Market News

Sterling fell against the dollar and euro on Monday as investors worried about Theresa May’s ability to stay on as British prime minister and get what they consider to be a good exit deal from the European Union.

OPEC raised its forecast on Monday for demand for its oil in 2018 and said its deal with other producers to cut output was reducing excess oil in storage, potentially pushing the global market into a deficit next year.

The risk-off vibes lent wings to JPY and CHF, with CHF getting the better of it. The same risk-off vibes weighed on the higher-yielders, however, especially NZD.

Uncertainty over a U.S. tax reform deal pushed world stock markets further away from recent record highs on Monday, while Britain’s pound fell on growing concern about the future of Prime Minister Theresa May.

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For most investors around the world, bitcoin is a volatile and highly speculative bet. For Zimbabweans, however, the cryptocurrency seems to offer rare protection from the onset of hyperinflation and financial implosion.

Oil trading was cautious on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output.

Traders shed pounds at the start of the week as they trimmed the fat around UK’s weekend headlines. Meanwhile, higher U.S. Treasury yields sent the Greenback higher across the board.

Asian shares stepped back in cautious early trade on Monday as investors look to see whether U.S. Republicans can hammer a tax reform deal quickly.

The pound slipped early on Monday as troubles mounted for British Prime Minister May, with a report that 40 Conservative MPs are readying a leadership challenge.

Oil markets opened the week cautiously on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output.

The chairman of the House of Representatives’ tax-writing committee said on Sunday he would not accept the total elimination of state and local tax deductions in the final tax reform bill.

Like last week, volatility was relatively tight this week. With that said, GBP strength and USD weakness were the main themes this week. So, what drove forex price action this week? And what about the other currencies? How drove they fare?

Countries in the Trans Pacific Partnership (TPP) trade deal have agreed on the core elements to move ahead without the United States, officials said on Saturday, after last-minute resistance from Canada raised new doubts about its survival.

 The dollar stabilized on Friday but was set for its biggest weekly drop in a month on disappointment that a landmark U.S. tax bill may be delayed until 2019.

GBP outclassed its rivals during the session, apparently because of positive U.K. data. AUD, meanwhile, was the worst-performing currency, likely because of the slide in gold prices during the session. 

A planned meeting of leaders of the 11 countries in the Trans Pacific Partnership (TPP) has been postponed after Canada failed to agree to the terms of a deal that the others had reached, Japanese Prime Minister Shinzo Abe said on Friday.

World stocks edged lower on Friday on signs that U.S. tax reforms could be delayed after Senate Republicans unveiled a plan that differed significantly from the House of Representatives’ version.

U.S. President Donald Trump set out a strong message on trade at a meeting of Asia-Pacific countries in Vietnam on Friday, saying the United States could no longer tolerate chronic trade abuses and would insist on fair and equal policies.

Oil markets were little changed on Friday, supported by ongoing supply cuts and strong demand which have resulted in a tightening market, although the prospect of rising U.S. output capped prices.