While Congress and a few analysts may believe crude oil would dip back to $50 per barrel if they restrict investment in commodity index funds, a more reliable predictor of the price of crude in recent months is the value of the dollar. When the dollar experienced a slight recovery due to some hawkish inflation talk from the Fed, crude oil dipped to just over $120; when the European Central Bank indicated that they may tighten rates, the dollar fell back and crude made new highs. But on Friday even though the dollar index made a three-month high, crude dropped by less than $2 and today with the dollar weakening, crude has set its all-time front-month high of $139.89.
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Financials
Banks urge EU lawmakers to back derivatives competition
Banks in the European Union are urging lawmakers to drop their opposition to plans for boosting competition in the clearing of derivatives trades.
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ETFs
ProShares launches ETF that targets highly rated corporate bonds
The ETF invests in covered bonds, a type of collateralized corporate debt typically issued by non-U.S. financial institutions.
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Forex
Euro falls to 22-month low as German business confidence slides
The euro traded close to the weakest level since July 2010 versus the dollar as German business confidence slid and manufacturing shrank, stoking concern fallout from the debt crisis is spreading.
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Options
Crude options volatility rises as futures near $90 a barrel
Crude-oil options volatility rose for the first time in three days as underlying futures slipped below $90 a barrel.
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