Bond Prices Rise For Fourth Straight Week
U.S. fell to five-week lows as investors brace for a rate-hike
in August. The 10-year bond price gained as Bernanke’s comments, a cooling
housing sector and declines in consumer confidence all point to a slowing U.S.
economy. A rise in bond prices this week would mark four straight weeks in
a row, a signal from investors that the U.S. economy is cooling down.
The U.S. Dollar continued to fall against the Japanese yen
today, after Bernanke’s comments pointed to a pause in the rake hikes. The
Dollar fell against most major currencies this week, as economic reports and
comments from the Fed chief all hint at a slowing U.S. economy and a need to
stop the rate hikes.
Crude oil futures remained basically unchanged, ending the
week priced lower than it started. The situations in Israel and Iran
continue to dominate the oil futures market, as investors wait to see if Iran
will stop exporting its oil, which would have resounding effects on the global
markets. Unleaded gas rose 2% during trading today, while crude closed up
0.08%.
Metals all closed lower today. Despite a fall in the
Dollar, gold futures also fell today, down about 1.5% at $621.60 an ounce.Â
Silver also fell during trading today, down 2%, and copper took the biggest
loss, down around 4%.
The softs closed lower across the board. Cocoa was down
0.8%, cotton was down fractionally and orange juice was down 0.5%.
Grains traded mixed today. Corn was down 2%, wheat was
up fractionally and soy was down over 1% .
Meats traded fractionally mixed. Feeder cattle was up
0.3% and potbellied pigs were down 0.25%.
No economic news to report today.
John Patrick Lee