Saudi, Russia want to reverse sentiment as crude tests $80pb | MarketTalk: What’s up today? | Swissquote

Show notes

The excellent combo of lower-than-expected US NFP, weaker-than-expected wages growth and the unemployment rate at an almost two-year high sent another wave of optimism to the financial markets on Friday that the Federal Reserve (Fed) is done hiking the interest rates. US yields further fell and US equities roared after three months of struggle.
In the FX, the US dollar slid the most since July and sank below its 50-DMA, triggering a beautiful rally in major pairs. The EURUSD flirted with 1.0750, Cable rallied to 1.2390, the USDJPY fell below the 150 mark, and the AUDUSD jumped to its 100-DMA and could extend rally if, as expected, the Reserve Bank of Australia (RBA) delivers a 25-bp hike tomorrow for the first time in 5 months.
But there is one kid in that party room that’s less cheery than the others and that’s crude oil. Crude oil remained under pressure on Friday and was only timidly bid this morning on rising tensions in Gaza, the news that Israel encircled Gaza city and the headlines that Saudi and Russia will stick to their planned oil cuts despite the Middle East tensions.
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