U.S. Session Forex Recap – Sept. 6, 2016

  • U.K. BRC retail sales monitor down 0.9% vs. previous 1.1% gain
  • G20: Need for consolidation between monetary and fiscal policies
  • Saudi Arabia and Russia to set up working group to monitor oil market

The Greenback was all over the place as U.S. session traders weren’t around to give it any clear direction while most pairs sat quietly in their ranges.

Major Events:

Saudi and Russia’s joint statement – With all the oil market chatter these days, market participants had their hopes up for a solid game plan between Saudi Arabia and Russia. However, their joint statement proved to be a dud as the energy-rich nations simply announced that they agreed to form a working group to monitor oil market movements.

Because of that, many started to doubt that the informal OPEC meeting later this month could produce any course of action, with the member countries likely postponing their talks to cap production until their official meeting in Vienna this November. WTI crude oil sank to a low of $44.75 per barrel after hitting a high of $46.50 per barrel while Brent crude oil dropped to $46.98 per barrel.

Major Currency Movers:

EUR – The shared currency was one of the weakest performers for the day, carrying on with its dive from the earlier sessions.

EUR/USD slid from 1.1163 to a low of 1.1138 (-0.22%), EUR/AUD broke below support at 1.4700 to a low of 1.4672 (-0.19%), EUR/NZD is down from 1.5264 to 1.5253 (-0.07%), and EUR/CAD tumbled from 1.4446 to 1.4397 (-0.34%).

Watch Out For:

See also:

Asian Session Recap

London Session Recap

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