OVERNIGHT

Gold, the notorious non-yielding precious metal, eased upwards after two days of losses to settle at $1,045.85 an ounce. This came after setting a six year low earlier this month in the face of Wednesday's expected rate hike and the strong dollar. Gold prices and a strong dollar are like oil and water; they don't go together.

In other metals copper remained weak as uncertainty about a global recovery anytime soon continues along with what some see as the divergence meme popularized of late by MSM. To say commodities for the most part have been soft is an understatement given the damage in emerging markets this year.

The up move in the Dow carried over to Japanese equities early Wednesday and higher energy prices for the second straight day didn't hurt the cause either.

In other news Tuesday, Argentina's central bank in its first post-election move bumped up interest rates on a tranche of fixed-deposits ahead of what many expect will be a big debasement of its peso.
Freeing up capital controls will likely weaken the official peso exchange rate. Local market sources said they expect the rate to weaken to around 13.5 to 15 to the greenback, versus the current rate of 9.8 per dollar, Reuters reported. 

According the WSJ, Argentina currently suffers from roughly 25% annual inflation, the biggest fiscal deficit in three decades, a shortage of U.S. dollars needed to pay for imports, and poverty that nears 29%. Argentine exporters also say an overvalued currency makes local goods uncompetitive abroad.