A volatile session that saw a 20 cent trading range with corn shaking off a sharply lower overnight market. Overnight commodity markets were sharply lower on concerns about financial concerns in Dubai which in turn rallied the US dollar. As today’s session wore on there was a calm that returned to the stock and currency markets. The US dollar index gave up over 300 points of its 500 point rally from last night which in turn caused traders that sold commodities overnight and early this morning to cover in their shorts.
Spot gold tumbled more than 2 percent on Friday after hitting an all-time high near $1,195 an ounce the previous day, as the dollar bounced from 15-month lows against major currencies and worries about debt problems in Dubai prompted investors to trim their positions. The Dubai worries also pushed Asian equities and commodities
lower across the board.
Have a good Holiday Weekend
Chris Spurlock
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