Movers and shakers!
By John Thorpe, Senior Broker
Three trading days removed from Contract Highs in the U.S. Dollar index @ 109.325 basis the March 2025 contract and a 2 full cent retracement yesterday, the bulls certainly appear to be control of this market with a close today near the session highs @ 108.40. The value of the dollar has numerous implications for our export markets, as the dollar becomes stronger the cost of goods become more expensive.
High Dollar values over the long term usually do not not bode well for commodity prices. Needless to say, the energy complex looks strong today with spot Feb WTI up .85 cents, nearing the $75 /bbl mark after being in the 60’s just 10 days ago.
The Grain market has nearly a mirror inverse image basis the daily charts compared to the U.S Dollar index. With one exception, The corn market.
Just an observation, the precious metals market have struggled to make new highs or even break above their 3 month Mid range price levels as the U.S. Dollar strength has been a main feature affecting the commodity markets.
The U.S Dollar is considered a safe haven.
Today’s Movers
Today’s News:
Updated: January 7, 2025 9:02 am
Institute of Supply Management (ISM) US Service Sector Headline Recap
**ISM US December Service Sector Composite Index: 54.1 ; expected 53.4 ; prior month 52.1
**ISM US December Service Sector Business Activity: 58.2 vs prior month 53.7
**ISM US December Service Sector Employment: 51.4 vs prior month 51.5
**ISM US December Service Sector New Orders: 54.2 vs prior month 53.7
**ISM US December Service Sector Prices Paid: 64.4 vs prior month 58.2
Updated: January 7, 2025 9:02 am
**US November 2024 Job Openings and Labor Turnover Summary (JOLTS): 8.098 mln; prior month 7.744 mln |
