Daily Oil Report Wednesday 24th February 2010Oil’s two week rally consolidated in and around the $80 level as we now await to see if the run will continue, or will profits be taken off the table? The Dollar has retreated, thus helping keep the oil price up, so the next big hurdle is tomorrows weekly oil inventory release and Bernanke’s two day testimony which starts tomorrow.
Market News
Ben Bernanke is scheduled to start his two day testimony tomorrow, with attention likely to focus on future interest rate policy
Goldman Sachs expect the price of crude to trade between $85 and $95 this year
Ben Bernanke is scheduled to start his two day testimony tomorrow, with attention likely to focus on future interest rate policy
Goldman Sachs expect the price of crude to trade between $85 and $95 this year
Daily FX Report Wednesday 24th February 2010The Euro once again finds itself at the centre of attention on another busy day in the currency markets. Unconfirmed talk that the Dubai government is going to help Dubai World with a $5bn bailout helped buoy currency markets, and dovish comments from the San Francisco Federal Reserve President helped push the Dollar lower.
Market News
San Francisco Federal Reserve President Janet Yellen suggested that any chance of a US rate hike was remote
Ben Bernanke is scheduled to start his two day testimony tomorrow, with attention likely to focus on future interest rate policy
The latest Ifo sentiment index fell to 95.2. Most analysts expected the index to record a rise to 96.4
Mervyn King, Governor of the Bank of England, reiterated that the recovery in the UK remains fragile, and the UK may have to return to quantative easing.
San Francisco Federal Reserve President Janet Yellen suggested that any chance of a US rate hike was remote
Ben Bernanke is scheduled to start his two day testimony tomorrow, with attention likely to focus on future interest rate policy
The latest Ifo sentiment index fell to 95.2. Most analysts expected the index to record a rise to 96.4
Mervyn King, Governor of the Bank of England, reiterated that the recovery in the UK remains fragile, and the UK may have to return to quantative easing.
Gold futures retreated for a second consecutive session today, thanks to the greenback's accelerated gains against the euro. In addition, commodities traders remained cautious ahead of Fed Chairman Bernanke's congressional testimony tomorrow, which is likely to shed light on the central bank's monetary policy. By the close, April-dated gold gave up $9.90, or 0.9%, to settle at $1,103.20 an ounce.
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