It was another week of falling prices for soft commodities (DBA, quote) once more, as over supply issues continue to dominate across all the major markets, and clearly evident from the weekly charts. It is the US which sets the price for world markets as the largest exporter, with the US Midwest corn belt set to produce a record harvest for a second year.
Oil traders hoping for a slow down in the bearish trend, to enjoy a relaxing weekend away from the screens, may have been tripped up by the Chinese (FXI, quote) data which slipped out on Saturday, with industrial production coming in at 6.9% against a forecast of 8.8%, missing the forecast by some distance, and whipping up the perfect storm.
Bank of China Ltd has denied media reports alleging it violated the nation’s capital controls by providing services that help clients convert unlimited amounts of yuan into other currencies and transfer those funds abroad.
Option Alert Service Signal New Trade Suggestion
Option Alert Service Signal New Trade Suggestion
The GBPUSD pair continued its bullish move on Tuesday, breaking above the 1.7150 level. The action from the Tuesday session suggests that the market is in fact going to continue going higher, as we try to get to the 1.75 level.
With end of month approaching and national holidays across most of Europe tomorrow (Ascension Day), this may a good time to look at alternative currencies which are reaching extreme overbought
Brent crude oil (BNO, quote) made its way above $110 on Thursday as rising tension in Ukraine raised concerns about supply interruptions.
Easing geopolitical tension coupled with worrisome economic figures pushed Brent crude oil (BNO, quote) to a near five month low on Tuesday.
U.S. futures as well as Europe’s markets remain flat this morning ahead the 2:00 pm EDT Federal Open Market Committee (FOMC) policy statement and Chairwoman Janet Yellen’s first news conference will follow at 2:30 pm EDT.
