Forex Market News
Relatively quiet night as US took off for holiday long weekend in the snow. Headlines dominated by the OPEC meeting and oil falls out of bed and is yet to hit the floor. Where is the floor? Anywhere between $50 and $10. Last at $69. Any currency with a hint of oil exposure got king hit overnight, especially Norway and Russia. Canada is also exposed to oil, however the Mounties saw trade balance narrow significantly.
Draghi also spoke last night and it seems that whilst QE is in his game plan, the angle of attack is still being debated in the halls of the ECB….still….mmm right. Sounds a lot like the Italian Parliament, all hot bologna and gesticulation with absolutely no action.
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