Crude Oil Climbs Above $72
The holiday shortened week
began with the Conference Board’s release of
Consumer Confidence. The report showed Consumer Confidence fell less than
expected in May (report).
President Bush nominated Hank Paulson, Goldman Sachs CEO to replace John Snow as
Treasury Secretary.
Treasuries responded to the news, and
comments by Chicago Fed president Michael Moskow that the economy is very strong
by closing lower.
The US Dollar got off to a bad start to the week. The Dollar Index lost more
than 1%, weighed down by the Dollar’s losses against all the majors.
Energy prices rose ahead of Thursday OPEC meeting. July Crude Oil futures closed
at a two week high of $72.03.
Economic News
May Consumer Confidence Index Falls To 103.2 From 109.8 (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
Want a free month of
PowerRatings?
Send us your
PowerRatings
strategy and receive one free month of this exciting trading tool. If you are
already a monthly or annual
PowerRatings
subscriber, you will receive an additional three months if we publish your
strategy.