SEB rises as commodities plummet
"We saw the commodities market start to peak, especially oil, and then begin to come off the tops it had risen to," said Anders Söderberg, chief technical analyst in trading strategy at SEB in Stockholm. "High commodity prices had been one of the driving forces of the weak dollar, so the steep decline in oil in recent times has been good for USD."
This was illustrated by the Standard & Poor's Goldman Sachs Commodity Gasoil Index, which posted a decline of 8.88% in August.
The bank also took the
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