Dollar Index Continues To Slide
Friday’s economic news
was a mixed bag for traders. The Trade Deficit unexpectedly narrowed in March
(report),
while Import Prices rose much more than expected (report),
stoking fears of inflation.
Treasuries declined after the reports, sending yields to multi-year highs. The
10-yr T-note yield ended the week at 5.186% and the 5-yr T-note yield closed at
5.073%.
The US Dollar Index extended its losses, with the Dollar falling heavily against
the Swiss Franc, Euro and Yen. The Dollar hit a new one-year low versus the Euro
and eight-month low versus the Yen.
The metals pulled back after hitting new contract highs yesterday. June Gold
futures closed the week at $711.8. Silver -4.72%, Copper -1.65% and Aluminum
-2.12% also closed lower.
Energy prices slide
June Crude Oil futures fell on Friday, closing
the week at $72.04. Unleaded Gas, Heating Oil and Natural Gas also closed lower.
Natural Gas continued to be the weakest, with the June contract declining by
5.55%.
All the softs closed lower except for Cotton +1.44%.
Most of the grains rose, with only the Soybean complex weak.
Economic News
Trade Deficit Narrows To $62 Bln. In March (report)
Import Prices Up 2.1% In April (report)
US May Michigan Consumer Sentiment Index At 79.0
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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