FX News Today
Oil prices are pushing 12-year lows, trading below $31 bbl at the time of writing, as concerns about the global economy push traders into risk-off mode.
Commodity related currencies are under-performing the USD, with the AUD, NZD, and CAD all under pressure.
The U.S. Dow Jones stock markets closed higher on Monday, suggesting that the recent stock market sell off is starting to stabilize.
The EUR attempted to rally back over 1.0900, however failed to keep gains and fell back into the mid 1.08’s with the EURUSD lacking any meaningful direction without any market moving European economic data.
The economic calendar for today does not have any heavy data release on tap, apart from the GBP Industrial Production and the USD November JOLTS job opening survey.
Main Macro Events Today
• GBP U.K. November Industrial Production: Analyst expected a rise of 0.1% m/m, actual missed , and came in lower at -0.4%.
• USD Fed’s Stanley Fischer to Speak: No commentary
• EUR ECB speak from Praet and Lautenschlaeger: On January 6, 2016 Praet said the following “the ECB stands ready to take all measures that are necessary to bring inflation to 2%. If you print enough money you will always get inflation. Always”. “But if oil and commodities prices tumble, it is more difficult to allow inflation to rise. If a whole series of such factors occur, you can’t do anything other than somewhat postpone the data on which you seek to reach the higher rate of inflation”. “The emergence of bubbles is a justified concern”.Publication source