Collinson FX Market Commentary - Nov 29 - Iran undermines oil price

by Collinson FX on 29 Nov 2016

Mayhem - Start of PIC Coastal Classic - October 21, 2016 - Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - Nov 29 - Iran undermines oil price

US markets retreated, after the long Thanksgiving weekend, with both the Dollar and equities giving up ground. Oil prices are being watched closely, with OPEC meeting this week, all keenly awaiting the outcome. Iran has re-entered the market and this has undermined any supply caps previously agreed.

The Dollar has given up ground to the abrasive commodity currencies, driven by demand factors, allowing some recovery. The KIWI has spiked back to 0.7050, while the AUD has pushed to 0.7460, boosted by the perceived US growth led recovery. The EUR continues to flail, trading 1.0580, while the Yen recovered to 112.25.

The Trump rally looks set to continue and a slew of economic data releases may be improved by sentiment rather than actuality

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