Oil Fails to Benefit from USD Weakness

Dataflow continued to weigh on the dollar, pushing other major currencies higher, yesterday. With the exception of the US energy sector, commodities were buoyed by a weaker dollar. Comex gold for December delivery soared to as high as 1298 before settling at 1292.1, up +1.40%. Silver rallied with the benchmark contract closing above 21 for the first time since mid-March 2008.

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Oil Fails to Benefit from USD Weakness