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OVERVIEW OPEC announced a deal to limit oil output to 32.5 million barrels per day. This is the first reduction in eight years. The Japanese Yen has fallen by almost 1% overnight due to improved risk sentiment based on OPEC’s decision. U.S. Read more
The yen was the biggest mover in the wake of the unexpected Opec agreement to cut production, which has sent Brent over 6% higher over the last day. Both USD-JPY and EUR-JPY were showing 0.8% gains as of the early European PM session. USD-JPY logged an eight-day peak at 101.75, since settling around 101.50. Read more
The yen dove following Opec's decision to curtail crude oil output, while the Canadian dollar and other commodity currencies saw bouts of buying. USD-JPY rallied as the yen weakened as stock markets rose in Asia-Pacific on the unexpected Opec news, which is the first coordinated action to underpin oil prices since 2008. Read more
FX trade was very quiet in N.Y. on Wednesday, leaving major dollar pairings inside of recent ranges. Wall Street was mostly flat on the day, while yields eased marginally. On the data front, the durables report was better than expected though had little lasting impact. Read more
OVERVIEW Sentiment is still fairly negative, as demonstrated by government bond yields which have lowered as investors seek the safety of government debt. The FX market is fairly quiet today with only second tier data released as the focus is still on concerns over German banks and the U.S. Read more
The dollar traded mixed, making gains versus an underperforming yen, lifting versus the Canadian dollar while rising and then falling against the euro. USD-JPY recouped most of yesterday's losses in making a peak of 100.81. A stabilization in oil prices, after diving nearly 3% yesterday, helped European stock markets rally, along with an abatement in concerns about Deutsche Bank. Read more
The dollar has been trading steadily so far today. USD-JPY settled around 100.50, modestly higher as JGB yields ebbed to a four-week low, and EUR-USD made time in a narrow range in the low 1.12s. There was some shifting on the crosses, with AUD-NZD edging out a six-week high and EUR-GBP a two-session low at 0.8609. Read more
A quiet day in FX Land on Tuesday saw the dollar firm up versus most major currencies in morning dealings, before turning largely sideways. Better U.S. consumer confidence helped dollar sentiment, as did risk-on conditions on Wall Street, apparently the result of perceptions that Clinton won the debate, which translates into status quo for markets. Read more
OVERVIEW New home sales in the U.S. fell less than expected in August and the overall trend remains positive. Deutsche Bank shares continue to hit record lows affecting risk sentiment across the market. German two-year bond yields hit a record low as fear grows over the health of the country's largest bank. HIGHLIGHT The first presidential debate saw Hilary Clinton and Donald Trump trade blows over policies on the economy, trade, and immigration. Read more
