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European Session – Sterling jumps on hopes of soft Brexit; oil extends post-OPEC rally

Posted on December 1, 2016 at 3:25 pm GMT

Sterling was one of the best performing major currencies after surging in reaction to comments from Brexit Secretary David Davis who was taking questions from MPs in the UK Parliament today. The pound rallied to its highest level in two months against the dollar after the minister said that the UK government would consider contributing to the EU budget in order to maintain single market access. His comments suggested a move away from a hard Brexit towards a softer exit [..]

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Forex News – Rising oil prices lift inflation expectations, boosting dollar and yields

Posted on December 1, 2016 at 11:57 am GMT

Oil prices soared after an agreement was reached by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.2 million barrels a day. This was the first time since 2008 that the cartel came to a deal to trim production levels, as it aims to boost oil prices that have been depressed for over two years due to a supply glut. The OPEC deal on Wednesday sent oil prices higher, with WTI rising above $50 [..]

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Asian Session – Dollar hits 9-month high against yen, oil continues to gain after OPEC deal

Posted on December 1, 2016 at 7:48 am GMT

Risk sentiment in today’s Asian session was boosted by data showing a pickup in China’s manufacturing activity. Today’s risk appetite follows from a surge in crude oil prices after the Organization of the Petroleum Exporting Countries (OPEC) reached a deal yesterday to cut output. Oil prices were still in focus as they extended gains today to reach a 5-week high. Brent crude rose to $52.70 a barrel, the highest since October 25. WTI oil climbed to $50.20 a barrel. A global [..]

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European Session – Oil surges as OPEC agrees to cut ouput; dollar boosted by ADP jobs data

Posted on November 30, 2016 at 3:20 pm GMT

Oil prices surged throughout the day on optimism of a deal by OPEC to cut production levels at a meeting in Vienna today. Media sources reported that OPEC agreed to cut over 1 million barrels a day to 32.5 million. WTI oil gained over 7% on the day and hit as high as $49.08 a barrel while Brent Crude was up almost 8% and reached $51.37 a barrel. The Canadian dollar clearly outperformed due to stronger oil prices since Canada is [..]

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Asian Session – Oil prices hover at $45 a barrel ahead of crucial OPEC meeting today

Posted on November 30, 2016 at 6:22 am GMT

All eyes are on a long-anticipated formal OPEC meeting in Vienna today as oil prices hovered near two-week lows around $45 a barrel. Oil ministers will gather today to try to reach a deal to cut production levels as a global supply glut has kept prices low. There are hopes that OPEC will reach an agreement to limit some oil output but the main obstacles to a deal would be Iran and Iraq, which are two of the largest global [..]

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Asian Session – Oil rises on hopes of OPEC deal; Canadian dollar gains

Posted on November 29, 2016 at 7:42 am GMT

Trading during the Asian session was muted, with a slight risk off mood in the markets as investors awaited an OPEC meeting on Wednesday. Oil prices stabilized after rising yesterday on hopes of a deal to be struck to limit output levels. Oil-linked currencies like the Canadian dollar strengthened as WTI oil rose above the $47 a barrel mark on Monday. Prices slid down to the mid – $46 a barrel level in Asia today. USDCAD consolidated losses near yesterday’s [..]

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European Session – Sterling posts steep losses, dollar recovers, oil prices swing higher

Posted on November 28, 2016 at 3:31 pm GMT

The US dollar recovered losses made against the yen earlier in the day when it registered its biggest drop in a day in almost a month. The greenback climbed to a European session high of 112.78 yen after having slipped to as low as 111.35 in today’s Asian session in what was seen as profit-taking after a strong rally that took the USDJPY pair to 8-month highs on Friday. The dollar is seen to be supported in the near term [..]

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