Crude Oil Closes Below $70
Beginning in Europe,
the Bank of England left interest rates unchanged
(report),
and so too did the European Central Bank
(report).
The Labor Department report on Q1 Productivity and Unit Labor Costs rose more
than expected (report).
Initial Jobless Claims rose unexpectedly for the second consecutive week
(report).
Treasuries closed slightly lower, pushing yields to new four-year highs.
The US Dollar Index closed lower for the ninth time in ten days, hitting its
lowest level in almost a year. The Dollar declined against all the majors,
except for the Yen, with the biggest losses coming versus the Swiss Franc, Euro
and GBP.
Gold continued to benefit from the Dollar’s weakness, closing at a new contract
high of $676.50. Copper closed at a new all-time high. Aluminum and Zinc also
rose to new highs.
Crude Oil futures falls
heavily
Crude Oil futures fell heavily for the second
consecutive day. June Crude Oil hit an intraday high of $74.99 yesterday and
closed today at $69.94.
All the softs closed lower, except for Orange Juice, which rose 0.92%. Sugar
-3.62% and Coffee -1.56% were the biggest fallers.
Economic News
Bank Of
England Keeps Benchmark Interest Rate Unchanged
(report)
ECB Leaves Rates Unchanged (report)
Productivity Up 3.2% In Q1; Unit Labor Costs Up 2.5% (report)
Initial Jobless Claims Up 5,000 To 322,000 (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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