Market News

Saudi Arabian oil minister Khalid al-Falih announced on Saturday that it would continue to restrict exports in support of OPEC’s production cuts, sending oil prices higher despite production increases in the United States.

This week will see a somewhat heavier news agenda, with some major central bank input from the U.S. Federal Reserve and the European Central Bank, and a few economic data items of importance concerning primarily the U.S.A.

While the US Dollar earlier skidded during Asian trading on Friday, the Japanese Yen edged higher as investors moved into the safe haven currency.

Official data released on Thursday showed that the UK’s economy is further behind in the global recovery process than originally thought, posing a challenge to the country as it prepares to leave the European Union and to become more economically independent.

The Pound Sterling held close to a 1-week trough versus the US Dollar as FX traders await data that would support a Bank of England rate hike in May.

Increased optimism and continued growth of the United States’ economy lead the majority of Federal Reserve members to call for fresh interest rate hikes on Wednesday.

The Pound Sterling fell to a 1-week trough versus the US Dollar after the latest economic data surprised markets.

The dollar was higher against its primary trading partners on Wednesday as traders prepared themselves for announcements coming from the Federal Reserve’s latest policy meeting which took place near the end of January.

Oil prices were lower on Tuesday afternoon, weighed by profit taking and a marginally stronger dollar.

The Pound Sterling came under pressure after a US Dollar bounce, and because FX traders are waiting for a read on wage data which is due out on Wednesday.

The dollar was higher against its primary trading partners on Tuesday morning as stocks indexes paused their wining streaks.

The U.S. dollar remained steady on Monday morning in London, supported by Friday’s reports that U.S. homebuilding surpassed a one-year high in January and that building permits hit levels not seen since 2007.

Oil prices hovered near two-week highs on Monday, buoyed by advances in Asian equity markets, though bears still expect pressure from the low dollar and increased U.S. production to weigh on prices in the coming days.

The S&P 500 closed last week with the strongest gains in five years, even as markets wavered after Special Counsel Robert Mueller issued an indictment for 13 Russian nationals and three Russian companies that are believed to have participated in a scheme to interfere with the results of last year’s U.S. presidential election on behalf of Donald Trump.

This week will see a very light news agenda, with little major central bank input, and a few data items of importance concerning primarily the U.K.