Equity Traders Pare Positions on Bernanke Comments
equity futures are trading sideways-to-lower as traders continue to digest Fed
Chairman Bernankeâ€™s comments about the Fedâ€™s plan to tighten its monetary
policy when the economy â€śhas improved sufficiently.â€ťTraders are also still nervous about this
quarterâ€™s earning season and will now have to factor in a potential rate hike
for future quarters.
Talk of the future interest hikes is
pressuring U.S. Treasury markets this morning.The December Treasury Bonds started to weaken last week following the
U.S. Unemployment report, but news that the Fed will tighten monetary policy
once the economy has improved has helped this market accelerate to the
The U.S. Dollar is posting a strong gain
versus most major currencies this morning.Bernankeâ€™s comments regarding a future rate hike is encouraging traders
to pare positions ahead of the long week-end.The December Canadian Dollar is the only currency posting a strong gain
against the U.S. Dollar.Today Canada
reported better than expected jobs data.
The stronger Dollar is pressuring December
Gold.Gold had been rallying because low
interest rates were weakening the Dollar while causing investors to seek higher
yields in non-Dollar denominated investments.So far the break has been orderly with no signs of a panic yet.The rapid rise in gold has caused some to be
concerned that this market was forming an â€śinvestment bubble.â€ť
December Crude Oil is trading flat to
lower.The abundance of supply continues
to pressure crude oil.The EIA increased
its forecast for global demand yesterday.This could be helping to limit losses today.
December Wheat is trading lower at the
midsession following a negative report by the USDA.This government agency is forecasting huge
world supply by the end of the growing season.
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