Forex news for US trading on January 28, 2016:
News:
The OPEC saga:
Markets:
– Gold down $10.45 to $1114
– WTI Crude up $1.47 to $33.77
– US 10-year yields down 2 bps to 1.98%
I don’t know where to start with the OPEC drama. Russia started talking about a meeting that hadn’t been agreed to and some fantasies about every OPEC and non-OPEC oil producer cutting production by 5% and the market ate it up. Crude rocketed to $34.82 as the squeeze continued and USD/CAD dropped 150 pips from the US open to 1.3948.
