Dollar Tumbles As Traders Expect ECB To Raise Rates
Without any major economic news
the bond market traded in a narrow range, closing
more or less flat on the session.
The US Dollar fell sharply against all the majors, especially the Euro and
GBP. The losses caused the Dollar Index to lose 0.87%. The Euro was bolstered by
speculation that the ECB will raise interest rates next month.
Unleaded Gas bucked the trend in the energies by closing higher. Crude Oil,
Heating Oil and Natural Gas closed lower. Mild weather across the northeast US
was partly to blame.
The softs were mixed. Lumber +2.12%, Orange Juice +1.01% and Cotton +0.46% rose;
Coffee -2.19%, Sugar -2.02%.
All the grains closed lower except for Wheat, which
managed to close slightly higher.
The meats sold off sharply. Pork Bellies -3.69%, Lean Hogs -3.18%, Live Cattle
-2.37% and Feeder Cattle -1.76%.
No economic news today
Looking for ways to
improve your trading? Checkout TradingMarkets free
Upcoming Training Classes.