FX News

Fx Update: Crude Oil Hits a 3 Year High on European Shortages

Market Overview

Key Points:

• Worldwide coronavirus cases surpass 232.951 million with over 4.767 million official deaths.
• New Zealand has 222 active cases of coronavirus with 12 new cases yesterday. Meanwhile, the Australian State of New South Wales reported 787 new cases and 12 deaths yesterday with Victoria reporting 705 new cases with 1 death
• North Korea have launched another target unidentified missile into the East Sea
• Federal Reserve’s Brainard says the US economy will likely make a complete recovery from coronavirus concluding the central bank shouldn’t need to raise rates
• Federal Reserve’s Evans sees one rate hike necessary in 2023 and mellow rises thereafter
• Iron Ore prices have recovered off the June 2020 low of 102.80 to push back towards 109.00 levels

Major Announcements last week:

  • Justin Trudeau has won his third term as Prime Minister
  • FOMC- Federal Reserve signals they will reduce Bond Buying by year end
  • German Manufacturing in September slows
  • The latest Bank of England Decision hints at modest tapering leaving rates unchanged at 0.10%
  • The number of US citizens filing for unemployment rose by 351k vs 322k expected
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