Goldman Sachs (NYSE:GS): Commodities, Currencies Up in 2010

Goldman Sachs on Commodities and Currencies

Goldman Sachs (NYSE:GS) lowered estimates for a number of banks and financial institutions today, including Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) and Morgan Stanley (NYSE:MS).

While that put downward pressure on the share prices of the stock, there was some good news in general in areas of interest for us.

Goldman maintains and confirms that currencies, commodities and fixed income investments should do good in 2010, something most of us at Commodity Surge would agree with.

Commodity News Weekend Roundup

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COMMODITIES-Grains drop but oil ekes out gain on late bounce

Grains dropped Friday on profit taking ahead of the weekend, pulling corn further below the record hit this week, and gold also slid as cautious investors lightened their load on new signs of problems in the U.S. economy.

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Latest On Commodities: Tax Break

It’s the final weekend before Uncle Sam comes to collect his dues. AND, I have just one thing to say to everyone who finds him/herself knee-deep in old receipts, cross-eyed from punching calculator keys – Think Happy Thoughts.

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Commodities Wrap: Chicken Cuts

Chicken Producer Cuts Production Due to High Grain Costs, Prices Likely to Remain High

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Shorts, Commodities Lift These ETFs to Top

The top 10 ETFs for the quarter were dominated by funds that employed short strategies and funds invested in natural gas and copper.

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Canadian Currency's Link to Commodities Is Weakening, RBC Says

The Canadian dollar's link to commodities has been weakening as investors shift their focus to the global economic outlook amid the credit turmoil rooted in U.S. subprime mortgages, according to RBC Capital Markets.

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Forget gold, silver, bronze: the winner is aluminium

RIO TINTO's chief economist, Vivek Tulpule, says commodity prices could exceed the record prices they are fetching amid the rapid change of China and India.

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Market 360: A weekly wrap of US equity markets, commodities, currencies, and more

Commodities

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Rupee Declines against Major Currencies except ... US Dollar

The rupee was weak over the last seven days, as it was only able to gain against the US dollar in open and inter-bank markets which ended Saturday.

The US dollar traded Monday at Rs62.86, and dropped to Rs62.65 by Saturday. The greenback gained Saturday a little, as it traded at Rs62.70; still lower than Monday's price.

In the inter-bank market, the Rupee fell the most against the pound sterling, trading Monday at Rs124.5813, and reaching Rs125.4430 by the weekend. Pound Sterling also rose on the open market, closing at Rs125.95 Saturday, after trading on Monday for Rs124.25.

With the Euro, it traded at Rs94.7125 on the inter-bank market, and ended Saturday at Rs95.6875. It came close to an all-time high of Rs96 during the week. In the open market, the Euro ended up, closing at Rs95.95, while trading on Monday at Rs95.1.

For the Japanese yen, its inter-bank trading was at Rs0.6042 on Monday, and closed at Rs0.6104. On the open market the yen rose only a fraction, closing at Rs0.605.

Major Currency Updates around the web

The U.S. dollar continues to be all over the place against currencies, but continues to weaken against the majors. In Latin America it did find some strength today, as it gained against a number of currencies from south of the border.

Here's some links to major currency stories today:

Forex - US Dollar Edges Higher Versus Latin American Currencies

The US dollar was relatively strong against its Latin American counterparts on Tuesday's New York deals. The dollar recovered from an initial pull back against the Latin American majors during afternoon deals today.

Can Currency Moves Predict Commodity Prices?

If you want to know where commodity prices are going, you can dive down the rabbit hole of raw-materials supply and demand, trying to figure out everything from how the weather in Saskatchewan will affect wheat crops to what the surging Indian economy will do to demand for gold.

Or, you can just watch the currency market.

BSP’s dollar stock outside GIR hits record $13B

The central bank, Bangko Sentral ng Pilipinas (BSP), has built up a record $13-billion stock of foreign exchange outside its official foreign reserves as of end-January, up $2.3 billion from the end-December level, according to its official data.

ICE Futures US Crossrate Currencies Futs Vol/Open Int - Mar 4

Mexico's Peso Closes Weaker As Stocks Sink; MXN10.7230/Dlr

Mexico's peso softened against the dollar Tuesday as local stocks fell on profit taking following big gains the previous session.

The peso was quoted in Mexico City as closing at MXN10.7230, compared with MXN10.6940 at the opening and MXN10.7075 at Monday's close.

FOREX-Yen gains broadly as risk aversion rises

The yen rose on Tuesday as weaker global equities encouraged investors to unwind carry trades, while the euro paused against the dollar after European officials voiced concerns about its latest rally.

Dollar slips against euro on eurozone inflation fears

The dollar slipped against the euro Tuesday in the face of fresh inflation fears in the eurozone and a call by the US Federal Reserve chief for tough action to stem US mortgage foreclosures.

Forex - Euro edges higher as dollar recovery loses momentum

The euro edged higher against the dollar as the US currency's recovery overnight began to lose momentum.