Rising inventories and a likely OPEC+ output increase are bad news for crude oil prices, and that’s negative for petrocurrencies like the Russian Ruble, Canadian Dollar and Norwegian Krone.
The US Dollar has been moving higher against Sterling for most the week ahead of the Fed policy call today and the Bank of England tomorrow. Will GBP/USD continue lower?
Oil prices are falling through the Asia-Pacific trading session after a US inventory report showed a larger-than-expected build in stockpiles. Meanwhile, China is expected to open the tap on reserves.
The Australian Dollar may fall as retail traders increasingly start betting that AUD/USD and AUD/JPY could rise. This is as these pairs struggle around key resistance levels.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUD/USD-bearish contrarian trading bias.
The New Zealand Dollar caught a bid against the US Dollar on a stronger-than-expected New Zealand jobs report after dropping overnight. The Fed interest rate decision and China PMI data…