Monday, 28 Dec 2009

EUR and Spot Crude Oil Rise on Low Volumes

During today's light trading, the EUR continues to rise against the dollar; rising to an intraday high of 1.4412 after opening today's trading at 1.4376. A lack of major news releases and low volumes have kept the EUR/USD and other major pairs trading in a tight range.

Trading during the European hours has been light due to a banking holiday in Great Britain and may have kept many major trading floors empty. Large private institutional trading desks are also thin due to the holidays. We may expect trading to be light until after the first of the year.

Spot crude oil prices are on the rise again during the Asian and European trading sessions as lower volumes have been seen throughout the day. Causing the price appreciation has been a weaker dollar that has been riding momentum from last week's poor U.S. economic data and positive crude oil inventory numbers.

Today, prices rose as high as $78.45 after the dollar has been trading lower. Currently the price of crude oil is trading at $78.25 after an opening price of $77.20.