from Dan Norcini:
That combination is working to send strong money flows into the commodity sector this morning. Though the Dollar is still trading within its month long trading range, it is starting to look a bit heavy.
If tomorrow’s FOMC statement comes across as dovish once again, we could see some deeper losses in the Dollar. I think this is what is moving the market today as many traders are getting increasingly pessimistic that we are ever going to get this current Fed to sound the least bit hawkish. I have never seen such a timid group of people.
I have made no secret that in my view it is long past time for the Fed to move on the interest rate front. A great number of folks that I know are in the retired group and I am growing increasingly depressed as I listen to their stories about not being able to get enough interest income on their savings to live anywhere near the manner that they had once expected to be able to do when they first began to even contemplate retiring back some years ago.
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