Amongst the main headlines making the rounds today is the drop in the price of Oil and the Dollar, which have had a strong few days towards the end of last week and the beginning of the current one.

Oil slipped due to news being released that Libya oil production resumed today, bringing into question whether the OPEC+ cuts will continue to have an impact on global oil reserves. Brent saw a 23 cent drop translating to -0.4% after a dip of 0.1% the preceding session. US Crude futures also felt the fall, also losing 0.4% after dropping another 0.4% yesterday.

In lieu of inflation rate data announcement – the dollar also experienced a slight slip which lost 0.1% against six other major currencies (93.325 DXY). The biggest point of apprehension was the timing of the Fed’s tightening policies as analyst speculate the chance of another hike being lower than 50%. Now markets are awaiting any signs of when the Fed will begin chipping away at its bond portfolio – now worth a significant $4.2 trillion.

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Economic calendar wise today we can expect German’s month-to-month Exports, Imports and Trade Balance – which could affect the EUR. Also we can expect the Reserve Bank of Australia’s Governor Kent’s speech, although this probably won’t greatly affect the currency considering the bank’s dovish interest rate stance has already been made well known.

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