Crude oil price recovered to 81.1 as European bourses pared losses after opening lower. However, upside in commodities should be limited as the dollar rebounds in the near-term. ECB President Trichet’s refusal to exit stimulus measures weighed on the euro while expectations that the BOC will leave the overnight rate unchanged at 1% exerted pressure on the loonie. Gold moved above 1360 after slipping to 1353.2 earlier in the day. This has lead others in precious metal complex higher.
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Near-Term Downsides for Commodities Remain
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