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11 Nov 2014
Yesterday was a weak day for commodities - DB
FXStreet (Barcelona) - Jim Reid, Market Strategist at Deutsche Bank highlights that commodity markets were noticeably weaker in yesterday’s session.
Key Quotes
“Moving on to markets it was a notably weaker session for Commodities yesterday. WTI and Brent shed 1.8% and 1.3% respectively to US$77.4/bbl and US$82.3/bbl. Gold (-2.3%) also paid back some of Friday’s gains to close at US$1151/oz.”
“On the subject of Gold, there is a Swiss referendum scheduled at the end of the month in which voters will be asked whether or not the Swiss National Bank should increase its Gold reserves to 20% from 8% currently.”
“Early opinion polls are generally mixed on the subject but it does come at a delicate time for policy making for the SNB. The Swiss Franc has rallied to within 0.2% of its 1.20 level versus the Euro after having appreciated about 2% YTD against the neighboring currency.”
Key Quotes
“Moving on to markets it was a notably weaker session for Commodities yesterday. WTI and Brent shed 1.8% and 1.3% respectively to US$77.4/bbl and US$82.3/bbl. Gold (-2.3%) also paid back some of Friday’s gains to close at US$1151/oz.”
“On the subject of Gold, there is a Swiss referendum scheduled at the end of the month in which voters will be asked whether or not the Swiss National Bank should increase its Gold reserves to 20% from 8% currently.”
“Early opinion polls are generally mixed on the subject but it does come at a delicate time for policy making for the SNB. The Swiss Franc has rallied to within 0.2% of its 1.20 level versus the Euro after having appreciated about 2% YTD against the neighboring currency.”