Everything is selling off today in the wake of the big Federal Reserve announcement and Ben Bernanke press conference yesterday, which offered specifics on when to expect tapering (later this year) and encouraged the sell-off in the bond market (because rising rates were said to be for the right reasons).
But the sell-off is also being driven by more weak manufacturing data out of China overnight, and nowhere is that more apparent than in the commodity complex, where everything is getting slammed.
Gold is, of course, the big story in the commodity space today – it’s down a spectacular 5.2% this morning. Silver is getting crushed though, too – down 6.3%. Platinum is down 2.0% and palladium is down 3.3%.
Oil is taking it hard as well. Right now, WTI crude is trading around $96.00 a barrel, down 2.6%. Brent crude and gasoline are also down 2.6%.
Corn, wheat, soybeans, coffee, sugar, and cotton are all down between 1.5% and 2.4%.
The dollar is strengthening virtually across the board this morning, and a lot of commodity producer and emerging market currencies are taking a hit as well.
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