Market News

Oil prices fell below $50 per barrel on Wednesday morning after reports on Tuesday showed an increase in supplies from OPEC and a rise in crude stockpiles in the United States.

The Pound Sterling hit an 11-month peak versus the US Dollar after the latest economic data eased investors’ worries that the UK’s economic growth was slowing down.

The White House faced yet another shake up on Monday as President Donald Trump effectively fired his new communications director, Anthony Scaramucci, who served in his official capacity for only 10 days.

The GBP/USD pair earlier traded near to a 10-month peak today as investors ponder the outcome of Thursday’s monetary policy decision which could see an interest rate hike, the first in more than 10 years.

The dollar hovered near 2 ½ year lows on Monday morning after a weekend of political turmoil in the United States in which President Donald Trump replaced his chief of staff, Reince Priebus, with General John Kelly.

This week will be dominated by high-impact U.S. data, including one of the primary market highlights of the month, Non-Farm Payrolls. There will also be important Central Bank Input from Britain and Australia. Therefore, volatility this week should be at least as high as it was last week.

Traders of the EUR/USD have been on a roller coaster ride since the beginning of the year. Initial expectations that “Trumpflation” would lift the greenback effectively drove the Euro to 14-year lows.

The Pound Sterling earlier struck a 10-month peak versus the US Dollar, largely due to a weakened greenback after the Fed’s unexpected outlook on inflation.

Asian markets were broadly higher on Thursday morning, following Wall Street and responding notably to the Federal Reserve’s announcement on Wednesday after their two-day policy meeting.

The US Dollar continued to edge cautiously higher as investors look to the upcoming monetary policy decision from the US Federal Reserve Bank.

Oil prices remained near eight-week highs on Wednesday morning after data released on Tuesday by the American Petroleum Institute showed that U.S. crude stockpiles declined by 10.2 million barrels last week even as refineries increased output.

The US Dollar Index remained close to a 13-month trough as FX traders hold onto the sceptic’s view that the Federal Reserve Bank will do little to impact the greenback’s weakened trend.

OPEC’s move to limit Nigerian oil production combined with Saudi Arabia’s promise to limit exports in August sent oil prices higher on Tuesday morning.

The US Dollar Index is trading close to a 13-month trough as political turmoil in the US had led to diminished expectations that Donald Trump will be able to push through the various agendas that he had campaigned for in his bid to become the US President.

The dollar struggled against most of its trading partners including the euro, yen and pound on Monday morning, skirting 13-month lows.