in the manufacturing sector actually decreased by 5,000. After three consecutive attempts to break through its $1550 barrier option, gold is constantly running up against correctional offers. Today, for example, after another attempt to rise above this level, gold rolled back down near the level it closed at on Friday. According to the Deep Trust Trading analytical department, this could indicate one of two things: either there is a continuing interest in fixing profit before reaching the record high of $1575 per troy ounce, or that investors do not want to establish new highs on gold until the US Federal Reserve’s QE2 program ends and a new stimulus program might possibly be announced after the labor market’s disappointing data.

The USD/JPY pair is trading down 0.21% as of 8:25AM GMT. The USD/CAD pair rose 0.36% and is the current favorite on the currency market. The AUD/USD pair rose by 0.22%.


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