• Jul 03 - Currencies Set to Quiet Ahead of Paper Thin Holiday Session; Closer Look at S&P (Morning Slices)
• Jul 03 - Overnight Interest Rate Update 07.03.09
• Jul 03 - U.K. Services Tip Lower in June, British Pound Remains Under Pressure [Update]
• Jul 03 - Swiss Consumer Inflation Rises in June, CHF Crosses Hold Range
• Jul 03 - Forex Market Update: Japanese Yen Crosses Pare Losses In European Trade
• Jul 03 - FX Volume Remains Muted Ahead of U.S. Holiday
• Jul 03 - Forex Market Update: Major Currencies Hold Range Ahead of U.S. Holiday
• Jul 03 - Overnight Interest Rate Update 07.03.09
• Jul 02 - Australia's Supply of Services Grow for First Time in 15 Months
• Jul 02 - Government Spending Faces Large Structural Deficits, N.Z.'s English Says
• Jul 02 - Risk Sentiment Shaken Ahead of Holiday Weekend (Midday Snapshot)
• Jul 02 - Risk Aversion to Mark the Day as Jobs Data Disappoints
• Jul 02 - USD Recovers Overnight; Can the Gains Hold Up? Closer Look at Rand (Morning Slices)
• Jul 02 - U.S. Dollar Support By Comments From China's Vice Foreign Minister, FX Volatility Remains Low
• Jul 02 - Overnight Interest Rate Update 07.02.09
• Jul 01 - Australia's Trade Deficit Widens Five Times More Than Expected on Declining Coal Shipments
• Jul 01 - Forex Seasonality: Canadian Dollar and Japanese Yen May Decline in July
• Jul 01 - Currencies Well Bid into London Fix; SELL EUR/USD @1.4180 (Midday Snapshot)
• Jul 01 - Mortgage Applications Fall Despite Rates Easing From Highs
• Jul 01 - Currencies Regain Bid Tone into US Open (Morning Slices)

NYMEX Crude Oil prices ostensibly saw their largest single-day gain in history on US dollar weakness and a broader commodities rally, but a closer look at NYMEX contracts shows that oil’s outsized gains were hardly based on economic fundamentals. Indeed, it seems that illiquidity on the final day of trading for the October crude oil contract allowed major traders to put on a classic short squeeze—sending prices substantially higher on relatively limited buying.

Major news outlets have sounded the alarms on Crude oil’s astounding single-day ascent—blaming US government plans for renewed strength in the previously high-flying NYMEX contract. It is arguable that fears over US government intervention has led to a massive wave of selling in the US dollar and a sharp rally in the dollar-denominated crude oil contract. Yet it is likewise clear that judging the effects of government plans on financial markets is premature to say the least, and it is unclear that we can expect similar US dollar weakness and commodity price strength through upcoming trading. Indeed, our US Dollar forecast suggests that bearish dollar sentiment may be overdone, and we could see the faltering greenback recover against the high-flying euro and other currencies.