Research Team at ANZ, notes that the oil closed strongly while most other commodities struggled with the stronger USD.
“Oil prices rallied after the EIA weekly report showed gasoline inventories declined the most at this time of the year for at least five years. Stocks dropped 3.26 million barrels to 238.2 million barrels. The market was also buoyed by a fall in US oil production, down 55kb/d to 8.46mb/d last week.
The strong USD, driven by a positive private sector jobs report by ADP, created a headwind too strong for most other commodities. Gold eased back from a ten day rally as investors took profits. Industrial metals also struggled, with copper trading sideways. Weaker steel prices in China weighed on iron ore, with physical traders sitting on the sidelines.”
September 23, 2016 The dollar has firmer back some following yesterday underperformance
Revealed weak August data for existing home sales and leading indicators, but a tight initial claims report for the BLS survey week of September that left mixed signals that were positive on net, with aid from a 0.5% July rise in the FHFA home price index...
September 23, 2016 Dollar Saw Recovering After Seeking Support At 95.00
The US dollar trimmed its losses yesterday after a brief test to the 95.00 support in the US dollar index saw prices closing higher. Price action continues to remain range bound with no evidence of trends being established just as yet...
September 23, 2016 GBPUSD recovery pauses after Boris Johnson headlines
After recovering ground following a return to levels not seen in over a month below 1.29, the bounce in the GBPUSD appears to have lost momentum at the conclusion of the week following headlines being made by UK Foreign Secretary Boris Johnson that the process of leaving the European Union does not need to take two years once Article 50 is invoked...
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