- Crude futures declined along with a basket of commodities as the US dollar soars
- WTI traded down to $69.74 in early Wednesday trading as markets moved on the result of the US election
- Dow futures were up 1,250 or 2.95% to 43,615 as America was waking up
- The dollar’s gain against major currencies is the largest since 2020, making raw materials priced in the dollar more costly for buyers
- Donald Trump 2.0
- “US foreign policy is shaping up to be a potential factor for oil markets in the near term” over Iran, said Vivek Dhar, an analyst at Commonwealth Bank of Australia (BBG)
- Both a stronger dollar and the possibility of an escalated US-China trade war could create headwinds for metals prices, according to Marcus Garvey, head of commodities strategy at Macquaire
- Bonds dropped the most since 2020 as Trump victory renewed the inflation bet
- The 10yr yield traded up 4.69% to 4.471 – the highest level since early July
- “The bond market anticipates stronger growth and possibly higher inflation,” said Stephen Dover, head of the Franklin Templeton Institute (BBG)
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