Weak U.S. Economic Report Drives Up Demand for Treasuries
A drop in U.S. Retail Sales in July helped boost demand for U.S. debt
instruments on Thursday.This report
showed that spending is still weak as consumers worry about their homes and
their jobs.The numbers indicate that
the cash for clunkers program may have had something to do with the drop in
retail sales.Consumers may have used
money earmarked for other items for a new automobile.
Yields fell to their lowest levels in a week driving up September
Treasury Notes and Treasury Bond futures.The drop in retail sales indicated to investors that inflation is being
contained making Treasury instruments an attractive investment.
Early this morning news out of the Euro Zone sent the
September Euro higher.Euro Zone GDP was
better than expected buoyed by surprise increases from Germany and France.This news spilled over to the other
currencies as appetite for risk returned to the market.The U.S. Dollar was weak versus all major
Demand for higher yielding assets helped boost equity prices
today.After the initial surge to the
upside, stocks churned for most of the day.Wal-Mart reported better than expected results but an increase in
initial claims and a drop in U.S.
retail sales caused traders to rethink buying stocks at the current high
December Gold and September Silver rallied as the Dollar
weakened.Gains were limited however as
the lower retail number gave indications that inflation was not an issue at
this time.September Copper posted a
huge gain on the prospect of a global recovery increasing demand for industrial
September Crude Oil posted a modest gain.Traders bought oil on the news out of the
Euro Zone.Speculators believe that a
turnaround in the European economy will boost demand for energy.The weaker Dollar also contributed to the
rise in oil.
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