Markets Quiet Awaiting Fed Beige Book Later Today

In the forex market we find the Dollar listless after slumping to yearly lows. Last trade on the Euro $1.4503 off 1/100ths of U.S cent. Crude Oil is down 11 cents at $70.99. Traders are not quite sure what to expect when the Vienna OPEC Meeting kicks off today. Unfortunately the estimates for this week’s Oil Inventories are not currently available.

Markets appear to be quietly drifting in advance of this afternoon’s release of the Fed Beige Book. The Beige Book is an anecdotal collection of business conditions throughout the Federal Reserve districts. It is how the Fed gets the pulse of American Business. Since the report does not hit the tape until 2pm eastern; traders will have little to sink their teeth into for market direction before then.

Traders will once again be glued to the Dollar markets and Oil for guidance. As for the metals; they are also drifting with Silver down 7 cents at $16.35. Gold is $2.00 lower with the last European trade at $995.00. Palladium remains unchanged at $292.00. Platinum is $1283.00 up $3.00 per ounce.

Over in the stock market the Dow ended Tuesday with a 56 point gain but looks 4 points lower this morning. In other matters; President Obama will hold a nationally televised speech tonight where he will once again make his case for health care reform including the the contentious public government option.