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Today’s Economic and Geopolitical News:
There are no economic reports scheduled for release today. However, the economic calendar kicks back into high gear after a quiet week. Tomorrow’s minutes from the last Federal Reserve Open Market Committee meeting (FOMC) will garner the most attention as will the Retail Sales report on Wednesday. Both will have the potential to make a significant impact on the mortgage bond market. Traders will also cast glances at the Initial Jobless Claims report on Thursday and the volatile New York Empire State Manufacturing Index on Friday. Also on Friday will be the release of Import and Export Prices, Industrial Production, Capacity Utilization, and the preliminary reading on the University Of Michigan’s Consumer Sentiment Index.
Crude Oil Update
Crude oil futures fell below the $45 per barrel mark early today over the belief OPEC will continue their current production in the face of lower prices along with the prospects of milder weather in the United States. Prices were lower while traders were waiting for two reports, International Energy Agency's oil survey and the U.S. Department of Energy's weekly U.S. crude and gasoline inventory report. Prices are at their lowest since early January and more than $10 below their all-time closing high of $55.17 set twice in late October. Benchmark crude on the New York Mercantile Exchange is down 43 cents to $44.85 per barrel in electronic trading while heating oil is down to $1.2235 per gallon. Brent Sea crude oil is down 31 cents on the International Petroleum Exchange to $42.73.
US Dollar Update
The dollar strengthened against most other major currencies in early trading this morning while Gold continued to fall. The dollar hit an eight-week high against the yen at 105.87 yen, gaining 0.93 percent so far on the day. The dollar traded at $1.2743 per euro, close to a three-month high at $1.2729. The dollar also traded near a 3-1/2 month high against the Swiss franc at 1.2237 Swiss francs, up from 1.2152. The British pound was quoted at $1.8546, down from $1.8660. Meanwhile, gold ranged from a recommended price of $411.50 per troy ounce in London to $411.28 in Zurich and $412.75 in Hong Kong.
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