Nine “O” Clock
Currency Commodity Report
Crude oil fell and is trading below the 100 day moving
average. Rest of the metals are steady. Cable fell against the US dollar on
hard Brexit fears. US dollar is weaker against the euro and Japanese yen. Bill
Gates has opposed Trump trade tariffs saying that it will be ‘scary” for the
global economy. Crude oil is fundamentally bearish. Asian demand for crude oil
is expected to fall. I am not very bullish on crude oil despite all the scare
of supply side pressures. US producer price index numbers tomorrow will tell us
whether two interest rate hikes will be there or not. A fall in PPI numbers (if
any) can result in a US dollar sell off. If crude oil falls tomorrow in Asian
session, then all the Asian currencies will gain against the US dollar.
GOOD NIGHT
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