Crude oil prices rise to levels unseen since mid-2015 as the US Dollar Sinks
Gold prices find familiar support as Treasury bond yields fall alongside USD
What are the forces driving long-term crude oil price trends? Find out here
A plunging US Dollar translated into gains for commodities. The currency fell alongside Treasury bond yields, boosting the appeal of non-interest-bearing and anti-fiat alternatives. Not surprisingly, that sent gold prices marching higher. Crude oil prices got a lift as well as a weaker greenback translated into a de-facto boost for USD-denominated assets.
Commodity Trading Signals: A clear-cut catalyst for the move is not readily apparent, which would be unusual for a broad-based swing across the key financial market benchmarks in normal conditions. It seems far less surprising considering the thin liquidity conditions prevailing in the short stretch of active trade between the Christmas and New Year holidays observed by most of the world’s top trading venues. Source: DailyFx