 Good morning to CMC Espresso, your daily news update from the Frankfurt Office of CMC Markets. Somehow it seems that no one really bought into what the Federer Reserve had to sell yesterday. The Fed statement was more hawkish than it had been last time, but gold was going up strongly after it went down for a short time. The dollar after it spiked up for a short time went into a nose dive correction. Silver is now firmly above $20 an ounce. The price of oil didn't profit from the weakness in the dollar. After data from the US Energy Department showed a larger than expected inventory build. If you have been following this video format this week, you knew that refineries are shutting down capacity utilization to react to the largest gasoline inventories in four years. So this means less crude oil demand, which is now showing up in inventory numbers. And it is probable that this will continue to be the case in the coming weeks. Right now, fundamentals trump any FX or dollar moves in the oil market. That the Federer Reserve would honor better than expected economic data, which had been released in the past months, was clear. Maybe some gold traders had interpreted yesterday's more hawkish statement that maybe the Fed knows more than the markets. And that could only be that they might be knowing more about inflation developments. Gold traders must think that the Fed might expect inflation rates to go up in the coming months, cause everything else would not really explain why gold went through the roof yesterday after the Fed released its hawkish statement. In the end, it is short sellers covering their positions after bad news were delivered, which is a bullish development.