Once again West Texas Intermediate oil is trying to regain its historical stature as the world’s global benchmark. WTI is reasserted itself in the global market as U.S. exports soar as oil starts to move out of Cushing, Okla.
So for oil, remember you can't fight the Fed or even the ECB and you can't outlast the guys who can print the cash. But really from a technical standpoint, the oil market was probably ready to bottom anyway.
Quantitative easing does not equal competitive currency devaluations – at least that's the message the Group of 20 tried to convey at its April 18-19 gathering.
Global finance chiefs handed Japan leeway to reflate its stagnant economy by indicating its fresh round of monetary stimulus doesn’t contravene a pact to avoid a currency war.
The yen fell for a fourth day against the dollar after Finance Minister Taro Aso said Japan’s stimulus policies that have caused the currency to weaken were unopposed at a Group-of-20 meeting in Washington.
Treasury 10-year notes fell for the first time in three days as the Group of 20 nations debated ways to boost global growth, reducing demand for the safest securities.
New Zealand’s central bank governor said he’s ready to intervene in foreign-exchange markets, adding to comments by officials from South Korea to South America warning their currencies are too strong.
Speculators reduced their bets on rising commodities prices by 15% in the week ending Feb. 12, the largest weekly reduction since mid-November. However, the cleaner positioning can prepare the stage for a gold price rebound.
