Few important datas for today are USD ADP Non-Farm employment change which came out as positive than previous and expected; GDP m/m from CAD was also positive than previous and expected. Both datas are actually positive deviations.
The crude oil inventories also came out as a draw although not as much as last time, but still better than expected.
Of course, the headline today was the OPEC meeting which they reached a deal today with huge hit on Saudi Arabia. It’s the first deal to cuts since 2008 and Saudi agreed to get more cut so Iran can get a free card. Russia also joins cut as promised. (civil war in Yemen)
WTI jumped 10% to reach $50 but then closed slightly below at $48 - $49
- GBP surged largely due to OPEC; low yield currencies & instruments all dropped
- Cable is the key to keep London as currency trading capital.
- CAD is benefited from OPEC deal so does EUR
- Datas continue to support Dec rate hike for Fed
- Commodity price dropped so did AUD
- NZD raised due to high yield
- JPY & CHF continued to suffer due to risk on sentiment
