A very tiny and straight forward day in the euro. The big key story and mover of the day is OIL. First cracks in the OPEC starting to appear with the latest attempt to break down. Like in the 70s all except the Arab producers on the brick of collapse with oil at these levels (i.e Nigeria, Venezuela, Ecuador, etc).
Oil has carried dollar all day long, first with the failed attempt to break down ending with this last micro reaction a few minutes ago with reports on noisy and angry countries starting to complain and calling for a emergency OPEC meeting. That is one key push to watch to complete the dead cat bounce in oil ... For those not familiar with basic correlations, oil most often than not and in very broad and simplistic words will carry dollar with it...
On the euro, as expected euro starting to cough at 1.134x after London close ... tracking 1.131x for the roll...
sisse
Oil has carried dollar all day long, first with the failed attempt to break down ending with this last micro reaction a few minutes ago with reports on noisy and angry countries starting to complain and calling for a emergency OPEC meeting. That is one key push to watch to complete the dead cat bounce in oil ... For those not familiar with basic correlations, oil most often than not and in very broad and simplistic words will carry dollar with it...
On the euro, as expected euro starting to cough at 1.134x after London close ... tracking 1.131x for the roll...
sisse
Pending conversations? PM for a chat...I am mainly in OTM now