Euro Currency: December Euro Currency future fell to 3-week lows in early trade, as European Finance ministers attempt to verbally talk down the Euro out of concerns that the currency has strengthened too much vs. the Dollar and the Japanese Yen. This has caused speculators, who are long the Euro, to start to book some profits. In early trade, December Euro Currency futures are trading at 1.4052, down 0.0106.
Cocoa: New York Cocoa prices are supportive this morning, defying bearish fundamentals of a predicted rise in Ghana’s Cocoa production forecast and a sharply higher U.S. Dollar vs. the British Pound. In addition, the Cocoa harvest in the Ivory Coast has begun, which may spur some origin hedge selling on any rally attempts. In early trade, December Cocoa was trading at $1835, up $19.
Crude Oil: The sell-off continues in the Crude Oil market, as traders expect a build of U.S. Oil inventories last week. According to a Bloomberg survey of analysts, U.S. Oil stock rose by 1.5 million barrels last week, as refinery usage declined due to seasonal maintenance. Just a reminder, this week’s EIA energy stocks report will be out on Thursday at 9:30 am due to the Columbus Day Holiday on Monday. In early trade, November Crude Oil is trading at $78.57, down $0.59.
Futures trading involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future trading results. Trading commentary and analysis is based on information taken from trade and statistical services, news services, and other sources which XPRESSTRADE believes are reliable. We do not warrant that such information is accurate or complete, and it should not be relied upon as such. XPRESSTRADE's policy is to publish market research that is objective, clear, fair, and not misleading. Trading commentary and analysis reflects our good faith judgment at a specific time and is subject to change without notice. There is no assurance that the advice we give will result in profitable trades. All trading decisions will be made on a strictly unsolicited basis by the account holder.
