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U.S. Equity Futures Holding Gains

James Hyerczyk from ForexHound.com at 10/12/09


U.S. equity futures markets posted a new high for the year early this morning, but have since gone into a range. Despite the upside limitations, the indices are managing to hold on to their early morning gains. Trading has been limited today because of a bank holiday in the U.S.

Investors are also standing aside because of tomorrow’s slew of economic reports. U.S. retail sales will be reported early in the trading session. This report should set the tone for the day.

Treasury futures are trading higher in a limited trade. With banks closed, the futures markets have traded flat.

The Dollar is trading mostly lower versus the major currencies at the midsession. Appetite for more risk is the general theme driving the Dollar lower.

The December British Pound is one of two Forex pairs trading weaker. Demand for more risky assets is helping to boost the December Euro. The December Japanese Yen is trading flat to lower. The December Canadian Dollar remains one of the strongest currencies.

December Gold is up because of the weaker Dollar. Trading has been orderly and not as volatile as had been expected. December Silver continues to follow gold higher. Some traders are beginning to wonder if silver will mount a strong rally to “catch up” to gold prices.

December Crude Oil is trading firm. The weaker Dollar and a more positive outlook for long-term global demand are helping to provide support and trigger speculative buying pressure.

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