WH Adviser O’Brien: US will work with world’s largest oil producers to address volatility

Anil Panchal FXStreet

Early Thursday morning in Asia, White House National Security Adviser O'Brien came out on the wires, via Reuters, noting that the US will work with the world’s largest oil producers to address volatility. The Trump administration member also criticized China’s coronavirus numbers while warning to not harm during the health crisis.

Key quotes

US will work with the world’s largest oil producers to address volatility.

There’s no way to confirm any of those (coronavirus) numbers (from China).

It would be a mistake for any adversary to try to do us harm during this health crisis.

Market implications

Oil prices marked an uptick from $20.90 to $21.00 following the news while the market’s risk catalysts, like the US treasury yields and stock futures, await fresh clues to portray the extended risk-off.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD weakens to two-week lows near 0.6960

AUD/USD clinches its second consecutive daily pullback as market participants continue to assess the RBA’s rate hike earlier in the day. Indeed, the pair slipped back toward the 0.6960 zone, or multi-day troughs, following the less-hawkish-than-expected message from the RBA after it hiked the OCR by 25 bps, as widely anticipated.

USD/JPY fails near 159.00 amid weak USD, intervention risks

USD/JPY edges lower during Tuesday’s Asian session, reversing part of the previous day's gains to 158.00 as the US Dollar remains depressed amid hopes for Iran diplomacy and ahead of US midterm elections. Meanwhile, intervention risks support the Japanese Yen, though the uncertainty over the timing of the next BoJ rate hike caps gains. This keeps the pair confined within a familiar range and warrants caution before placing directional bets.