Crude oil ripped higher again as stocks swooned and the Aussie clings to support

Two stories dominated trade overnight. The first was the reverberations of Stanley Fischer’s comments from Jackson Hole that implied the Fed is live for a rate hike at this month’s FOMC meeting. That set stocks on their heels in Asia, Europe and the US. The second major theme is the continuation of the massive rally in crude overnight. The front contract of Nymex crude was up another 6.46% to $48.14.

The Euro has done well to advance in the context of stronger Greenback

​Moving away from the United States, the Euro has done well to advance in the context of a stronger Greenback, moving to highs of 1.1262 after estimates of core CPI all met expectation as did German retail sales numbers. Both of which proving to be Euro supportive the focus intraday today is likely to temporarily shift back to China ahead of a raft of PMI prints from the Eurozone this evening, prints which act as a leading indicator of economic health.

Investors took advantage of a Bank Holiday in London

The Great British Pound has comfortably given up the 1.5400 handle when valued against its US Counterpart overnight, opening lower this morning at a rate of 1.5344. Maintaining its downward trajectory trading conditions have been light over the past 24 hours as investors took advantage of a Bank holiday in London.

New Zealand dollar has lost its shine

​​The anticipation which surrounds interest rate adjustments from the US Federal Reserve has plagued the New Zealand dollar overnight with the Kiwi struggling to manage with the markets plight back into the world’s reserve currency. With traders globally gearing up in the hope US interest rates will rise next month the New Zealand dollar has subsequently lost its shine.

Economic Indicator News »

Gross Domestic Product in Spain meets forecast

The National Institute of Statistics reported that The Gross Domestic Product...

Actual

1%

Forecast

1%

Previous

0.9%

Economic Indicator News »

Jobless Claims fall to 271K last week

​The US Department of Labor reported that Initial Jobless Claims came in at 27...

Actual

271 K

Forecast

274 K

Previous

277 K

UDFOREX is a forex blog that shares trading experiences, analyses and reports from our contributors. Since its launch in March 2012, this web portal has become a clear tool for analysts and investors from over 80 different countries. Our currency experts povide news and commentaries including fundamental and technical analysis. We are constantly adding new authors to our database, if you would like to share your expertise to the world, do not hesitate it and contact us.