I wanted to give a quick Friday morning update on the currency/commodities markets as we head into the weekend.
Concerns over the viability of Portugal’s largest banks, Banco Banco Espirito Santo, Popolare and Unicredit have sent market participants once again to the safety of gold. As result gold future hit 3 months highs in today’s session.
Emerging Money Daily Audio Call Preview June 23 – on today’s call we will talk about the PMI surprise out of China last night along with Japan giving some sense that the Asia continues be railing off the Low’s and we’re now it at the highest levels on industrial production in China in six months once again.
A lot of macro data around the world last night into the early morning and while European data missed the mark, China delivered. China continues to deliver and the implications are positive for the commodity space. Meanwhile, the Fed may be asleep at the switch when it comes to inflationary pressures.
Emerging Money Audio Call Preview June 5th – ECB, Draghi delivering impact for emerging markets (EEM, quote) for sure, the stress that was created by EU Banks pulling money out of emerging markets and lending something that I think this is some relief as a bleed through on this morning’s news and ultimately putting central-bank stimulus back into the mix.
WTI Crude Oil (USO, quote) spot price ticks slightly lower this morning as commodity traders have to wait an additional day for the department of energy’s inventory report. Traders will be watching closely the American Petroleum Institute (API) Weekly Crude Stock report scheduled for today after the close.
Brazil Drought? Well, coffee bulls have not reacted as if there is a drought. U.S. coffee prices have continued to move lower for last two sessions, sending prices to a five week low.