IFX Council

Commodities Dip To End Holiday Week As Monday's Consumer Data Awaited

Investors Business Daily |

In Brief...

Oil and metals closed slightly lower Friday as markets drifted after Thursday's Thanksgiving holiday but cotton tumbled and soybeans also saw steep losses as the dollar hit a two-month high against the euro.. Analysts said commodity investors, focused largely on the dollar this week, would look to economic data such as Monday's Consumer Confidence numbers for clues about the outlook for market fundamentals.. "It was a relatively strong performance for crude, given the rally in the dollar and the slip in the S&P (500)," said Tim Evans, energy analyst at Citi Futures Perspective.. The dollar rose to its highest level against the euro since September. Technical charts and contract options studied by Reuters showed the dollar poised for more gains against the euro on fear Portugal and Spain will need bailouts..

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