Storm Harvey is leaving a path of destruction in its wake, with an ongoing deluge of rain and wind. In addition to the human tragedy and physical damage, about 10% of US refining capacity has been shuttered according to reports. As one would expect, gasoline prices are jumping 4-5%. Brent prices are steady, while the front month light sweet crude oil futures contract is off around 1%. Although it traded on both sides of the pre-weekend range, the October contract is well within the range set the day before (August 24) of roughly $47-$48.40.
Aussie little changed in a quiet Monday trade
There were not major reports from Australia or New Zealand on Monday so after the reaction to Yellen’s comments on Friday, there is not much to move the markets. The persistent bear-trend in the USD this year showed its claws last week with fresh lows in the Bloomberg dollar index against 10 leading currencies after a month long consolidation. It posted a new low since January-2015 on Friday and closed basically on the baseline if its range over this period.
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