Fed rise impacting markets. CNBC coverage coming up.
*MW Oct. crude drops $1.79, or 3.9%, to settle at $44.15/bbl on Nymex
CNBC said both Saudis & EIA saying supply glut continuing. MRO -8% @15.
With overall market & oil trading hand & glove today it appears fear of what happens once Feddy does kick. Worse case is US slows down, world slows down, who needs oil then.
When I saw China boosting infrastructure spend and oil didn't test even 1.25 that's game over for now.
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Dollar Gains as Investors Bet China Moves Push Fed Closer to Rate Increase
Today 1:38 PM ET (Dow Jones)Print
By Ira Iosebashvili
The dollar gained against the euro and yen Wednesday, as investors bet that additional measures by China to stabilize its economy would bring the Federal Reserve closer to raising interest rates in the U.S.
The Wall Street Journal Dollar Index, which gauges the greenback against a basket of 16 currencies, was recently up 0.3% at 88.94.
China is ready to roll out a "more forceful" fiscal policy to stimulate economic growth, such as allocating more funds for infrastructure projects and tax cuts for small businesses, the country's finance ministry said late Tuesday.
Uncertainty about Chinese growth has roiled equity markets around the world and fueled speculation that the global economy was too fraught with risk for the Fed to raise interest rates in coming months. Higher U.S. rates are seen as a boon to the dollar, as they make the currency more attractive to yield-seeking investors.
"If we see some of this negative market volatility abate, that could potentially clear the way for a rate increase," said Joe Manimbo, senior market analyst at Western Union.
The Fed is set to conclude its monetary policy meeting on Sept. 17.
The euro was recently down 0.4% at $1.1154. The dollar was up 1.1% against the yen at Yen121.10.
Write to Ira Iosebashvili at ira.iosebashvili@wsj.com
(END) Dow Jones Newswires
September 09, 2015 13:38 ET (17:38 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
The greatest deception men suffer is from their own opinions.
~ Leonardo da Vinci
AI
