Crude Oil Slides as Pessimism Kicks In!
November 10th, 2009 Posted in Analyst Picks
Name: Dan Eduard
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The price of Crude Oil slid today, as pessimistic data from the leading economies pushed investors away from the profitable commodities, such as Crude Oil. Instead, they poured their money into the USD. The thing which originally initiated Crude’s bearish trend today was the disappointing earnings of the world’s top bond insurer, MBIA. This also led to a decline in equities as the trading day dragged on, further helping the USD.
So far today, the GBP/USD pair is trading about 65 pips lower at the 1.6687 level. The EUR.USD pair is trading lower by 26 pips at the 1.4952 mark. However, the USD is trading lower vs. the CAD today. The USD’s gains and Crude Oil’s losses were exasperated today, as economic data from the leading economies was very poor. This spurred investors to buy-up the safe-haven U.S. Dollar. In the coming hours, it is recommended that you traders continue to put your money in the USD and its main crosses.
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Tags: Crude Oil forecast, Crude Oil Slides as Pessimism Kicks In!, Crude Oil trading, MBIA, USD forecast, USD prediction
