GBP and EUR weakest currencies of the day
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- Brexit negotiations are a critical phase
- Oil heads lower, but production cuts are coming. Where is the bottom?
- US Oil now threatens daily lows
- Germany targets 'thousands' of Brexit bankers for Frankfurt
- The weakest currency today has been the GBP
- US crude Oil heading towards daily lows as 60.00 handle fails
- More from Fed's Daly
- Fed's Daly on the wires, expecting hike next month
- US Oil moves away from 60.00 handle
- Trump tweeting on OPEC and Saudi Arabia
- EUR/USD falling toward 1.1200 target S1 Pivot level
- Bloomberg article on limit to further EURO falls
- Beware of large US Equity moves with the US on holiday
- BP to spend $2.8 bln dollar on Middle East Investment
- Apple stocks fall on concern over slowing iPhone demand
- ECB's Lautenschläger on the wires
- USD/CAD worth considering
- European Equities slide on the day
- GBPUSD set to test daily lows next.
- PM spokesman says Barnier's Financial Times report should be treated with 'scepticism'
- More US Equity falls
- GBPUSD now testing 50 EMA on 15 minute chart
- German Financial Minister Scholz on the wires
- GBPUSD held at 100 EMA on 15 minute chart
- Is this the turning point for Oil?
- EU'S Chief Brexit negotiator on the wires
- US stock index futures in the red
- Brexit blues weigh on the GBP
Markets
- GBP and EUR weakest on the day
- S&P 500 down -1.43% at 2741
- Nasdaq down -2.21% at 7242
- Dow Jones down -1.79% at 25519
- Italy FTSE down -1.05% at 19055
- Nikkei Futures down -1.75% at 21860
- Gold -0.68%
The US session today was fairly quiet in terms of data releases with the US being on holiday. However, there was still some action to b had. The session started off with the GBP rallying on the EU's chief negotiator Barnier making some positive comments on Brexit via the Financial Times. However, the comments were cutting across the bleak picture that had come out in the London session that a November EU summit looked to be off the table. Consequently, Barnier's comments were sold from the 100 EMA on the 15 minute chart and price is currently sitting at the day's lows around 1.2850.
The Euro was weighed down by Brexit blues and the Italian budget saga which lingers on without any sign of resolution. Consequently EUR/USD broke through the 1.1300 level and looks well on it's way to 1.1200 , which is the daily S1 pivot level.
The US equity markets had some large moves with, at the time of writing, the S&P 500 at -1.64%, the NASDAQ down -2.40% (not helped by concern over iPhone demand), and the Dow -2.00%. Larger moves around a holiday session should be viewed with some suspicion, so it remains to be seen how the US market will respond at tomorrow's open. The European equity market dod not fair too well either with losses of -0.74% for the FTSE, -1.10% for Eurostoxx, -1.77% for Germany's Dax and Italy's FTSE -1.05%.
US crude was targeted by one of Donald Trump's tweets as he stood a swipe at OPEC and Saudi Arabia for citing production cuts ahead for December and 2019. This led to a fall in US crude to, and then through the 60.00 handle into the daily low region of 59.70, now at 58.97 .Price is sat nestling above the 100 EMA on the weekly chart, so some support is there technically, as well as Saudi Arabia and OPEC announcement from the weekend to cut production.
