Market News

Republican U.S. Senator Rand Paul said he will seek to abolish a crucial Obamacare provision as part of sweeping tax cut legislation, possibly complicatng President Donald Trump’s push for swift congressional passage.

Oil prices fell for a third day in a row on Tuesday on forecasts for rising U.S. crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency (IEA).

The Canadian dollar weakened slightly versus a broadly lower U.S. currency on Tuesday, as a sharp drop in oil prices weighed on the currency of Canada,  major crude exporter.

Majority Leader Mitch McConnell and fellow Senate Republicans said on Tuesday their tax-cut plan likely will be amended to include a repeal of an Obamacare rule disliked by conservatives that requires Americans to have health insurance coverage or pay a penalty.

The euro rose to a 2-1/2 week high against the U.S. dollar on Tuesday and was on track for its largest percentage gain in more than four months, after data showed Germany’s economy shifted into a higher gear in the third quarter.

Oil declined on Tuesday for a third day running as evidence of rising U.S. output and a gloomier outlook for demand growth in a report from the International Energy Agency (IEA) weighed on prices.

President Donald Trump is considering nominating Kansas’s top bank regulator to fill a long-open seat on the U.S. Federal Reserve’s Board of Governors, a source said on Monday.

British finance minister Philip Hammond is under pressure to turn around the fortunes of Prime Minister Theresa May but with Brexit weighing on the economy he has little room to revive her fortunes with his budget next week.

U.S. producer prices rose more than expected in October, driven by a surge in the cost of services, and there were also signs of steady increases in underlying wholesale inflation.

There was action aplenty during the session, with EUR demand and USD weakness being the most noticeable themes. GBP is noteworthy as well since it got kicked broadly lower when the U.K.’s latest CPI reading failed to meet consensus. 

Tomorrow we have not one, but TWO top-tier U.S. reports on tap. Think you’re ready to make pips from the event? Here are a few points to note.

Sterling was flat on the day at $1.3115, nursing losses after it skidded in the previous session against a backdrop of political turmoil as British lawmakers this week debate the U.K. government’s plans for leaving the European Union.

Major currencies and the Asian bourses stayed in Chopsville for most of the session, except for the New Zealand dollar which tanked after China printed top-tier reports.

Asian stocks put in a subdued performance on Tuesday as Chinese economic data disappointed and investors pondered whether a marked flattening in the U.S. yield curve might be a harbinger of a future slowdown there.

China’s economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution.

Large players eased their bearish bias on USD further. And the latest COT report shows that GBP lost the most ground while EUR was able to take back some lost ground.

No data? No problem! The U.S. dollar was able to squeeze out some gains against its peers on higher bond yields while the pound recovered slightly from its earlier selloff.

Congressional Republicans pushed ahead on Monday on a U.S. tax code overhaul as a Senate panel considered the issue, but risks lay ahead with major intraparty disputes unsettled.

Oil prices held steady in a tight range Monday after briefly testing lower, with support from Middle East tensions and record long bets by fund managers balanced by rising U.S. production.

The Canadian dollar pared some recent gains against its U.S. counterpart on Monday, as investors turned attention to the resumption of NAFTA renegotiations and data showed that speculators had cut bullish bets on the currency.