Dollar Rallies On Fed Rate Hike
The Federal Reserve raised interest
rates by 25 basis points to 4.0%, as expected. The language of the
statement was once again the main focus as traders search for clues on what’s to
come (report).
The US Dollar Index closed virtually unchanged despite the
rate hike and the fact that the Fed maintained the “measured” language. The
Dollar did rally against the Yen though and recovered some of its losses versus
the Euro. Treasuries closed slightly lower on the session.
The day’s other economic news came in the form of the ISM Manufacturing Index fell to
59.0 in October from 59.4 in September (report).
The Commerce Department reported that Construction Spending rose 0.5% in
September to a new all-time high (report).
The reports gave a boost to Copper prices which staged an
intraday reversal to close higher.
TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 59.85 | +0.09 |
+0.15 |
| Heating Oil (HO) | 180.50 | -1.89 |
-1.04 |
| Unleaded Gas (HU) | 160.36 | +1.35 |
+0.85 |
| Natural Gas (NG) | 11.86 | -0.35 |
-2.83 |
|
Metals |
|||
| Gold (GC) | 460.80 | -6.00 |
-1.29 |
| Silver (SI) | 747.00 | -11.00 |
-1.45 |
| Copper (HG) | 181.60 | +0.50 |
+0.28 |
|
Grains |
|||
|
Corn (C) |
196.75 | +0.50 |
+0.28 |
| Wheat (W) | 317.00 | +1.00 |
+0.32 |
| Soybeans (S) | 586.50 | +10.50 |
+1.82 |
|
Softs |
|||
| Sugar (SB) | 11.25 | -0.08 |
-0.71 |
| Coffee (KC) | 97.10 | +0.45 |
+0.47 |
| Cocoa (CC) | 1366.00 | +15.00 |
+1.11 |
| Frozen Orange Juice (JO) | 117.70 | -1.80 |
-1.51 |
| Cotton (CT) | 52.11 | +0.24 |
+0.46 |
| Lumber (LB) | 312.00 | +0.70 |
+0.22 |
|
Livestock |
|||
| Lean Hogs (LH) | 60.85 | -0.82 |
-1.34 |
| Live Cattle (LC) | 89.92 | -1.00 |
-1.10 |
Economic News
Construction Spending:
M/M Change – Actual 0.5% Consensus 0.5%
ISM Manufacturing Index:
Actual 59.1 Consensus 57.0
FOMC Meeting:
Federal Funds Rate – Actual 4.0% Consensus 4.0%
Ashton Dorkins