Market News

Oil ministers ended their bi-annual OPEC meeting in Vienna last night without any clear signs of any agreement for a future freeze on oil production.

With investors once again unsure if, or more precisely when, the Federal Reserve will hike interest rates, uncertainty has weighed broadly on the US Dollar which earlier struck a 2-week trough versus the Japanese Yen.

Crude-oil prices jumped Wednesday following a report by Reuters that the OPEC cartel of oil-producing nations may consider a new oil-production ceiling at its meeting on Thursday.

The Aussie Dollar edged higher after an unexpectedly upbeat Q1 GDP report buoyed the commodity-linked currency.

In what seems like an about face, Japan’s Prime Minister Shinzo Abe said he will delay an increase in Japan’s sales tax until 2019.

The Japanese Yen is on the verge of suffering its worst month in 1½ years versus the US Dollar, largely due to growing expectations that the US central bank is getting markets ready for the another rate increase.

The dollar floated near its highest level in two months against a basket of currencies on Tuesday on mounting prospects of an imminent U.S. interest rate hike.

Euro-area economic confidence rose for a second month in May as the ECB updated economic projections that could provide clues to the extent of the success of its stimulus program.

The dollar hit a one-month high against the yen on Monday following comments by Federal Reserve Chair Janet Yellen that the prospects of a near-term U.S. interest rate hike are greater than anticipated until now.

This week can be expected to be more significant than the previous week, with Central Bank input due concerning the Euro on Thursday, and crucial U.S. Non-Farm Payroll data due on Friday.

Japan’s Prime Minister Shinzo Abe announced a possible decision change regarding an increased sales tax at a meeting with his ruling Liberal Democratic Party Saturday.

The G7 meeting of financial policy makers ended t Friday without taking any real concrete steps towards a more stable global economy.

Though key members of the US Federal Reserve are due to speak later today, FX traders are waiting to hear from Janet Yellen, the Chairperson, to get a better idea of how the Fed intends to proceed.

The yen zoomed in early trade on Thursday in anticipation of a possible sales tax hike in Japan and the upcoming decision by Federal Reserve chief Janet Yellen about an interest rate hike in the U.S.

The Euro edged higher against the US Dollar and the British Pound today after finance ministers from the Eurozone approved the release of €10.3 billion to the Greek government in recognition of their efforts to drive through a difficult austerity program.