OPEC announces 32.5 BPD(May production) limit for oil production, down from 33.6...

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Euro looks strong — #SaxoStrats

The ECB left interest rates and its QE programme unchanged on Thursday, which boosted the euro. And, according to Saxo Bank's head of equity strategy, Peter Garnry, the euro is likely to strengthen even more.

1d Bonds update webinar: European yields on the move — #SaxoStrats

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1d Why I’m buying WTI: O'Hare

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2d How USD could gain support — #SaxoStrats

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Squawk / 28 September 2016 at 19:30 GMT

JakubSzalaFX

Trader, Analyst / Individual Trader

Poland

OPEC announces 32.5 BPD(May production) limit for oil production, down from 33.69 output at the end of August. At the first sight seems not to be a big deal. Market reaction, for now, rather mild.
Price turned down around my level 47.10.

Anyway, looks like we might be having new correlation:

Falling USDJPY vs falling EURUSD, AUDUSD, before it was opposite. Even now we had a great evidence, OIL deal gave a risk-on with the above correlation in play, to reverse after a while.

Sentiment might be now in the most serious risk-off mode, implying first JPY, second USD as a last shelter.

Usually, when speaking about monetary policy divergence, USD was the only gainer/loser.

What could cause this change?

28 September

yuiyui

even if the Russians eventually agree to a freeze, the US shale and Canadian sands wont. Saudi always slows production around this time anyways and we are far from working our way down from these record stockpiles

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