28 Nov 2014
Market catches breath after yesterday's OPEC-induced moves – BBH
FXStreet (Barcelona) - The Research Team at Brown Brothers Harriman, note that the OPEC decision to roll over existing quotas sent oil prices sharply lower, pushed European bonds and stocks higher, and generally gave the US dollar a boost.
Key Quotes
“The dollar is broadly firmer against the majors. NOK and CAD are underperforming, hurt in part by the continued plunge in oil prices in the wake of the OPEC decision Thursday to keep output unchanged.”
“The euro is trading near $1.2450, while cable is just below the $1.57 area.”
“After the deluge of Japan data today, dollar/yen is trading back above 118. EM currencies are mostly weaker, with RUB the biggest loser as oil prices sink. USD/RUB is making new all-time highs near 50. MYR, KRW, and BRL are also underperforming, with the real finding little follow-through buying on Levy’s appointment.”
“The euro itself is about half a cent lower than where the North American session left it on Wednesday, which was a little above $1.2500. Without fresh impetus from North America today, where there are no US economic reports, the euro is likely to consolidate ahead of the weekend.“
“Canada reports Q3 GDP. It is expected to be around 2.1%, down from 3.1% in Q2. The drop in oil prices weighs on sentiment for the Canadian dollar. The Bank of Canada meets next week, but is widely anticipated to be on hold.”
Key Quotes
“The dollar is broadly firmer against the majors. NOK and CAD are underperforming, hurt in part by the continued plunge in oil prices in the wake of the OPEC decision Thursday to keep output unchanged.”
“The euro is trading near $1.2450, while cable is just below the $1.57 area.”
“After the deluge of Japan data today, dollar/yen is trading back above 118. EM currencies are mostly weaker, with RUB the biggest loser as oil prices sink. USD/RUB is making new all-time highs near 50. MYR, KRW, and BRL are also underperforming, with the real finding little follow-through buying on Levy’s appointment.”
“The euro itself is about half a cent lower than where the North American session left it on Wednesday, which was a little above $1.2500. Without fresh impetus from North America today, where there are no US economic reports, the euro is likely to consolidate ahead of the weekend.“
“Canada reports Q3 GDP. It is expected to be around 2.1%, down from 3.1% in Q2. The drop in oil prices weighs on sentiment for the Canadian dollar. The Bank of Canada meets next week, but is widely anticipated to be on hold.”