Pound Soars Along With Crude, Grains
The pound is at it's highest levels against the dollar since October this morning, reaching $1.6430 in early trade.
Crude oil is sharply higher too, up $1.29 to $67.60/barrel after news that China’s manufacturing expanded for a third month in a row.
Crude is starting June where it left off in May, it had its biggest monthly gain in a decade in last month, surging 30 percent, on hopes that the global economy is recovering and fuel demand will therefore increase.
A recovery in China, the world’s third-largest economy, is prompting a dollar exodus as a bit of risk appetite returns and investors look for higher yielding assets.
The impending demise of GM, who are widely expected to file for bankruptcy later today, the largest corporate failure in US history, is also weighing on the dollar.
Soybeans are sharply higher on the back of the weak dollar. July currently stands at $12 exactly, within spitting distance of the recent eight-month high of $12.00 3/4.
Heilongjiang province, China’s biggest soybean-growing region, had the lowest recorded May rainfall in almost 60 years it was revealed today, sparking ideas that the nation will continue to buy soybeans aggressively on the international market.
Meanwhile, rain continues to delay US corn, soybean and spring wheat plantings. July wheat & corn hit their highest levels since early October in overnight trade.
Crude oil is sharply higher too, up $1.29 to $67.60/barrel after news that China’s manufacturing expanded for a third month in a row.
Crude is starting June where it left off in May, it had its biggest monthly gain in a decade in last month, surging 30 percent, on hopes that the global economy is recovering and fuel demand will therefore increase.
A recovery in China, the world’s third-largest economy, is prompting a dollar exodus as a bit of risk appetite returns and investors look for higher yielding assets.
The impending demise of GM, who are widely expected to file for bankruptcy later today, the largest corporate failure in US history, is also weighing on the dollar.
Soybeans are sharply higher on the back of the weak dollar. July currently stands at $12 exactly, within spitting distance of the recent eight-month high of $12.00 3/4.
Heilongjiang province, China’s biggest soybean-growing region, had the lowest recorded May rainfall in almost 60 years it was revealed today, sparking ideas that the nation will continue to buy soybeans aggressively on the international market.
Meanwhile, rain continues to delay US corn, soybean and spring wheat plantings. July wheat & corn hit their highest levels since early October in overnight trade.
