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Crude Oil Extends Rally Above US$40/bbl + MORE

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Market sentiment remains firm ahead of European opens. In the commodity sector, both crude oil benchmarks continue to trade above US$40/bbl on a report suggesting decline in Cushing stockpile last week. Genscaps estimated that Cushing crude stockpile fell -0.57 mmb to 69.05mmb in the week ended March 18…

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Risky assets retreated last Friday on profit-taking, paring the gains made during the week after dovish Fed comments. Following a rate hike in January, the Fed might only increase its policy rate one more time throughout this year, as the latest dot plot suggested. This came in markedly lower than previous expectations of four rate hikes in 2016…

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The reserve currency curse

– .goldmoney.com

The reserve currency curse
Introduction
Is reserve currency status a blessing or a curse? The answer might seem obvious, as reserve currencies have been shown to confer lower borrowing costs on their issuers. But what of the borrower who, enticed by low interest rates, borrows more than they can pay back? Naturally the result will be a default…

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Silver’s breach of 15.99 resistance argue that rise from 13.62 bottom is resuming. Initial bias is cautiously on the upside this week for 16.37 resistance next. Decisive break there will confirm medium term reversal and target 100% projection of 13.62 to 15.99 from 14.61 at 16.98 first. Nonetheless, break of 15…

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Renminbi slipped in Asia Monday, after PBOC Governor Zhou Xiaochuan warned of the elevated corporate debt to GDP ratio in China. Echoing Premier Li Keqiang’s comment on March 16 that high corporate debt ratio “is not new in China” and the government would seek to ease the situation. Asian equities, however, remained firm…

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At this point, we’re still favoring the case that gold has completed an impulsive wave at 1287.8 and pull back is due. Break of 1225.1 support will confirm short term topping and bring pull back to 55days EMA (now at 1173.9) and below. Nonetheless, sustained break of 1287.8 top will dampen our view and extend the rise of 1045…

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