SubscribeDaily Futures Commentary November 23, 2009
Monday, November 23, 2009
The December Euro is trading sharply higher overnight as speculators increase bets the U.S. economy will continue to weaken. Traders are basing their expectations in part on U.S.
economic reports this week which are expected to show a slower than expected recovery.
Today, existing home sales may show a slight increase in October, but tomorrow’s revised GDP could be cut below the 3.5% increase presented last month. Among other concerns for
investors are high unemployment and foreclosures. Recent reports have showed the U.S. economy is losing momentum which indicates a long, bumpy road to recovery.
Overnight, traders are reacting to news that the Fed will keep its stimulus measures intact and interest rates low beyond the announced March 2010 date. This is triggering the
rally
in the Euro as speculators believe that the European Central Bank is in a position to begin removing its stimulus from the market.
Yesterday, Federal Reserve Bank of St. Louis President James Bullard said that he supported …
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