Monday November 1, 2010 - 14:45:45 GMT
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Silver Touches New High Ahead of Eventful Week
Aggressive speculators drove December Silver to a fresh high
for the year ahead of this weekâ€™s elections and Fed meeting. Traders seem to be
increasing positions in anticipation of a Republican victory and new Fed
quantitative easing. Some traders are on the sidelines this morning, creating
volatile swings on thin volume.
equity markets are trading sharply higher this morning boosted by thin volume
and greater demand for higher risk assets. The December E-mini NASDAQ is the
leader this morning. The Dow and S&P are in positions to challenge last
weekâ€™s high. Like the move in silver,
the markets are anticipating more stimulus money from the Fed and a Republican
victory in the elections.
The U.S. Dollar is under pressure against most major
currencies this morning following a rebound in Chinese manufacturing data. The
moves seem to be muted however ahead of tomorrowâ€™s elections and Wednesdayâ€™s
Federal Open Market Committee meeting.
The highlight of todayâ€™s action is the Dollarâ€™s continued
weakness versus the Japanese Yen. Overnight the December Japanese Yen was
trading higher on rumors of Japanese government intervention, but the market
turned quickly, eventually sending the Greenback to a new 15-year low versus
The Euro is trading flat to lower in a very choppy trade.
Look for December Euro to rally should investors continue to demand higher risk
One of the big gainers this morning is the New Zealand
Dollar which pushed through the October 2009 top at .7635. Traders are saying
that itâ€™s the weaker Dollar that is driving the Kiwi higher and not any
particular news out of New
Zealand. Traders are said to be increasing
bets on the news that the Fed will substantially increase its quantitative
easing program later in the week.
Demand for higher assets is also driving up the Australian
Dollar ahead of tomorrowâ€™s Reserve Bank of Australia central bank meeting.
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