Tuesday, 8 Dec 2009

Crude Oil Still Falling; JPY Resurgence Felt Across Majors

Crude Oil prices continue to decline throughout the day even while the USD appears to have stabilized at its current levels. Many analysts have suggested that Crude Oil lacks the fundamental data necessary to maintain its current high price, others that the price range between $65-75 a barrel is a natural price range for this commodity. What seems to be clear is that demand may not have been as high as many were hoping for going into the winter months in places like Europe, the United States, and Russia.

In currency news, the Japanese yen has resurfaced today as a relatively stronger currency than its major counterparts. Major players in the forex market have begun riding the wave of JPY bullishness as the USD falters from comments made by Fed Chairman Ben Bernanke yesterday, and the European equities market puts pressure on the EUR.