| Market Analysis Forex - 23 08 2011 |
 Gold has soared to a record as a shaky global economic outlook spurred safe-haven buying, while Brent crude slid more than $3.00 on hopes Libya will resume oil production soon as a six-month conflict in the country appeared close to an end. Gold's surge to a tenth record high this month and analysts predict bullion could hit $2,000 soon, given the strong momentum. Spot gold jumped more than 1.3%% to an all-time high of $1,895.79/oz. So far this month, bullion is up more than 15% its best showing since September 1999.Brent Crude fell $3.08 to as low as $105.54/bbl on the potential for resumption of exports from Libya. OPEC member Libya pumped around 1.6m bpd nearly 2.0% percent of global supply, before the war cut output. Most of Libya's high-quality crude flowed to European refiners, and tightening supply after Libyan exports stopped drove Brent to a 2-year high of $127.02/bbl in April. The data calendar is light today and the main focus will be the publication of the ECB’s SMP purchased up to the close of August 16th. The ECB purchased €22bn of bonds in the week to August 9th under the SMP and has continued to intervene across the Italian and Spanish curves. NASDAQ The specter of a double dip recession in the US has led many analysts to revise downward their profit forecast for corporate America. These dark clouds have also hit tech companies, with the Nasdaq index declining more than 5% over the last week. |
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