Commodity Markets Surge on Increased Demand for Risk
Commodity markets surged as traders sold the U.S. Dollar and
used the proceeds to invest in higher risk assets.Commodity and equity futures were up across
the board as selling pressure hit the Dollar from the opening today.Todayâ€™s rallies came as a surprise as many
traders had anticipated a quiet trading session ahead of tomorrowâ€™s FOMC
The U.S. Dollar plunged to a new low for the year as global
investors aggressively bought higher risk assets such as equities and
commodities.The fact that this buying
took place one day ahead of the Fedâ€™s FOMC meeting indicates that traders have
confidence that the Fed is going to leave interest rates at historically low
levels for some time.
Equity markets regained some of their losses from the past
few days to post modest gains today.Heavy buying from Asia and Europe
overnight helped provide the early support.The acceleration to the upside occurred as the Dollar weakened
throughout the New York
trading session.Financial stocks led
most of the rally today.
U.S. Treasury futures also posted a gain despite the start
of a new auction.Traders are
anticipating fresh demand from foreign entities.Todayâ€™s action reflected the possibility that
steady demand will keep yields in a tight range.
December Gold and Silver regained most of this weekâ€™s losses
as the weaker Dollar drove investors into the precious metals markets.The chart patterns suggest higher markets to
follow as each recent successive bottom has been higher than the previous
bottoms.This indicates that investors
are more interested in getting value by buying the dips rather than chasing
these markets higher by hitting offers.This is also an indication that investors rather than speculators may be
The weaker Dollar and greater demand for risky assets helped
drive December Crude Oil today.Todayâ€™s
reaction by investors is speculative as both the supply and demand situation
still supports lower prices.A close
over $75 could trigger an acceleration to the upside.
The weaker Dollar helped support November Soybeans and
December Corn.Speculators are
anticipating stronger foreign demand because of the weaker Dollar.This couldnâ€™t have come at a better time as
increased production has been putting pressure on the grain complex.
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Mon 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
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