Talking-Forex.com
Talking-Forex.com
Plenty of themes running through the market today, but early European focus was on a meeting between some of the leading Oil producers. Clearly there was some hope for an ‘adjustment’ to output levels, so the agreement to freeze production (unilaterally) was not well received. Saudi Arabia alluded to further supply side consideration, but Iran only agreed to the ‘freeze’ at pre sanction levels. This all proved negative for Oil, eventually taking out $29.0, leading to a USD/CAD move on 1.3900 late in the day. Equities also suffered on this, with the added weight of ongoing banking sector concerns, but US stocks weathered this well to contain the USD/JPY hit through 114.00. Brexit fears dominating GBP again, and after a short squeeze in Cable took out, 1.4500, it was pretty much one way traffic from here, with losses gathering momentum as a series of stops were triggered through 1.4400. EUR/GBP pushed up through .7800, but this was short lived, as USD gains then spread through to the EUR, AUD and NZD. The Fonterra auction was not as bad as the futures market had suggested, but the brief NZD upturn was followed up swiftly with a return to fresh lows on the day. AUD dipped back under .7100 after showing some resilience post RBA minutes.
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