Market Report as of 11th March 2010

COMMODITIES
Oil prices (April contract) bounced sharply yesterday after U.S. Crude Oil Inventories (1432k against 2000k expected) increased less than expected. Moreover, Gasoline inventories, expected to be flat, decreased 2959k.

Gold prices fell sharply on Wednesday due to bouncing world equity indices & rising risk appetite.

Corn (May contract) fell almost 1% yesterday after the USDA announced a country surplus above expectations, released at 1799bln bushels against 1.719bln for the previous week.

Market Report as of 11th March 2010

FOREIGN EXCHANGE
New Zealand Dollar fell sharply yesterday after Reserve Bank Governor Alan Bollard left its main rate unchanged at 2.5% (as expected) & announced he will keep rate steady until mid year.

U.S. Dollar eased Wednesday after the release of a 0.2% decline in January Wholesale Inventories against an expected increase of 0.2% & a revised lower from -0.8% to -1% for December.

The Euro gained some ground yesterday despite the release of -6.3% unexpected decrease in January German exports.

Market Report as of 10th March 2010

COMMODITIES
Gold prices pared its early session losses Tuesday, after the release in the U.S. of the February NFIB Small Business Optimism Index at 88 against 90 expected.

Oil prices (April contract) drew a consolidation below the $82 mark while the market is expected to stay steady until tomorrow 15:30 GMT when the U.S. Energy Department is due to release its Weekly Petroleum Status Report.

Sugar (May contract) fell sharply yesterday, being the worst performing commodity after Pakistan delayed a plan to buy as much as 650,000 metric tons of sugar from Dubai & India Sugar Mills Association announced higher than expected output in India.

Market Report as of 10th March 2010

FOREIGN EXCHANGE
U.S. Dollar was under pressure yesterday against higher-yielding currency (AUD, CAD, NZD) but gained ground against GBP & EUR on budget deficit concern.

The Pound eased against most of its major counterparts after Brian Coulton, head of global economics at Fitch, said that U.K. credit profile deteriorated “pretty sharply”. He also commented: “the target of halving the deficit over four years is frankly too slow, it’s a pedestrian pace of fiscal consolidation” and added: “if we don’t get an improvement in the medium-term outlook in the U.K., there will be cause for concern.”

Market Report as of 9th March 2010

FOREIGN EXCHANGE
U.S. Dollar was under pressure Monday on speculation European countries will rescue Greece if needed & advancing world equity market (mainly in Asia).

The Euro drew a rebound yesterday, after French President, Nicolas Sarkozy, positive comments about euro zone states solidarity with Greece, in case of an emergency. But reversed gain after Greek Prime Minister, George Papandreou said its country crisis could spread to other countries and that E.U. & U.S. must tell speculators “enough is enough”.