Daily thread to exchange ideas and to share your thoughts
Good day, everyone! Hope you're all doing well as we get things going here on the session. It's been a decent start for currencies but the major mover so far on the session has been oil after reports of two oil tankers getting caught on fire in the Gulf of Oman.
Brent rose by nearly 4% at one point earlier to hit highs of $62.64 but is settling by nearly 3% higher now at $61.66. That in turn is also helping to keep the loonie bid on the session. Meanwhile, the yen holds firm amid softer risk mood in markets with equities and Treasury yields on the weaker side.
The aussie is the laggard following a mixed jobs report which highlighted further slack in labour market conditions. AUD/USD continues to linger around 0.6910 as buyers fend off a break below the 0.6900 for now.
Looking ahead, we have the first round of voting for the UK Tory leadership contest to look forward to but it shouldn't reveal much in my view. This is mainly to weed out the lesser competition before things heat up next week.
Other than that, expect risk sentiment to remain a key market focus as traders will slowly start turning their attention to the US retail sales data tomorrow amid ongoing global trade tensions. What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
