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via Barclays

  • US equities close at record levels and oil rallies on expectations of an OPEC deal
  • President-elect Trump vows to renounce TPP on first day of presidency
  • USDJPY traded to lows of 110.27 overnight on news of an earthquake off the coast of Japan

Markets saw an improved risk sentiment in trading yesterday after oil prices rallied c.4% on expectations that OPEC members would agree to supply cuts at a meeting later this month in Vienna. This drove energy stocks higher and subsequently led equities – including the Dow Jones Industrial Average, S&P 500, Nasdaq Composite – to close at record highs.

Asian equities followed suit despite news of 7.4 magnitude earthquake that struck off the coast of Fukushima in Japan. In FX, USDJPY traded to 110.27 before Tsunami warnings were lifted and USDJPY subsequently rallied back above 111.00.

Elsewhere in FX, the USD consolidated after a 10-day-run of gains but EURUSD failed to meaningfully recover despite this weekend’s positive headlines with regard to French politics. Our traders expect further position reduction in FX ahead of the US Thanksgiving Holiday (Thursday).

In the US, President-elect Trump outlined his ‘America First’ agenda, vowing to renounce the Trans-Pacific Partnership (TPP) on his first day of presidency. Trump also commented on UK politics and suggested that Nigel Farage would make a good ambassador to the US (AT contributor’s note: hilarious! Farage – an ambassador!!)

Elsewhere, Canada’s Finance Minister, Bill Morneau indicated that striking a trade deal with Britain after it leaves the EU is far from the top of his priorities. Instead, he commented that the EU, China and US have a greater priority given that these relationships open up access to significant markets for Canada

Todays’ currency rates:

GBPUSD: 1.296

GBPEUR: 1.1730

EURUSD: 1.0654

GBPAUD: 1.6866

EURGBP: 0.8525

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