ForexLive Asia FX news wrap: Oil uptrend continues – weekend attack on Saudi

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading for Monday 8 March 2021

Saudi oil export facilities were the target of a Sunday attack (see bullets above) that, despite not causing much harm (according to an official statement), saw oil prices underpinned through the week-opening session here. Brent traded above $71, WTI towards $68, and both have pulled back just a little as I post.

Over the weekend we also had news out of the US where the Senate passed a bill approving Biden's latest coronavirus relief economic package, another huge round of stimulus (see bullets above). The bill will be voted on in the House of Reps on Tuesday where it will pass and then head to Biden's desk where he will sign it into law. The opening response from markets to this was risk positive with higher US equity index futures and a lower dollar (currencies up against), but, on a cautionary note, higher US yields also. This initial risk response was turned around, though. As I update US equity index futures are negative for the session. Currencies, too, gave back gains. EUR/USD has given back all its positive (see chart below) and is at session lows and negative for the day here. CAD, ditto, while AUD, GBP, NZD are all down from their earlier highs also. 'Sell the fact' explanations have followed along in the wake of the turn down.

Fresh Monday news and data flow was barely existent.

Bitcoin had a strong weekend and hit highs just shy of US$52K during morning trade in Asia. As I post it has slipped back to circa $50.5K. Gold added on dollars, trading above $1714 at one stage before dropping back under $1710. 

EUR/USD turnaround:

Forex news for Asia tradingfor Monday8March 2021

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