Euro Trading Higher, Oil Market Quiet

This morning the Euro is trading higher by another 60/100ths of U.S cent despite a very quiet Oil market. Crude is trading 9 cents lower at $66.85 with traders digesting the recent roller coaster ride which saw Oil drop and then recover and almost $4.00 down draft. Last on the Euro $1.4140.

The metals are slightly higher in overnight trading as Asia and Europe caught up and adjusted their portfolios to reflect yesterday’s New York final $3.59 jump in the price of Oil. Silver gained another 4 cents to $13.58. Gold picked up $1.00 to $936.00. Palladium is $262.00 up $2.00. Platinum is $9.00 higher and changing hands at $1190.00.

In the stock market the Dow ended yesterday with an 83 point gain and appears to be headed for a 45 point higher open today with traders hoping to see improved U.S economic data before the open.

As for today’s data; we start the day with the advance look at our 2nd quarter Gross Domestic Product (GDP). Wall Street expects to see a 1.5% decline in economic growth compared with the first quarter’s decline of 5.5%. Bad but quite a bit better.Next comes the 2nd Quarter reading of Core Personal Consumption/Expenditure Inflation which the Fed watches very closely. The estimate calls for inflation at 2.4% versus the first quarter’s rise of 1.6%.

Later this morning we get our final piece of data with the July Purchasing Managers index of Manufacturing (PMI). The Street expects to see further improvement in manufacturing with a reading of 43 compared to June’s 39.9.

In world matters Iranians refuse to let the bloody aftermath of their elections be ignored as thousands gathered at Tehran’s main cemetery to commemorate the 40 day anniversary of those killed in anti-regime clashes. On the domestic front the health care reform bill debate rages on.