Why Greenspan Sees Strength Ahead
The release of disappointing third quarter gross domestic
product numbers drove the December dollar index futures
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0.70 to 115.55 and bolstered the Japanese yen
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futures
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delivered by Fed chairman Alan Greenspan, he stated the less constricted
employment policies in the U.S. have had a substantial impact on the strength of
the dollar in the past, and inferred that the likelihood for the future would be
more of the same. JYZ1 closed up 0.000013 to 0.008103, while the ECZ1 gained
0.0071 to end the day at 0.8954. Swiss francs
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to 0.6090, as was the Canadian dollar
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0.6356. The British pound
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Index futures were sold off, with none of the group able
to close positive. Dow futures
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S&P futures
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futures
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the benchmark.
Bonds failed to jump on the weakness of the index
futures, with T-bonds
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and 10-year notes
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December crude oil
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that Iraq was putting a stop to exports, leaping 0.82 per barrel to 19.44.
Heating oil
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gasoline
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Grains were positive across the board, with the beaten down corn
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tons. CZ1 rose 8 3/4 to close at 208 1/2. December wheat
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which added 0.38 to
16.14, completed the sweep for the group.
Cattle sold off on news from Japan of a third case of mad
cow disease being discovered. Feeder cattle
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close at 84.525, and live cattle
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managed to climb slightly, with December lean hogs
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50.325, and pork bellies
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79.10.
Softs were mixed, as March coffee
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losses incurred earlier in the week, gaining 0.60 to 46.20, and orange juice
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session at 95.20. Meanwhile, sugar
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6.00, and March cocoa
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December gold
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back from their lows, with GCZ1 adding 0.40 to 273.9 and SIZ1 rising 0.065 to
finish at 4.128. Copper
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gain, up 0.009 to 0.772.