Precious Metals

With the chance the US dollar will weaken further after the Fed left rates on hold ANZ sees scope for some profit taking among commodities this week, though any downside is expected to be limited.

The Fed left the cash rate unchanged, as expected, while suggesting a more hawkish bias. An unchanged Dow belied a 0.6% rise in the broad market and a 1.4% gain in the Nasdaq.

It was another choppy night on Wall Street ahead of tonight’s Fed rate decision. The Dow lost 34 points.

The Dow closed unchanged last night, but it wasn’t all about a quiet market. A strong energy sector was offset by ever more weakness in financials. Gold took a dive.

The Dow fell over 200 points on Friday as quadruple witching evoked significant volume on a weak bias. Oil bounced back over US$2 after Israel pulled it out and showed to Iran.

The price of petrol will be 17% higher in China tomorrow, prompting a US$5 fall in the oil price last night. But the Dow managed only a 34 point rally.

It was a case of oil up, Dow down on the current broken record that is Wall Street. A 130 point fall puts the March lows in sight.

The Dow fell over 100 after Goldman Sachs warned of more weakness in financials and the PPI provided food for thought.

The Dow closed slightly lower last night having fluctuated on a wild ride in the oil price.

The Dow rallied 165 points on Friday on yet another unremarkable CPI number, while oil slipped and Lehman returned from the grave.