By InTheMoneyStocks on March 16th, 2010 10:08am Eastern Time
The U.S. Oil fund (NYSE:USO) is trading sharply higher this morning as the U.S. Dollar declines. Generally, when the U.S. Dollar is weak most commodities and inflationary stocks will catch a bid higher.
Today the Federal Reserve Bank will announce their policy statement on the Fed funds rate and the economy. The market sentiment is not expecting any change in rates from the Fed. Therefore, this is putting pressure on the U.S. Dollar giving most commodities a lift higher today. The U.S. Oil Fund (NYSE:USO) will have intra-day resistance at the 39.60 level.
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