Natural Gas current price $2.315 +6.73% last 30 days; chances of hotter weather increases demand potential from natural gas power stations in the eastern US; weather maps show an increased chance of higher than normal temperatures over the next 14 days; price trading above its 4 day moving average; price has reacted to support at 2.23; RSI crossed above its 14 period moving average indicating that prices are attempting to move higher;
Upcoming Events:
- Today; earnings updates from Coca-Cola; Banco Santander;
- Today; US Existing Home Sales;
- Wednesday; earnings updates from Peugeot; Repsol; Iberdrola; and Boeing;
- Thursday; European Central Bank (ECB) Interest Rate Decision; and earnings updates from Facebook; Danone and Telefonica;
- Friday; US GDP forecast to be weakest in two years; and earnings updates from Google; Twitter and McDonald’s;
Latest Earnings Update:
- Banco Santander profit hit by job cutting expenses; pushes to reduce cost; net income fell 18% in the second quarter; hit by one off charge of 706 million euros for restructuring in Spain and the UK; underlying profit rose to 5% to 2.1 billion euros; current price 3.98 euros; Bloomberg consensus analyst have a 12 month target price of 4.97 euros;
Charts:
South African central bank cuts its interest rate last week to 6.5% adding to downside pressure on the Rand; USD / ZAR upside potential as long as the 13.8330 support can hold, otherwise a break below opens up a move lower towards the 13.58 next leg lower;
Crude Oil prices under pressure on fears of lower global demand concerns and rising US stockpiles; current price for Crude Oil (CL) has broken towards the downside of its multi-week upward price channel (bearish); moving average analyst is bearish since current price is trading below its 4,9, and 18 periods; RSI analysis signals weakening upside momentum as RSI have crossed below its 14 period moving average; current price $56.24; support $51.70; resistance $58.50;
Source: FXGM / Bloomberg