The dollar headed for its biggest weekly decline in six weeks as weaker-than-forecast economic data prompted investors to pare bets of an aggressive reduction in monetary stimulus at the Federal Reserve’s policy meeting next week.
On the horizon, a FOMC is coming, actually next week on Sept. 17 and 18. Will we see tapering? Will we see a hawkish Fed or a dovish Fed? To prepare the U.S. dollar for a hawkish Fed or even tapering, the U.S. dollar needs to drop.
While some of the daily moves in gold may have been caused by tensions with Syria and a possible U.S. military strike, what else moved gold up to break above $1,400 and test $1,420, a previous area of resistance?
Soybeans at this time are much more vulnerable than corn, as corn has already passed its pollination stage. Soybeans are still podding and adding beans to the pods. The hot, dry weather has the potential to affect crop yields.
Last week September 2013 silver opened at $20.680 per ounce and closed the week at $23.322. Bulls got some positive economic news out of China and the Eurozone helped push speculation on increasing silver demand.