Morning Call For February 9, 2015

The dollar index (DXY00 unch) this morning is down -0.028 (-0.03%). EUR/USD (^EURUSD) is down -0.0006 (-0.05%). USD/JPY (^USDJPY) is down-0.64 (-0.54%). The dollar index on Friday closed higher: Dollar index +1.129 (+1.21%), EUR/USD -0.01663 (-1.45%), USD/JPY +1.606 (+1.37%). Bullish factors included (1) the stronger-than-expected U.S. Jan payrolls report, which bolsters the outlook for the Fed to raise interest rates sooner rather than later, and (2) weakness in the yen after USD/JPY climbed to a 3-week high as an early rally in the S&P 500 to a 1-1/4 month high reduced the safe-haven demand for the yen.

Mar WTI crude oil (CLH15 +1.66%) this morning is up +71 cents (+1.37%) and Mar gasoline (RBH15 +1.12%) is up +0.0129 (+0.83%). Mar crude oil and Mar gasoline on Friday closed higher: CLH5 +1.21 (+2.40%), RBH5 +0.0402 (+2.64%). Bullish factors included (1) the larger-than-expected increase in U.S. Jan non-farm payrolls, a sign of economic strength, (2) signs that U.S. oil production may fall after data from Baker Hughes that showed operating U.S. oil rigs in the week ended Feb 6 fell to a 3-year low of 1140, and (3) the ongoing strike by the United Steelworkers union, which represents employees at more than 200 refineries and 10% of U.S. refining output, which may lead to reduced gasoline and distillate output.

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