The CurrencyShares Euro Trust (NYSEMKT: FXE) is up almost 0.45% at $125.03 and is back at the highest levels seen since July 3. If the dollar is weakening, you know that is driving commodities higher:
Gold is higher by $9.71 to $1672.82 and that has the gold ETFs higher with the SPDR Gold Shares (NYSEMKT: GLD) is up 1.1% at $162.30 and the rival gold ETF of the ETFS Physical Swiss Gold Shares (NYSEMKT: SGOL) is up 1.04% at $165.32.
Oil is higher as well despite stock prices being down with a barrel up $0.48 at $97.74 so far today and that in turn has the United States Oil (NYSEMKT: USO) up 0.44% at $36.38 on the day.
Watch the currency markets here, with that being the Euro in particular. At some point a stronger Euro won’t just be bullish for commodities. All of those U.S. companies which warned that currencies were hitting their returns negatively could stand to benefit.
JON C. OGG
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