crude oil

Forex News – Oil jumps 5% after first non-OPEC cut since 2001

Posted on December 12, 2016 at 4:43 pm GMT

Crude oil prices surged to 17-month highs on Monday after non-OPEC countries reached an agreement with OPEC members to cut oil output on Saturday. The deal is the first joint coordination between OPEC and non-OPEC states since 2001 and involves cutting output by 1.758 million barrels per day. It becomes effective as of January 1, 2017. OPEC members had already agreed on November 30 to cut the bloc’s output by 1.2 million bpd for the first time since 2008. It followed [..]

European Session – Euro and pound head higher as dollar falls back; Oil holds near highs

Posted on December 12, 2016 at 4:33 pm GMT

The US dollar hit a fresh 10-month high against the yen at the start of European trading on Monday, only to fall back later in the session. The greenback retreated to around 115.40 yen in late European session, having earlier briefly broken above 116 yen for the first time since February. Investor nerves over the Fed’s two-day policy meeting, which starts tomorrow, weighed on the dollar, even as US treasury yields continued to edge higher. Government bonds yields have been [..]

European Session – Pound slips on weak data, Brexit vote but euro firmer ahead of ECB

Posted on December 7, 2016 at 3:45 pm GMT

Major currencies were struggling for direction in Wednesday’s European session as cautiousness set in ahead of tomorrow’s ECB policy decision and next week’s FOMC meeting. The US dollar and the euro were confined to tight ranges but the pound underperformed as a combination of disappointing data and Brexit developments took their toll on the British currency. The euro benefited from positive risk sentiment brought about by reports suggesting Italy’s third biggest lender will likely receive a state bailout. This eased [..]

European Session – Euro steadier as Italy remains in spotlight; Dollar slightly firmer

Posted on December 6, 2016 at 3:44 pm GMT

Major currencies were steadier in European trading on Tuesday with the euro and the pound holding near multi-week highs, while the US dollar firmed from yesterday’s 3-week low. The positive risk sentiment from Asia carried forward to the European session with major European stock indices extending Monday’s gains. Reports that the Italian government was preparing a state aid for the country’s third largest bank, Monte dei Paschi di Siena, helped the recovery in risk appetite following the rejection by Italian [..]

European Session – Euro in sharp reversal as Italy vote shock dissipates; Sterling at 2-month high as Brexit hearing gets underway

Posted on December 5, 2016 at 3:58 pm GMT

The euro made a dramatic turnaround after slumping to its lowest since March 2015 earlier in the day as markets reacted to the expected ‘No’ vote in Italy’s referendum on constitutional reforms. However, market calm was soon restored with both the single currency and European stocks heading higher, while sterling climbed back towards 2-month highs even as the UK Supreme Court started deliberating on the Brexit hearing. Fears that the Italian voters’ rejection of changes to the country’s constitution would [..]

European Session – Euro rebounds above $1.06 as dollar pulls back

Posted on November 25, 2016 at 4:33 pm GMT

The euro attempted a rebound in Friday’s European session as it took advantage from a softer greenback. The US dollar retreated from fresh highs made against the yen at the start of Asian trading today but still looks set to end the week with gains of almost 2%. The break in the dollar rally didn’t apply to equities however, as both the Dow Jones Industrial Average and the S&P 500 opened in record territory today when trading resumed from yesterday’s [..]

European Session – Oil and gold steadier as dollar holds near highs in thin Thanksgiving trade

Posted on November 24, 2016 at 3:14 pm GMT

Currency markets and commodities were steadier in European trading on Thursday as the dollar eased slightly from the fresh highs set earlier in the day. Trading volumes were thin today due to US markets being closed for the Thanksgiving holiday but Wednesday’s strong US data and hawkish Fed minutes were enough to keep the dollar’s bullish momentum going. The US dollar set a new 8-month high of 113.53 yen at the start of the European session but had eased slightly [..]

FX Daily Outlook | 24-11-16

Posted on November 24, 2016 at 11:08 am GMT

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Asian Session – Dollar breaks above 113 yen as Fed minutes intensify rate hike expectations

Posted on November 24, 2016 at 8:22 am GMT

The US dollar was once again making fresh highs in Thursday’s Asian session as strong US data and hawkish FOMC minutes fuelled expectations that the Fed is poised to raise rates in December. Wall Street also extended its rally with the Dow Jones and S&P 500 closing at another record high on Wednesday as investors bet that the incoming Trump administration will boost fiscal spending. However, stocks in Asia were mixed today as rising US treasury yields continued to weigh [..]

European Session – Stocks boosted by oil as dollar attempts to resume rally

Posted on November 22, 2016 at 3:55 pm GMT

Equities were the main winner in Tuesday’s European session as higher oil prices drove up energy shares. The US dollar meanwhile hovered around the 111 level against the yen for most of the day as it attempted to resume its post-election rally that’s been on pause since yesterday. European stocks opened sharply higher on Tuesday on the back of stronger commodity prices and a record close on Wall Street on Monday. US equities extended their move into record territory at [..]

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