Market News

Oil prices dipped on Wednesday, as refined product inventories in the United States rose in what the market interpreted as a sign of lackluster demand.

Australia’s economy expanded at the fastest annual pace in over a year last quarter thanks to a long-awaited jump in business investment, but worrying weakness in household spending cast a cloud over the outlook for growth.

The Greenback had a rough day and so did the rest of Wall Street as Uncle Sam’s numbers all came in the red.

Just hours after a Brexit deal crumbled, British Prime Minister Theresa May came under pressure on Tuesday from opposition parties and even some allies to soften the EU divorce by keeping Britain in the single market and customs union after Brexit.

The U.S. Senate Banking Committee on Tuesday voted to approve Fed Governor Jerome Powell to lead the Federal Reserve, sending his nomination to the full Senate for a vote.

The U.S. trade deficit increased more than expected in October, hitting a nine-month high as rising oil prices helped to boost the import bill, suggesting that trade could be a drag on growth in the fourth quarter.

Canada’s hard-hit export sector showed unexpected signs of strength in October, posting the first increase since May on higher shipments to the United States while imports continued to disappoint.

Oil was in the red, but CAD somehow got bid higher. GBP, meanwhile, extended its losses in the wake of yesterday’s disappointing news that Theresa May failed to hammer out a deal. The pound’s slide slowed, though.

Oil slipped towards $62 a barrel on Tuesday as investors took profits in the wake of OPEC and other producers’ pact to extend output cuts, although an expected drop in U.S. crude inventories lent support.

European shares surrendered on Tuesday to sliding cyclicals, as a rotation out of tech stocks gathered pace and dwindling enthusiasm over a U.S. tax bill weighed on financial services.

In case you haven’t noticed, it’s not just economic reports that are moving the major currencies lately. Here are market movers that you need to watch out for.

Oil prices fell on Tuesday ahead of U.S. crude inventories data, as the market weighed the impact of rising U.S. crude output versus last week’s deal between OPEC and other crude producers to extend output curbs.

Wealthy Russians facing the prospect of targeted U.S. sanctions next year have floated the idea of a special treasury bond to facilitate favorable terms for bringing their cash home, three sources familiar with the scheme said.

Japanese government bonds slipped on Tuesday, pressured by U.S. Treasuries and weaker-than-expected demand at a 10-year JGB sale.

Today’s Asian session trading turned out pretty well for the Aussie and Kiwi, which took advantage of positive reports, not-so-dovish central bank insights, and a positive Chinese PMI release.

Net short positions on USD increased further. And the latest COT report shows that net bearish bias on USD increased mainly because of another influx of GBP longs and more JPY shorts getting squeezed out.

Asian shares were subdued on Tuesday as investors’ rotation out of technology shares took a toll on some of the region’s tech heavyweights although hopes of a major tax cut in the United States underpinned risk sentiment.

Oil markets rose in early Asian trade on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week’s deal between OPEC and other crude producers to extend output curbs.

Dollar bulls were in a pretty good mood during the New York session on stronger hopes that tax reform could see more positive developments in the days ahead.

British Prime Minister Theresa May failed to strike a Brexit divorce deal with EU negotiators in Brussels on Monday despite earlier reports of a breakthrough agreement that would have kept British-ruled Northern Ireland aligned with EU regulations.