ECB Goes Hiking
Marc Dupee will be out of the
office until October 9. In his absence this column is being written by
TradersWire’s Duke Heberlein.
The Euro FX
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word that the European Central Bank raised rates on the currency by 25 basis
points to 4.75%. The currency surged briefly on the news up to Thursday’s high
of .8816, but was unable to sustain the momentum for the duration of trading,
falling .0057 to close at .8721. The Swiss National Bank has yet to follow in
the footsteps of the ECB, giving indications it would leave the monetary policy
as is for now, potentially changing if the franc
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weakness The franc fell .0046 to end at .5750. December dollar index futures
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high for the day. Japanese yen
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.9275, while the British pound
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end the regular session at 1.4482
Stock index futures gave back some of Wednesday’s gains,
however the December S&P futures
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Soup Plus One Buy signal, gaining 3.30 to 1453.50. Dow futures
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were down 75 to 10820 and NASDAQ 100 futures
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3475.
October lean hogs
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of a pullback, its first since rising off major lows, adding .300 to close at
58.675 after hitting an intraday high of 58.825. Pork bellies
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slipped slightly, down .325 at 63.225. Beef was able to reacquire some the
losses of the past two days, with feeder cattle
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and October live cattle
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Energies weakened on Thursday, as it appears the U.S.
Strategic Petroleum Reserve’s 30 million barrel input into the market began to
have an effect. Crude oil
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cents off its low, finally settling at 30.53. November
heating oil
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.9272, as was unleaded gasoline
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gas
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sliding .138 to 5.152.
Corn
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highs, down 3/4 to at 203 1/2. December wheat
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unchanged at 267 1/4. November soybeans
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contract has lost 13 points on a closing basis over the last six trading days.
December cotton
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a winner in the softs, rising for the third consecutive day, up .42 to 63.82.
Cocoa
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trading at 835. November orange juice
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the appearance of being ready to fall out of its pullback from lows, down .65 to
70.50. Rounding out the soft commodities, coffee
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78.70.