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Markets More Stable, But Oil-Tied FX Follows Energy Lower

FOREX
  • Markets trade relatively steady ahead of the NY crossover, with most major pairs trading inside the recent range. Commodity- and oil-tied currencies are faring slightly poorly, with the NOK falling against all others in G10. The move coincides with a further pullback in oil prices off the week's cycle high, with WTI and Brent crude futures off around 2% apiece.
  • AUD and NZD are trading slightly more favourably, benefiting from the recovery in equity markets off the Wednesday lows. AUD/USD staged a test of the $0.73 handle, but faltered on the show above. Markets need to take out the 50-dma at 0.7307 to turn the outlook more positive.
  • Data today will be further scoured for clues ahead of Friday's payrolls release, with weekly jobless claims numbers crossing just ahead of the NY open.
  • ECB speak is plentiful Thursday, with speeches due from Holzmann, Lane and Schnabel alongside the release of the ECB minutes from their September rate decision. Fed's Mester, BoC's Macklem and PBoC's Yi Gang also make appearances.
Energy BulletsCommodities
Energy BulletsCommodities

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