Greenback Slumped as Mnuchin Supports Weak Currency

US dollar slumped across the board, fueled by US Treasury Secretary Steven Mnuchin’s “weak USD” comment at Davos. The DXY index fell -1.01%, closing at 89.21, the lowest level since 2014. The best performer (amongst major currencies) against greenback …

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Crude Oil Prices Pared Gains after Surprising Inventory Build

Crude oil prices extended rally after a more upbeat IMF forecast on global growth. The front-month WTI contract attempted to re-test the 3-year high of 64.89 (day-high 64.88) and ended the day at 64.47, up +1.54%. The corresponding Brent contract gaine…

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Oil Prices Declined in Profit-taking as Inventory Fell and Production Gained

Oil prices slipped on profit-taking, although the US inventory report showed another week of withdrawal. The front-month WTI crude contract dropped -0.03% while the Brent contract was down -0.1%. Stock markets also pulled back, amidst concerns over a U…

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BOC Hikes Rates as Expected; China Data Awaited

The industry-sponsored API estimated that crude oil inventory fell -5.12 mmb in the week ended January 12. Cushing stock dropped -3.94 mmg for the week. For refined oil products, gasoline and distillate stockpiles gained +1.78 mmb and +0.61 mmb respect…

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Single Currency Highest since 2014; BOC in Focus

Euro rallied to the highest level since 2014 in Asia Wednesday, following a brief consolidation a day ago. The hawkishness continued despite comments that attempted to tone down the prospect of ending QE. Canadian dollar was in consolidative mode ahead…

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Sterling and Euro Jumped amidst Breaking of Political Deadlocks

Strong inflation and retail sales data failed to reverse USD’s weakness. In the major currency universe, British pound and the euro were the best performers last Friday. GBPUSD jumped to the highest level since June 2016 amidst breakthrough on Brexit t…

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Hawkish ECB Signaled Change in Guidance This Year

Major currencies generally firmed against US dollar but euro was the best performer. The single currency was lifted as the ECB minutes for the December meeting came in more hawkish than expected. Long-dated US Treasury yields eased as core PPI surprise…

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Pipeline Disruption Sent WTI Crude Oil to Two-Year High

WTI crude oil prices climbed higher as trading resumed after holiday, catching up the oil rally amidst output disruptions along the major oil pipeline from Canada to the US. The front-month contract has risen to a fresh two-year high of 58.58 earlier i…

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Greenback’s Strength Weighed on Commodities

Commodities fell across the board, as the rise in greenback weighed on USD-denominated assets. In the oil markets, traders continued to take profit from the recent rally, unloading their long positions from the current elevated levels. The front-month …

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BOE Hike, Powell as New Fed Chair, US Tax Plan… All As Expected. Focus Now On Nonfarm Payrolls

Events in the UK and the UK roiled the financial markets. BOE’s dovish rate hike accelerated British pound’s selloff which had started a few hours before the official announcement. US President Donald Trump announced that he has nominated Jerome Powell…

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