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Greek Tragedy Thwarts Metals, Oil

ByPrice Bullion
Published 05/15/2012, 10:30 AM
Updated 07/09/2023, 06:31 AM

The latest episode in the turmoil in Greece is the announcement that there has been no success in the third attempt at building a working coalition. The only course now open to the embattled nation is another general election sometime next month. The Euro currency plunged on the news breaking through $1.28 on its way to a $1.2769 low. The flat Euro area GDP and lower ZEW sentiment reading has kept the Euro and riskier assets under pressure.

Dollar Index Up
Fundamental data from the U.S. had retail sales showing a modest gain of 0.1% in the month of April, short of the 0.2% consensus and the previous reading of 0.7%. Auto sales also climbed 0.1% against 0.2% expected and 0.8% previously. The positive Net Long-Term TIC Flows in March came in at $36.2bn, above the $19.4bn consensus. The positive data added fuel to the dollar index which is on course to set history with its twelfth straight day of gains. The index was last at 80.99 the high of the day and a 0.3% gain versus the 80.48 low and the 80.66 open.

Metals Down
The Euro currency and stocks have been aggressively lower while precious metals' declines have been slower though no less determined. Precious gold has given away 0.3% today currently trading at $1554.10, above the day’s low of $1547.59. Silver is still lower on the day by 0.3%, however it is back above the $28 handle at $28.15 as opposed to the $27.93 low.

The crude complex is paring back losses from previous sessions. WTI and Brent are both over 1% higher on the day currently trading at $94.37 and $111.60 respectively.

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