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Daily Futures Commentary COMMODITIES March 16, 2009
Monday, March 16, 2009
ENERGIES
May Crude Oil is expected to feel selling pressure today as over the weekend OPEC voted to leave current production cuts intact. OPEC officials fear that a production cut at this time could be detrimental to the world economy as it attempts to rally out of the current recession.
With compliance at roughly 80%, OPEC feels confident that its current production cuts are enough to keep prices stable between $35 and $50.
Traders should continue to monitor economic conditions in the U.S. and China as a demand gauge. OPEC can only control supply; the global…
16Mar2009 | Brewer Investment Group | 0 comments | ContinuedEQUITIES LOOKING AT A NEGATIVE SESSION AS TRADERS SCALE BACK RISK AHEAD OF RATE CUTS
The Dollar and yen hold their stature as safe haven currencies, as investors brace themselves for a selloff in the US trading session. The EurUsd fell 85 pips to the low range of 1.26, while the UsdJpy dropped 140pips finding support near 94. The GbpUsd collapsed 400pips pushing the pair through 1.50 currently trading with a 1.49 handle. Equities in the US declined with the Dow down 360pts or 4.0% and the S&P500 off 30pts or 3.6%. The US followed the trend of the European stock indexes which are also in the red, both the FTSE and the DAX down…
1Dec2008 | Advanced Currency Markets | 0 comments | ContinuedUS SESSION: RALLY IN RISK APPETITE LOSING STEAM, DOLLAR RISES.
The dollar gained strength against the majors as rally riskier assets subsides in early trading. The EurUsd fell a bit over 100pips to the mid 1.29 level, while the UsdJpy moved slightly lower to 95. The GbpUsd dropped 125pips to the mid range of 1.53, consistent with the pullback in other asset classes. Equity markets opened lower in the US with the Dow down 100pts, following the trend of European stock indexes. Commodities are mixed with crude oil higher by 2.3% at $51bbl, and gold marginally lower at $814oz. Bond yields fell with the 10 and 30yr tighter by 10…
26Nov2008 | Advanced Currency Markets | 0 comments | Continued
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