US Dollar crashed hard at the Asian opening with a first quote of 82.00 then falling to 81.720, after the European session opened, US$ trade now stands at 82.295 down 26.7 points from Friday’s close. Treasuries are still reversed with Eurodollars trading higher and the Notes/Bonds trading lower, this is not expected to last much longer. Energy products went nuts as well at the Asian opening with Crude Oil racing to a high of $86.64 in early trade but now stands at $84.77 up 67 cents helping to settle down the entire sector during the overnight. Gold raced higher as well to a price of $1,609.30 before being forced down to a price of $1,593.40 up only $2, Silver followed Gold’s pursuit towards higher prices but got clocked as well and is now trading at $28.585 up 11.4 cents after reaching a high of $29.00, all base metals are in the same gyrations as well. Grains are mixed, Softs are higher, Meats are closed, Paper Markets are following the opposite direction of the dollar and is starting to calm down as we enter the first moments of American trade. The bank of Italy has declared a bank holiday which is most likely what caused the uproar in currencies and the natural products that are not measured in a CPI report, this is what could/will happen when an international bank holiday comes into play. We at the Fort, strongly recommend you have cash at home that can get you thru about 3 weeks’ worth of expenses. It is strongly believed here that an international banking holiday will come into play and soon because of the unsettling results in the refusal to pay debt obligations on a national scale. ….. Stay Strong!!
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
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