Market News

This week is likely to be more active, as there is significantly more important data scheduled for release this week compared to last week.

The two day rout in global equities is taking its toll on the US Dollar Index which was trading close to a 2-week low during Asian trade on Friday.

Though encouraging signs have crept into the negotiations between the European Union and the British government, FX traders are still wary that the trade issue surrounding the Irish borders will continue to be a sticking point that could derail the process.

As selloff on Wall Street on Wednesday sparked fears of contagion worldwide, sending Asian markets broadly lower and positioning European markets for an expected triple-digit loss on the open today.

Before it retreated, investor optimism had helped to push the Pound Sterling to a 3½ month peak versus the Euro as the news media reported that a Brexit deal will likely be struck soon.

The U.S. dollar traded modestly lower on Wednesday morning in Asia while the British pound headed higher on hopes that a Brexit deal may be forthcoming.

The common currency Euro remained close to a 7-week trough as worries about the Italian budget persisted which raised new concerns within the European Union.

Asian stocks hit 17-month lows on Tuesday as investor concerns about the state of the global economy continued to pressure markets.

The Pound Sterling lost momentum on Monday despite word that the British government is close to having a deal in place by next month.

Oil prices declined on Monday morning after Washington weighed the possibility of waiving some of the sanctions it plans to bring upon Iran next month.

This week is likely to be dull, as there is very little important data scheduled for release compared to a typical agenda.

All three major Wall Street indexes closed lower on Friday with the S&P 500 falling nearly 1 percent for the week, its worst weekly performance in nearly a month.

The US Dollar was broadly higher as FX traders assessed the effects of a rout in global sovereign bonds that helped to boost yields on US Treasury instruments.

The British Pound edged higher and moved away from the recently struck 4-week trough after it was reported that Ireland intends to support the Prime Minister's proposal with the European Union.

Oil prices were lower during Thursday’s Asian trading session after hitting four-year highs on Wednesday.