Market News

The fog has been cleared ahead of OPEC’s next policy meeting by Saudi Arabia and Russia declaring their support for extending a global deal to cut oil supplies for another nine months, OPEC’s secretary general told Reuters on Friday.

Catalonia’s parliament declared independence from Spain on Friday in defiance of the Madrid government, which at the same time was preparing to impose direct rule over the region.

The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.

Price action was choppy on most pairs during the morning London session. CHF was the only real mover since it slid across the board, likely because of the risk-on vibes. However, EUR and GBP were also net losers as well.

Investors are increasingly pricing in the effect of a corporate tax cut into the shares of U.S. companies, leaving the market primed for a steep sell-off if the Republican-controlled Congress fails to pass one of President Donald Trump’s top priorities.

The Bank of England has said that the interest rate hike it is likely to make “in the coming months” depends on whether inflation pressures continue to build and the economy moves nearer to growing at full capacity.

European shares hit a five-month high on Friday as one the biggest weekly drops in the euro this year buoyed investors’ moods.

Oil prices held steady on Friday, with Brent crude hovering near $60 a barrel, buoyed by comments from Saudi Arabia’s Crown Prince backing the extension of OPEC-led output cuts.

Asian shares gained on Friday as technology stocks were boosted by upbeat earnings from U.S. high-tech giants while the euro hovered near a three-month low against the dollar after the European Central Bank extended its stimulus.

It was a pretty busy day for Asian session forex traders, as they priced in fresh catalysts AND caught up to yesterday’s moves.

It looks like bitcoin has regained its footing ahead of its network upgrade next month, so let’s take a look at the next potential upside targets. Think it’ll set new highs soon?

President Donald Trump’s search for the next chair of the U.S. Federal Reserve has come down to Fed Governor Jerome Powell and Stanford University economist John Taylor, Politico on Thursday cited one source as saying.

The euro stayed on its southbound route as Draghi confirmed that the central bank is in no rush to end QE or to hike interest rates. Meanwhile, the Greenback drew some support as tax reform plans showed a bit of progress.

The U.S. House of Representatives took a key step on Thursday to pave the way for deep tax cuts sought by President Donald Trump and Republican leaders, but major hurdles remained as Trump seeks his first significant legislative achievement.

The euro tumbled and European stocks scored their biggest gains in over six weeks on Thursday, as the European Central Bank proceeded with caution on its biggest step yet in unwinding years of loose monetary policy.

The European Central Bank on Thursday took its biggest step yet in weaning the euro zone economy off years of stimulus but said the economic outlook was still dependent on its lavish monthly purchases of euro zone bonds.

The number of Americans filing for unemployment benefits increased less than expected last week, suggesting the labor market continued to tighten after recent hurricane-related disruptions.

EUR got swamped by sellers when the ECB announced that it plans to extend its QE program at a tapered pace of €30B while maintaining its easing bias on its QE program.

If you’re looking for a likely catalysts for the Greenback before the trading week ends, then heads up because the advanced Q3 GDP report will be released on Friday. And it just so happens that I have an Event Preview for it.

Oil slipped on Thursday, pressured by an unexpected increase in U.S. crude inventories, high U.S. production and exports, but prices remained near multi-month highs as crude markets tightened.