7 Jun 2013
Commodities Brief: NFP’s see dollar strength and metals offered
FXstreet.com (London) - The commodities, specifically precious metals, are offered and reacting to the dollar
Brent Crude
The Brent has been bid since the decline of the dollar and indeed was stabilised ahead of what printed as a relatively benign NFP’s differential between expectations and actual readings. The commodity traded above $104.00 this morning GMT. With the release of the numbers, 175k against expectations of 170k, the price in Brent has maintained a support line of above $104 and is likely to be reactive and attractive to investors and speculators driving prices higher in the back drop of a weaker dollar. For the time being the dollar has remained within relatively tight ranges since the numbers.
Metals offered
The precious metals have shed some of its gains correlated to the price actin in the currency markets and the dollar. The dollar has grasped onto territory as the ef="">NFP’s offered a better print than which was expect by traders today. The numbers were slightly better, but good enough to see the dollar strengthen across the board, albeit only marginally in comparison to yesterdays slide. Gold is trading much lower though to the $1,387, near enough pairing the gains made yesterday after the dollar onslaught. Silver is trading 22.45 and below the support line for the year at lowest levels since 2010.
Brent Crude
The Brent has been bid since the decline of the dollar and indeed was stabilised ahead of what printed as a relatively benign NFP’s differential between expectations and actual readings. The commodity traded above $104.00 this morning GMT. With the release of the numbers, 175k against expectations of 170k, the price in Brent has maintained a support line of above $104 and is likely to be reactive and attractive to investors and speculators driving prices higher in the back drop of a weaker dollar. For the time being the dollar has remained within relatively tight ranges since the numbers.
Metals offered
The precious metals have shed some of its gains correlated to the price actin in the currency markets and the dollar. The dollar has grasped onto territory as the ef="">NFP’s offered a better print than which was expect by traders today. The numbers were slightly better, but good enough to see the dollar strengthen across the board, albeit only marginally in comparison to yesterdays slide. Gold is trading much lower though to the $1,387, near enough pairing the gains made yesterday after the dollar onslaught. Silver is trading 22.45 and below the support line for the year at lowest levels since 2010.