Plunging Dollar Drives Commodity Prices Higher

Crude oil surged more than $3, to a record high above $98.03 per barrel. Traders continued to speculate on the possibility that dollar pegs in a number of oil rich countries will be broken, or altered.

U.S. treasury prices declined, yields, which hit a two year low yesterday, moved higher.

Gold, which recently hit a 3-week low, recovered on Tuesday, along with silver, U.S. dollar. Copper also rose today.

Wheat hit a 2-week high, and coffee rose.

Economic News

Housing Starts (Oct): Actual 1229K, Consensus 1175K

Building Permits (Oct): Actual 1178K, Consensus 1200K