Commodities fall

14 November, 2016

Some steep declines in the commodity space this afternoon have caused a volatile end to the week with Silver (-4.99%) falling hardest. Gold (-2.27%) has also experienced some strong downside and trades at it’s lowest level in over 5 months. Crude benchmarks are similarly in the red with Brent Oil (-2.68%) falling back below the $45 handle. 

The fall in commodities isn’t really related to any news and seems more of a delayed reaction the rise in yields and the strengthening US dollar seen in recent sessions. Despite the NZDUSD (-1.20%) and AUDUSD (-0.98%) moving substantially lower, overall the buck is showing not too much change on the day after a big appreciation this week. GBPUSD (+0.22%) has risen slightly but faded from the highs to trade back under the 1.26 handle. 

In terms of economic releases this afternoon the University of Michigan consumer sentiment index came in strongly at 91.6, which was above both the consensus and prior readings. Elsewhere there was notable comments from an array of central bankers with Poloz, Fischer and Lane all delivering speeches. 

Looking ahead to next week there’s several potentially key data points from the UK and the US. The UK has CPI data out on Tuesday, employment figure Wednesday and retail sales on Thursday, all at 09:30. As for the US Retail sales are out on Tuesday, PPI on Wednesday and Thursday sees CPI, Philly Fed and weekly unemployment claims. Fed chair Yellen also speaks on Thursday at 15:00

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