Market News

Oil prices stayed near 1-year highs on Tuesday as expectations grew that OPEC will cut output, and Russia said it was ready to join in on the cuts.

The Pound Sterling skidded against the US Dollar with the greenback recouping some of the losses it sustained on Friday in the wake of a disappointing labor report.

After a contentious weekend during which Donald Trump’s and the Republican party suffered several setbacks in the quest for the presidency, the peso has reaped the benefits with a continued climb against the dollar.

There will be a significantly lighter news schedule this week compared to last week, with the only central bank input due from the U.S. Get the weekly economic calendar for the week of October 10, 2016 here.

The British pound experienced something akin to a ‘flash crash’ on Friday as it dropped sharply to 30-year lows of $1.189 before rebounding slightly to $1.2399.

The US Dollar edged higher in Thursday’s trade and is extending the current 4-week peak versus the Japanese Yen.

The U.S. dollar traded in a tight range during Thursday’s Asian session as traders sit tight and wait for Friday’s nonfarm payroll reports which are expected to further support the expectation of a December rate hike.

A recent media report from Bloomberg suggested that the European Central Bank was likely put an end to its monthly bond purchases (of some €80 billion) before the cessation of the formal Quantitative Easing program.

The dollar climbed during Wednesday’s Asian session following Tuesday’s comments from Richmond Federal Reserve President Jeffrey Lacker that solidified a strong possibility for an interest rate hike before the end of 2016.

The Pound Sterling fell against the US Dollar to its weakest price in 31 years as fears of the impending Brexit take its toll on the Pound.

The Euro continues to be under some pressure on concerns over the impact that the Deutsche Bank settlement could have on Germany, the largest economy in the Eurozone.

There will be a much heavier and more serious news schedule this week compared to last week, with central bank inputs due from Australia and key Non-Farm Payrolls data due from the U.S. The week’s news will probably be dominated by U.S. economic data releases.

The US Dollar edged higher against the Japanese Yen after earlier moving near to a 1-month peak after investors’ sentiment soured.

In the first such deal since 2008, OPEC agreed on Wednesday to curb oil production in an effort to manage the market.

The US Dollar Index rose on Wednesday as the markets’ focus shifts to testimony from the chief of the Federal Reserve Bank, Janet Yellen.