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MTECHTIPS:-COMMODITY NEWS
1. There are concerns about the impact of Socialist Francois Hollande's election as the president of France. He is expected to butt heads with German Chancellor, as he has expressed significant opposition to using austerity measures.
2. Greece was struggling to form a government several days after elections, raising the risk that a hard-won bailout could be nullified. Talks among Greece's leading political parties to form a new coalition government languished, meaning new elections may have to be held.
3. The dollar index rose to 3-week's high by 0.3% at 79.8 against the basket of 6 major currencies as the political and economic uncertainties favored safe haven dollar.
4. American Petroleum Institute reported that crudeoil supplies rose by 7.8 million barrels for the week ended May 4. Gasoline inventories fell by 4.96 million barrels and distillate stocks declined 2.7 million, the trade group said.
5. Yields on 10-year Treasury notes which move inversely to prices, fell to 1.85% — touching their
lowest level since early February.
6. In the currencies, the Greek drama helped send the euro lower, trading at $1.2997 from $1.3014 in late
North American trading Tuesday. At the same time, the Japanese yen remained at elevated levels, with
the dollar buying ¥79.85, up from ¥79.81 in late North American trading Tuesday but down from ¥79.95 Monday.
1. There are concerns about the impact of Socialist Francois Hollande's election as the president of France. He is expected to butt heads with German Chancellor, as he has expressed significant opposition to using austerity measures.
2. Greece was struggling to form a government several days after elections, raising the risk that a hard-won bailout could be nullified. Talks among Greece's leading political parties to form a new coalition government languished, meaning new elections may have to be held.
3. The dollar index rose to 3-week's high by 0.3% at 79.8 against the basket of 6 major currencies as the political and economic uncertainties favored safe haven dollar.
4. American Petroleum Institute reported that crudeoil supplies rose by 7.8 million barrels for the week ended May 4. Gasoline inventories fell by 4.96 million barrels and distillate stocks declined 2.7 million, the trade group said.
5. Yields on 10-year Treasury notes which move inversely to prices, fell to 1.85% — touching their
lowest level since early February.
6. In the currencies, the Greek drama helped send the euro lower, trading at $1.2997 from $1.3014 in late
North American trading Tuesday. At the same time, the Japanese yen remained at elevated levels, with
the dollar buying ¥79.85, up from ¥79.81 in late North American trading Tuesday but down from ¥79.95 Monday.
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