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Summary

US Market Update – USOil recovered to $51.10, after printing $50.09 in the aftermath of the OPEC/NOPEC agreement to extend production cut for an additional 9 months, though March, 2018. The contract has traded closer to one-month highs of $52.00 ahead of the reported agreement.U.S. equities are charting a firmer course even as the price of oil dropped, with  USA30 above 20-Day EMA suggestive further upside direction.


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EUR/USD: Inverted hammer on D1, flash PMIs eyed

EUR/USD created a bearish inverted hammer candle on Friday, establishing 1.12 as key resistance. A bearish hammer reversal would be confirmed if the spot closes Monday below 1.1102. Better-than-expected German PMI is needed to avoid a bearish close.

EUR/USD News

USD/JPY sidelined below 109.50 amid lack of clarity on trade deal

USD/JPY continues to trade in a flat line below mid-109s, as investors await some clarity on the US-China Phase One trade deal, especially amidst caution over the deal’s details. 

USD/JPY News

GBP/USD: Recovery falters just shy of 1.3400 ahead of UK PMIs

GBP/USD recovers nearly 90-pips from Friday’s NY low of 1.3306 but faces stiff resistance at 1.3400. Brexit optimism to keep the sentiment lifted around the pound. The focus remains on the UK Markit Preliminary PMIs ahead of BOE.

GBP/USD News

Gold: Flatlined after the biggest weekly gain since September

Gold is lacking a clear directional bias in Asia, having eked out its biggest weekly gain in nearly three months. The yellow metal is currently trading at $1,474 per Oz, representing little or no change on the day.

Gold News

WTI: Off 3-month highs, trapped in a rising wedge

WTI is rapped in a rising wedge on the hourly chart. A break below $59.21 would confirm a wedge breakdown. A close above $59.81 would imply bullish continuation. WTI hit a high of $60.45 on Friday. That was the highest level since Sept. 17.

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