Stronger Dollar Leads to Drop in Demand for Commodities
Perceptions that the strong rally in the U.S. Dollar may
lead to a drop in demand for commodities pressured both the Grain and Softs
complexes on Monday.
Soybeans, corn and wheat were all sharply lower as traders
sold positions on the notion that the stronger Dollar will make U.S. grain
markets too expensive for foreign buyers.Speculation that China
may cut back on demand was also a driving force behind the break.All of this bearish news regarding demand was
on top of last weekâ€™s bearish U.S.D.A. report predicting an increase in crop
The soft complex was also down on Monday.Speculators either took profits or renewed
shorting activity in Cocoa, Coffee, Cotton and
Sugar in anticipation in a drop in demand because of the stronger Dollar and a
slow down in Chinaâ€™s
stock index futures fell sharply following the lead of the Chinese stock
market.Economic problems may be brewing
because of excessive speculation and the possibility the central bank will
tighten.For weeks, the U.S. markets
have been churning on thin volume and very little fresh money.U.S. traders remain skeptical that
future corporate earnings will be able to meet investor demand.Stocks may have to come down considerably now
that there is evidence that consumers arenâ€™t spending.
The U.S. Dollar gained considerable ground against most
majors as investors dumped higher yielding currencies.The September Japanese Yen was able to post a
gain as investors repatriated their funds.
September Treasury Bonds and Notes continued to attract new
money in a trend which began last week.Todayâ€™s buyers were more interested in protecting their money following
the collapse in the stock market.Last
weekâ€™s auction was absorbed easily by the market which means investors still
feel that U.S.
debt instruments are good investments.
December Gold and December Silver both posted losses on
Monday as the Dollar gained strength throughout the day.Without inflation there is no need to hold
precious metals as a hedge.Problems
could be arising in China
which could lead to less demand for Copper and other industrial metals.
A slowing global economy could be lower demand for energy
products.September Crude Oil fell on
Monday as the Dollar rose and demand for higher risk assets abated.Demand for energy products could also fall
because of mounting evidence that the consumer is not spending.This could lead to a decline in gasoline
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