Saudi Arabia was testing the waters by sending a signal that the kingdom might cut crude exports by 1 million barrels to shock and awe oil out of this sideways trading range ahead of Monday’s OPEC technical meeting. While the market did respond positively to the news, there was still some skepticism that the Saudis would make that happen.
I have been writing about the New Zealand Dollar lately and I think it has bottomed, turned and will continue to head higher. I think a first initial major target is the January 2017 high right above 73.50.
Rating agency Standard and Poor's said it did not expect the European Central Bank to switch away from its supportive monetary policy before 2018, despite signs that inflation pressures are beginning to return.
The three main U.S. stock indexes hit records highs for the second straight day on Tuesday, with the Dow topping 19,000 points and the S&P 500 moving past 2,200 points for the first time ever as the Donald Trump-fueled rally continued.
A rally in major world stock markets lost some steam on Thursday despite a continued surge in bank shares, as investors reassessed positions, while U.S. bond yields continued to climb on the likelihood of inflation under President-elect Donald Trump's proposed fiscal policy.