Stagflation. Everything is ATH, this commodity index isn't. Commodities have been very strong this week and if the day rolls over at this high I think it will breakout. We also just crossed green on MACD. ... If we break out target maybe 105 before we see more pushback.
CONTRACT UNIT $100 times the Bloomberg Commodity Index PRICE QUOTATION Index points TRADING HOURS CME Globex: MON-FRI 8:15am-1:30pm CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET) MINIMUM PRICE FLUCTUATION .10 Index point ($10.00 per contract) BTIC: 0.01 index...
... the song remains the same. It is (still) all about the USD and Gold! ... because otherwise the world is swimming in over-supply!
The positive correlation between EURUSD and commodity index (negative with dollar index ) can not be refuted. And as you see, often times Commodity index leads EURUSD. A lag of 1-2 days can be observed at extremums. Why so? Euro and gbp comprise 69.5 percent of Dollar index against which all commodities are measured (gold , silver , crude oil , copper etc). Any...