OANDA Trading : A mea culpa moment entering the weekend.

Jan 12 11:01 2019 Print This Article

Markets

With numerous crosscurrents still in play, US shutdown and Brexit notwithstanding, a mild bout of risk aversion seeped into global markets Friday pressuring US equities,  oil prices and US bond yields lower and we saw mostly US dollar buying as traders pared back extended short dollar positioning on the EUR and CNH.

There wasn’t any specific catalyst other than the latest concerns over Brexit, the US Government Shutdown as well as a  more balanced debate over the USD dollars near term direction which led to a fidgety flip flop Friday of sorts. But I will elaborate a bit more on why I think we saw a sharp drop in the EUR  and a retracement in the CNH in the currency market section below.

Brexit uncertainty continues, and the clock is ticking with PM May running out of time to get concessions on the unsettling nature of the backstop.

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