Collinson FX Market Commentary - July 25 - Oil production limited
by Collinson FX on 25 Jul 2017
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Collinson FX Market Commentary - July 25 - Oil production limited
OPEC and Non-OPEC Oil producers are meeting, with Russia taking a leading role, in an effort to limit production to reduce stocks. Oil has shown limited upside, in the last week, but remains fundamentally challenged. The oil price is the life blood of Russia and OPEC but demand and oversupply have limited any upside.
The USD has been under great pressure, with the EUR up to 1.1650, while the GBP tests 1.3000. The GBP has rallied, despite pressure from Brexit negotiations, but GDP growth will be the next big test. The FOMC will meet in the coming week, with no expectations of any moves, although speculation will drive currency markets.
The AUD has settled around 0.7900, with huge gains being digested, while the NZD spiked to 0.7450. Growth, in the form of global GDP and CPI, will be significant litmus tests in the coming week.
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