23 Aug 2013
Commodities on a quiet trading session, ahead of Jackson’s Hole panel
FXstreet.com (Athens) - Commodities are on ‘easing’ mood today, retaining their huge yesterday’s gains and ahead of Jackson Hole.
Ben Bernanke won’t be there; However, Jackson Hole conference would ordinarily be the key highlight this week
U.S. crude oil rose more than $1 on Thursday, while Brent crude raised less and its premium over U.S. crude narrowed by more than $1 in a lightly traded session. October Brent crude rose 9 cents a barrel to settle at 109.90. U.S. crude gained $1.18 to settle at 105.03, and continued to rise in post-settlement trade. What’s more,
gold rose on Thursday as bullish Chinese manufacturing data boosted the nation's inflation-hedge appeal, but bullion's gains looked vulnerable as a better global economy and the U.S. Federal Reserve's planned stimulus scale-back could weigh down prices. Last but not least, silver added 0.8 percent to 23.03 an ounce.
While Bernanke as well as Draghi, Carney, won’t be there, a consistent message against over-cooked rates moves from Kuroda, Tombini, Yellen, Bean, and Constancio could still be quite effective. Finally, traders should bear in mind that there is the potential for some fairly strong comments given the rise in global bond yields and some concern that this threatens to choke off the improving activity data we have been seeing.
Ben Bernanke won’t be there; However, Jackson Hole conference would ordinarily be the key highlight this week
U.S. crude oil rose more than $1 on Thursday, while Brent crude raised less and its premium over U.S. crude narrowed by more than $1 in a lightly traded session. October Brent crude rose 9 cents a barrel to settle at 109.90. U.S. crude gained $1.18 to settle at 105.03, and continued to rise in post-settlement trade. What’s more,
gold rose on Thursday as bullish Chinese manufacturing data boosted the nation's inflation-hedge appeal, but bullion's gains looked vulnerable as a better global economy and the U.S. Federal Reserve's planned stimulus scale-back could weigh down prices. Last but not least, silver added 0.8 percent to 23.03 an ounce.
While Bernanke as well as Draghi, Carney, won’t be there, a consistent message against over-cooked rates moves from Kuroda, Tombini, Yellen, Bean, and Constancio could still be quite effective. Finally, traders should bear in mind that there is the potential for some fairly strong comments given the rise in global bond yields and some concern that this threatens to choke off the improving activity data we have been seeing.