FXS: Dollar strength has led commodities to decline across the board this morning
Dollar strength has led commodities to decline across the board this morning. EUR/USD is at a three-month high, currently trading just below 1.44. Equity movements are mixed. No surprises from the FOMC: yesterday's statement was relatively dovish, in line with expectations. Oil markets await OPEC meeting next Tuesday.
The weekly US stock figures from the EIA published yesterday afternoon were relatively bullish with both crude and distillates posting considerable drops; in contrast, gasoline inventories rose slightly. Notably, distillates saw larger draws than we expected. Crude prices jumped on the report and WTI briefly traded above USD73.
Today will see the release of US claims data and the Philly Fed survey for December; the latter is generally expected to post a minor decline from 16.7 last month to 16.0.
