Commodities weaken in European session as USD rebounds against major currencies. Sepculations of Fed’s resumption of quantitative easing recede ahead of today’s FOMC meeting. While there have been more evidence on a US slowdown, the market began to anticpate that policymakers may not announce anything new other than a more dovish statement at today’s meeting. WTI crude oil price drops to 80.5 after faltering below 82 while gold extends yesterday’s decline to levels below 1200.
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Strength in USD Sends Commodity Prices Lower
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