December Crude Oil and Gasoline are trading
weaker at the midsession following an unexpected rise in inventory and a drop
in demand.The Energy Information
Administration showed crude oil inventory rose by 2.8 million barrels at the
end of last week. Traders were looking for a 1.5 million barrel decline.Demand also fell by 3.3%.
Gasoline inventory rose 5.4 million
barrels.Traders were looking for a
400,000 barrel increase.Demand also
fell unexpectedly by 2.3%.
equity markets are trading mixed at the midsession ahead of this afternoonâ€™s
Fed FOMC announcement.Traders are
certain the Fed will leave interest rates at near historically low levels but
are unsure what language it will use to announce its future plans.Bullish traders want to hear the Fed will
leave interest rates low for an extended period of time.
U.S. Treasury futures are trading better in
light trading.Traders want to hear the
Fed say it will extend its stimulus program to buyback mortgages until the end
of the year.The Fed is walking a
tightrope.If they pull the stimulus too
early it may curtail the start of the recovery.The market doesnâ€™t want to see the stimulus expanded as this would
indicate the economic situation is not improving.It doesnâ€™t want to see the Fed pull the
stimulus too early either.
The U.S. Dollar is trading slightly better
against most major currencies this morning.Trading is mixed between position evening ahead of this afternoonâ€™s FOMC
announcement and profit-taking following yesterdayâ€™s surge.Most traders donâ€™t expect the Fed to speak
directly about the Dollar, but any hint that rates may rise in the near future
is likely to trigger a strong short-covering rally.The September British Pound is posting a gain
versus the Dollar because of friendly comments from the Bank of England in its
December Gold is mixed to lower because of
the weaker Dollar.Traders are waiting
to see what the Fed says about its future plans.Anything that boosts the Dollar could send
precious metals plunging.
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