MARKET DEVELOPMENT – USD Dips, Oil Plunges, AUD & NZD Outperform, Commerce Struggle Deal Nears
Crude Oil: Brent and WTI crude futures fell over 2% after Trump acknowledged that oil costs had been getting too excessive and calling on for OPEC to chill out. Brent now crude sub $66/bbl, having traded at Three-month highs. Consequently, oil exporters have seen a slight pullback towards oil importers (Click on right here).
AUD / NZD: Each the Aussie and Kiwi gained on the again of feedback by President Trump, through which he acknowledged that he would delay the deliberate tariff improve on Chinese language imports (Deadline March 1st) and that he can be trying to have summit with President Xi as soon as an settlement could be reached. Consequently, antipodeans are outperforming throughout the board with AUD and NZD hitting highs of zero.7180 and zero.6900 respectively.
USD: The USD is softer throughout the board except for the safe-haven JPY as an finish to the US-China commerce battle appears to be like to be drawing nearer. Elsewhere, eyes can be on Fed Chair Powell, who’s prone to reiterate persistence with regard to price rises.
DailyFX Financial Calendar: – North American Releases
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“Crude Oil Drops After Trump Warns OPEC Once more on Excessive Oil Costs” by Justin McQueen, Market Analyst
“Sterling (GBP): Brexit Vote Delayed, Can Kicked Once more” by Nick Cawley, Market Analyst
“S&P 500, Dow, and Nasdaq 100 Charts: Might Be an Necessary Week” by Paul Robinson, Market Analyst
“AUDUSD & NZDUSD Lifted on Commerce Struggle Aid as Trump Presents Deadline Extension” by Justin McQueen, Market Analyst
— Written by Justin McQueen, Market Analyst
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