Last weekâ€™s better than expected U.S. Jobs data continued to
underpin the U.S. Dollar against most majors on Monday.The strength in the Dollar pressured December
Gold and September Silver traders to take profits after the recent rally.The size of the break in gold could be an
indication that some gold traders are willing to throw in the towel on the long
side of gold as long as the U.S.
economy continues to show strong signs of a recovery.With the Dollar strengthening and no signs of
inflation, precious metals traders will have a hard time finding reasons to
Equity markets traded mostly lower in light trading
activity.Valuation concerns may be
keeping investors on the sidelines in the belief that stocks will have to come
down from current levels to attract fresh money.
Higher yields in Treasury investments may have pulled money
away from the equities as the September Treasury Bonds and Notes both rose
ahead of the start of this weekâ€™s $75 billion auction.Last weekâ€™s weakness caused yields to rise to
levels which looked more attractive with less risk now that equity markets look
like they are topping.
The U.S. Dollar gained ground against most major
currencies.The September British Pound
continued the break which began on Thursday following the announcement by the
Bank of England to expand its asset buyback program because of a weaker
economy.Traders also sold the September
Euro on the perception that the U.S.
economy will strengthen further before the Euro Zone begins to show signs of a
recovery.Last weekâ€™s poor unemployment
numbers from Canada combined
with a better than expected U.S.
employment report helped continue to pressure the September Canadian Dollar
September Crude Oil traded flat to lower.The pressure was on this market because of
the weakness in the Euro, but losses were limited because some traders believe
that a recovery in the U.S.
economy will lead to greater demand for crude oil.This may have been the reason for the
strength in September Heating Oil and September Gasoline.
Grain traders braced for tomorrowâ€™s USDA report by selling
off November Soybeans.Traders are
expecting the USDA to increase production numbers because of the favorable
weather in July.The USDA may also cut
export numbers because of the weaker Dollar during the same time period.
The big news for the day affected the December Wheat and
December Corn.Speculators bought these
two markets in expectation of hot, dry weather in the major growing areas in
Russian and the Ukraine.Analysts familiar with the areas are
predicting the possibility of major crop losses.This news has the potential to offset bearish
news from the USDA regarding the increase in the size of the U.S. corn and
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Mon 21 May 2018 AA EZ/CH/CA- Holiday Wed 23 May 2018 AFlash PMIs AA 08:30 GB- CPI A 14:30 US- EIA Crude Thu 24 May 2018 AA 08:30 GB- Retail Sales A 12:30 US- Weekly Jobless A 14:00 US- Existing Homes Sales Fri 25 May 2018 AA 08:30 GB- GDP A 12:30 US- Durable Goods A 14:00 US- Final University of Michigan
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