The rebound in oil is because OPEC is willing to talk to non OPEC countries to limit production. Price is likely to fall further. China’s manufacturing PMI fell into a contraction.
Watch Marshall talking about the latest news movings currencies and other markets around the world.
Market’s reversed from the trend of the past while with gold, oil and a host of other commodities lower all sparked off by the weaker than expected annual revisions to US Industrial Productions. If China is already slowing down, what does the impact of a slowing down US economy have on the world economy?
The FED’s fund rate expectation is lower but the dollar gained yesterday probably on new dollar long positions now that the Greek debt crisis seems to be solved for now. Commodity prices fell, Canada cut rates and oil prices fell too.
The dollar weakened yesterday on weak economic data from the US. The markets are looking towards the Fed’s testimony to congress. Markets are expecting normalisation to happen next year. Bank of Japan kept their QE program unchanged.
Within hours of the announcement of a new bailout deal that keeps Greece within the eurozone twitter was awash with the #ThisISACoup hashtag. The issues covered in this video is probably why the Greek leaders caved into the creditor’s extending loan deal.
Loads of volatility expected in the markets now that Greece votes “Oxi” in the referendum on Sunday.