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10:20
Morning Call: Softer dollar boosts commodities, stocks
#SaxoStrats
21 September 2018 at 7:40 GMT
10:35
Morning Call: Markets stabilise as trade tensions ease
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20 September 2018 at 8:28 GMT
10:03
Morning Call: Chinese shares surge as trade war rages on
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19 September 2018 at 8:36 GMT
8:51
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John J Hardy
18 September 2018 at 10:28 GMT
9:42
Morning Call: Trump hits China with tariff plan
#SaxoStrats
18 September 2018 at 7:29 GMT
2:45
The week ahead in macro
Kay Van-Petersen
17 September 2018 at 8:11 GMT
27:58
Macro Monday week 38: Keep Global Macro and Carry On
Kay Van-Petersen
17 September 2018 at 8:02 GMT
10:00
Morning Call: US yield curve lifts, boosting dollar
#SaxoStrats
17 September 2018 at 7:23 GMT
43:30
Technical analysis webinar – A view of the market: Larsson
Kim Cramer Larsson
12 September 2018 at 14:44 GMT
11:15
Morning Call: Chinese shares fall further
#SaxoStrats
11 September 2018 at 8:36 GMT
11:34
Morning Call: USD, SEK in focus
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10 September 2018 at 7:49 GMT
2:47
The week ahead in macro
Kay Van-Petersen
10 September 2018 at 7:37 GMT
14:02
Morning Call: Is Japan next?
#SaxoStrats
07 September 2018 at 7:35 GMT
Video / 28 May 2018 at 7:40 GMT

From the Floor: Euro rises, oil plunges – caution warranted

#SaxoStrats
saxostrats
 
By Clare MacCarthy

The weekend's big story was Italy's descent into political chaos after the country's president blocked the appointment of a eurosceptic candidate for finance minister and the populist/anti-establishment pairing working to form a government abandoned their attempt.

"The big question now is whether we'll get an election or a technocrat government. What is certain is that this isn't good for the market and it's not good for Italian BTBs and corporate bonds," says Althea Spinozzi, from Saxo’s bond trading desk.

However, the possibility of a technocrat government rather than a deeply anti-EU one saw the euro break higher with the common currency bounding up from a six-month low early Monday. But one should be cautious here, says John J Hardy, Saxo’s head of forex strategy. "This situation is far from over and I'd be wary of going with the relief rally for now," he says, adding that headline risks are probable throughout the week.

The other big story in markets today is a dramatic reversal of fortune for crude oil which saw Brent take a deep dive as hedge funds accelerated their selling on the outlook to Opec and Russia relaxing their production cuts. The key level of $71.40 is now back in play, barring any modifications by Opec or Russia to their comments last week about loosening their restrictions on output.

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