FX Brief Oils OPECDriven Rally Fades RBA on Tap

Matt Weller
By :  ,  Head of Market Research

FX Brief: Oil’s OPEC-Driven Rally Fades, RBA on Tap

  • The US dollar was the strongest major currency on the day, helped along by a US-China trade war “truce” and better-than-expected ISM Manufacturing PMI figures. Safe haven demand amid the ongoing protests in Hong Kong also played a role in boosting the buck today.
  • The Swiss franc was the weakest major currency today, falling by more than 1% against the greenback.
  • Oil (WTI) hit a five-week high above $60 on news of a nine-month extension to output cuts before fading to close near $59, up just 1% on the day.
  • AUD/JPY may be seeing bullish exhaustion ahead of the RBA meeting in tomorrow’s Asian session, where most analysts are expecting an interest rate cut.

Related tags: Forex

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