The Fed FOMC left interest rates at near historically low
levels while deciding it was too early to pull out of is current stimulus
plans.The Fed also said the economy was
improving especially in the housing and financial markets.The FOMC also decided to slow down its debt
buying plan by extending its program to purchase mortgage-backed securities
into the first quarter of 2010.
equity markets reacted with a strong move to the upside but buying quickly dried
up as overbought conditions prevailed.Some
traders believe that the Fedâ€™s extension of its asset-buyback program is a sign
that the recovery is going to be lengthy and labored.Traders feel that equity prices may be
overvalued and too far ahead of current economic conditions.The technical closing price reversal top
could be an indication that the indices have formed a short-term top.
Treasury futures reversed earlier weakness to close higher
for the session.News that the Fed was
going to extend its program to purchase mortgage-backed securities into 2010
sent a message that downward pressure would be on interest rates for at least
another two quarters.
The U.S. Dollar turned an early weak session into a gain by
the close of the day.The Dollar was
trading lower when the Fed announced it would keep pressure on interest
rates.This news triggered a spike up in
foreign currency markets, but by the end of the day, the Dollar recovered,
reversing the day in most currencies.The strongest currency market was the December British Pound which was
up most of the day following the release of the minutes from the last Bank of
England open market committee meeting. The minutes were friendly because they
did not discuss lowering rates for bank reserve accounts.A secondary lower top was formed in the
December Japanese Yen which is an indication of lower prices to follow.Weaker energy prices and the sell-off in
equities drove the December Canadian Dollar to fresh lows near the end of the
December Gold failed to hold on to early gains following the
late session rally in the U.S. Dollar.The
failure to take out earlier highs following a new low in the Dollar has created
a bearish divergence which could trigger further downside pressure
Crude oil and gasoline inventories rose more than expected
which helped trigger a sell-off in the energy complex throughout the day.Weakening equity indices, gold and the Euro
helped put further pressure on these markets as it sent a signal that demand may
be waning for higher risk assets.Actual
physical demand for crude oil and gasoline were additional bearish factors
which lead to todayâ€™s weakness.
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