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Fed decision drives metals higher, but oil falls
It has been a mixed week for commodities; the FOMC meeting took centre stage and surprised markets with its decision to not taper. Saxo Bank's Ole Hansen says that as a result, we have seen a strong rally in industrial and precious metals.
In fact, copper had its biggest rally of the year, while gold and silver also received a boost. And going forward, Ole explains that economic data is going to be the key for these metals.
Meanwhile, oil fell because of several reasons; Libya’s oil is starting to come back to the market and Syria tensions continue to ease. In addition, a meeting between President Obama and President Rouhani is expected to take place at the UN in New York next week.
This would be the first meeting between leaders from the two countries since the 1979 revolution in Iran.
02:41 minutes
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