Forex news for North American trading on November 29, 2016
Oil & OPEC:
- OPEC odds at 50/50
- This is the kind of thing you say when you don't think there will be a deal
- OPEC wants Iran to freeze output at 3.797 mbpd
- OPEC papers propose total output cut of 1.2 mbpd from Oct levels
- OPEC: Iraq agrees to freeze, not cut from 4.55 mbpd - DJ
- Iran sounds like it's trying to play politics, not make a deal
- OPEC leaders 'optimistic' but they should be 'confident' at this point
- The biggest mystery at the OPEC meetings
- Saudi Arabia said to be ready to reject a deal if Iran-Iraq don't participate
- Iran confirms it won't cut oil production (and that's not a surprise)
- Iran won't cut production - Bloomberg
- Fitch doesn't expect much growth in oil prices before 2018
Oil down for the countdown into the OPEC & other producers meeting
Other:
- RBNZ highlights financial risks but is generally upbeat
- CAD: 'Rates trump oil'; where to target? - BofA Merrill
- Fed banks asking for discount rate hike unchanged in latest vote
- Fed's Powell: Case for US rate hike has 'strengthened' since early November
- EURUSD is still finding support around 1.0580 but the lack of bounce should be a concern
- When a central banker takes a victory lap
- US dollar loses its swagger despite better GDP and consumer confidence
- November 2016 US consumer confidence 107.1 vs 101.2 exp
- Watch for the inflation expectation numbers in the US consumer confidence report
- USD rally evaporates after GDP numbers
- September 2016 US Case Shiller 20 city HPI 0.4% vs 0.4% exp m/m SA
- US dollar climbs to session high after upward revision on Q3 growth
- Q3 2016 Canadian current account balance -18.30bn vs -16.80bn exp
- US Q3 GDP second reading +3.2% q/q annualized vs +3.0% expected
- Germany knows the system is broken
- November 2016 German HICP flash 0.7% vs 0.8% exp y/y
- USD demand notable as NA desks fire up
- All EU 27 states must negotiate Brexit deal together says Merkel
- The ECB's got Italy's back in case Renzi referendum fails
- Best way to protect the UK economy is to argue for the best trading relationship says UK's Hammond
Mainly the headlines today ladies and gentlemen
In very brief:
- Some solid US data
- Initially helped give the USD a lift
- Since then, though, the USD has slipped, EUR/USD is on its session high as Americas traders exit for the day, USD/CHF & USD/JPY are not too far from their respective lows
- AUD and NZD stronger along with the weaker USD. AUD/USD is approaching sellers still around 0.7500
