- Oil.WTI retests weekly lows after DOE reports 2M build
- USDCAD falls lower on latest trade developments
- TRY moving higher ahead of CRBT decision
- Crypto markets little changed
- AUDUSD trade recommendation from Citi
The recent price action in Oil has turned distinctly bearish, with sizable declines noticeable after the market reversed lower not long after last week’s inventory figure. The reading this time out has done little for crude bulls with a print of +2.1M well above both the expected -2.0M and the prior -3.6M. Comparing the reading to last night’s API number doesn’t make for any better reading, with Tuesday’s private release showing a decline 2.0M.
It’s been a good day for the Loonie so far with the Canadian dollar rising across the board and currently the best performer out of all the majors. The appreciation appears to have been caused mainly rising hopes of a amicable solution to the ongoing discussions with Canada’s biggest trading partner, the US. This afternoon there’s been two pieces of trade data out; one each from Canada and the US and both of these have beaten forecasts.
One of the biggest moves seen in the markets this year has been in the Turkish Lira, with the currency experiencing a rapid depreciation due to an unorthodox central bank policy. The EURTRY has gained 19% year-to-date and hit its highest ever level at 5.75 just over 2 weeks ago, before an emergency interest rate hike from the Turkish central bank (CRBT) saw the market plunge almost 7% ( an incredible 4000+ pips) from its new record peak in just a matter of hours. Tomorrow sees a scheduled meeting for the bank with an announcement and statement expected to be released at 12PM (BST).
Crypto markets have been uncharacteristically subdued in recent days, with relatively small moves seen in all 5 markets. Dash is marginally lower on the day, but all the others are in the green with Ripple the biggest gainer and higher by 1.4% on the day. Ripple CEO Brad Garlinghouse told CNBC on Tuesday that Bitcoin is unlikely to be the catch-all solution for people in terms of being a global currency.
Finally, there was a new bank recommendation posted today with Citi releasing their latest trade idea on the AUDUSD.
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