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European Session – Dollar remains subdued while Brexit legal challenge caps sterling

Posted on October 13, 2016 at 1:06 pm GMT

The market mood remained risk-off in European trading on Thursday as disappointing trade numbers out of China earlier in the day dampened the outlook for the world’s second largest economy. Meanwhile, expectations that the Fed is on course to raise rates in December weighed on global equities. The September FOMC minutes published yesterday indicated that the decision not to raise rates in September was a close call, and given the recent strong set of data for the US, the Fed [..]

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European Session – Yen slides 1% as oil deal boosts risk-on mood; dollar up on solid US data

Posted on September 29, 2016 at 2:40 pm GMT

The oil deal-driven risk-on sentiment ebbed slightly in late European trading on Thursday but the safe-haven yen continued to fall out of favour as it slid by around 1% against most major currencies. Yesterday’s surprise announcement by OPEC that a deal had been struck to limit output appears to have had more of an effect in boosting dollar/yen than statements from either the Fed or the Bank of Japan have in recent weeks. The dollar has risen sharply today to [..]

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Oil rally fizzles out as doubts remain on OPEC commitment to deal

Posted on September 29, 2016 at 12:45 pm GMT

OPEC countries announced a surprise agreement on Wednesday to cut oil output for the first time since 2008, sending oil prices sharply higher. The deal calls for OPEC members to limit output to a range of 32.5-33.0 million barrels a day from the current 33.24 million bpd. The unexpected announcement comes after much speculation about whether any agreement was possible at the three-day meeting in the Algerian capital, Algiers. The bloc’s largest member, Saudi Arabia, has been at loggerheads with [..]

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Asian Session – OPEC deal to cut output boosts commodity currencies, risk appetite

Posted on September 29, 2016 at 6:47 am GMT

During today’s Asian session the market was still dealing with the aftermath of yesterday’s surprise decision by OPEC to limit its oil production.  The market was at best expecting a deal to freeze output and there were serious reservations that OPEC would achieve even that as many meetings in the past ended in disarray and without any agreement.  Therefore the fact there was an agreement and the additional aspect that it involved a production cut (even if it was a [..]

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European Session – Euro see-saws on Deutsche Bank rumours; Dollar unfazed by Fed, data

Posted on September 28, 2016 at 3:06 pm GMT

The euro was under focus for much of today’s European session as uncertainty over the fate of Germany’s largest lender caused the currency to fluctuate. Meanwhile, the dollar held steady against the yen as traders awaited Fed Chair Janet Yellen’s semi-annual testimony in Congress. The future of Deutsche Bank was the main theme in European markets on Wednesday amid rumours that the German government is preparing a rescue plan for the troubled bank, which has been hit by a mega-large [..]

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Asian Session – US dollar steady against yen and euro after Fed speakers, data

Posted on September 28, 2016 at 6:54 am GMT

The US dollar held on to the gains of the previous day against the euro and was off its lows versus the Japanese yen, as incoming data was positive for the greenback despite some relatively dovish Fed speakers. The euro was pinned near the 1.12 mark versus the dollar, due to re-emerging worries about the health of Europe’s banks and political uncertainty in Italy ahead of a key referendum in December.  Deutsche Bank’s shares fell to a new record low Tuesday on [..]

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European Session – Dollar erases gains versus yen; Oil slumps as hopes of deal fade

Posted on September 27, 2016 at 2:57 pm GMT

The positive risk sentiment brought on by last night’s Presidential debate in the US eroded during today’s European session. The US dollar reversed its post-debate gains when it rose against the yen after polls showed Hillary Clinton was seen as the stronger candidate. The greenback hit a high of 100.98 yen just before the European open but touched a low of 100.08 yen in late session. European stock markets also failed to benefit from the risk-on mood prevailing in today’s [..]

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