Gold And Crude Oil Continue To Soar
The minutes from the
last Federal Reserve meeting dominated the headlines today
(report).
The Fed minutes suggested an end of rate hikes may be near prompting a rally on
Wall Street, with the Dow Jones Industrials recording their biggest gain since
April 2005, and in the bond market.
Earlier in the day, the Labor Department reported that the Producer Price Index
(PPI) rose in March after falling in February
(report).
The rise was in-line with economists expectations. The Commerce Department
reported Housing Starts fell 7.8% in March (report).
The drop was larger than economists had been expecting.
Chicago Fed President, Michael Moskow, speaking in Detroit said a “painful
adjustment” was ahead for Midwest automakers (report).
Treasuries rose, boosted by the Fed minutes and the PPI meeting expectations.
The Dollar declined against all the majors, causing the US Dollar Index to lose
0.48%.
Gold and Crude Oil futures continue
to soar
June Crude Oil futures closed at another
new all-time high, with Iran and Nigeria once again being cited as cause for
concern.
Gold hit a 25-year high, closing at $620.30 an ounce. Copper closed at another
record high.
In the softs, Sugar +3.79% neared a new contract high. Coffee +2.39% was the
only other riser.
Economic News
PPI Up 0.5% For March,
Core PPI Up 0.1% (report)
Housing Starts Down 7.8% To Rate Of 1.96 Mln. Units (report)
Fed Releases Minutes Of Last FOMC Meeting (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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