OptionEye Macro Outlook June 16th
Overnight corn is steady to a little easier, beans 11 lower and wheat steady to a little better in the fronts, easier in the backs. The trade debating the wettest drought we can remember.
Yesterday the Fed decided not to move on rates and the dollar really didn't collapse. Today it is basically where it has been for the last week at 94.97 up .36 from yesterday's close.
Stocks will open a little lower with the S&P lower by over 10 points and the Dow future down by over 70 points.
The oil market still on the retreat with WTI trading at $47.31 down .70 cents and the gold market is the the beneficiary of yesterday's muddy water and unclear monetary policy. This morning gold is up $14.24 to $1305.99.
The 10 year yield really showing the nervous sentiment out there trading in to 1.55%.
Today we get the Current Account Balance, Initital Jobless Claims, Continuing Claims, Philadelphia Fed Business Outlook and CPI. Let's see if the Fed was right to hold on rates....