Late Afternoon Pre-Fed bounce in the Euro

With about a half hour to go before the Fed releases it’s data; the metals ended the New York session on a firm note.

The Euro gained 62/100ths of cent versus our Greenback with currency traders front running their expectations of what the Fed will say. The Euro got a little extra support when the U.S.Trade Deficit expanded by $1 billion from the prior month.

Traders took their cue from a surge in Oil and a late afternoon pre-Fed bounce in the Euro. Silver ended the session at $14.56 up 22 cents. Gold gained $4.00 to $950.00. Palladium and Platinum remained slightly down,losing $7.00 per ounce for a close of $1235.00 and $2.00 for Palladium and a close of $273.00. Volume was moderate.

Crude Oil jumped by $1.24 per barrel on the Dollar’s weakness along with a powerful surge in the Dow. The rise in Oil comes despite today’s higher than expected inventories. Last on Crude $70.69.

In the stock market the Dow is presently up 134 points with traders pointing to the warm reception on today’s treasury debt auctions. Other traders are buying in advance of expected optimism on the part of the Fed. More in the AM