U.S. equity markets opened higher, fueled by a better than expected U.S. Gross Domestic Products report, but gains were erased when the Chicago PMI report showed unexpected weakness in the economy. Investors are reading this as another report showing the U.S. economy will experience a slow, drawn out recovery.
U.S. Treasury markets have erased earlier losses and are now trading better for the day. December Treasury Bonds and Notes lost ground early this morning on the friendly GDP Report, but a worse than expected Chicago PMI report helped trigger a rally that helped push Treasuries higher for the day. Traders are buying Treasuries as it appears the economy is going to struggle to recovery.
An early morning report from the IMF indicating that losses from the financial crisis will be less than previously estimated is helping to pressure the U.S. Dollar. Higher energy prices are also contributing to the sharp gains in the December Canadian Dollar. The December British Pound is continuing its short-covering rally, no doubt encouraged by the friendly IMF report and yesterday’s better than expected reports from the U.K.
December Gold is trading firm today in reaction to the bearish U.S. Dollar. Technically, this market established support at $985.00. Holding this price level along with the weaker Dollar helped trigger a rally into a retracement zone at $1005.00.
December Crude Oil is getting a boost from a better than expected gasoline inventory report. A government report released early this morning showed a surprising decrease in gasoline inventories. The friendly report is giving a much needed boost to the crude oil
U.S. Treasury markets have erased earlier losses and are now trading better for the day. December Treasury Bonds and Notes lost ground early this morning on the friendly GDP Report, but a worse than expected Chicago PMI report helped trigger a rally that helped push Treasuries higher for the day. Traders are buying Treasuries as it appears the economy is going to struggle to recovery.
An early morning report from the IMF indicating that losses from the financial crisis will be less than previously estimated is helping to pressure the U.S. Dollar. Higher energy prices are also contributing to the sharp gains in the December Canadian Dollar. The December British Pound is continuing its short-covering rally, no doubt encouraged by the friendly IMF report and yesterday’s better than expected reports from the U.K.
December Gold is trading firm today in reaction to the bearish U.S. Dollar. Technically, this market established support at $985.00. Holding this price level along with the weaker Dollar helped trigger a rally into a retracement zone at $1005.00.
December Crude Oil is getting a boost from a better than expected gasoline inventory report. A government report released early this morning showed a surprising decrease in gasoline inventories. The friendly report is giving a much needed boost to the crude oil
