Commodity Smackdown In Progress
While the immediate catalyst will be heralded a weak ADP report, commodities in general have been sliding all morning. In the last few minutes (and for the third day in a row) Silver and Gold prices have slumped hard around the 8ET hour. What is somewhat odd about this smackdown is that the USD is being sold aggressively against the JPY (tested 97) and EUR (above 1.32). Oil is not smackdown-retardant and has dropped back under $91.50 for WTI. S&P futures are 6 points off overnight highs (a mere -2 from the close).
Oil and Stocks too...
But the USD is weaker?