WTI had another decent rally following the OPEC announcement, allowing us to sell into the rally above 48.00 without getting stopped out above the 26 August high of 48.43.
It was all about OPEC and the oil price today, and for the first time in a while, it appears OPEC could be leaning towards a more cooperative stance.
The US$ has again remained within its recent tight range, even with both Yellen and Draghi speaking, but really adding nothing new. Almost all of the session's focus was on the oil price.
Stock prices rose on Tuesday following the presidential debate between Hillary Clinton and Donald Trump, while oil prices fell on fading hopes of agreement on limiting production.
Following on from the Trump/ Clinton debate, today will be another busy one, with the US Durable Goods Orders being the main economic focus. The real action could come from the plethora of central bank speakers, all pushing their own agenda.
Stocks are lower as traders eliminate risk ahead of today’s US Presidential debate. The race to the White House has so far had little effect on traders sentiment but that may change today’s encounter leaves a decisive winner. Be nimble!
FX Markets have had a mixed session although the dollar is generally a little lower as persistent dollar sales kept it under pressure ahead of the Clinton/Trump debate, due at 11.00 am AET.
US stocks retreated on Friday, placed under pressure by lower oil prices which weighed on the energy sector, although the major indices still posted gains for the week following the decision by the Fed to keep rates on hold.
While Stocks and oil both headed lower, the FX markets were mixed on Friday, with the main interest coming in EURGBP, where ongoing Brexit fears continued to weigh on Sterling.