Oil prices fell further on oversupply concerns

•      Oil prices fell further on oversupply concerns

•      New US projections released on Monday, showed production from the big three US shale companies should carry on growing at over 100k barrels per day into January

•      OPEC decision to keep its output target along with the ongoing US shale production are likely to keep oil prices around the current low levels

•      USD strengthened against the high-yielding and commodity currencies

•      An article from WSJ raised speculation that the FOMC members are considering to remove the reference that they will keep interest rates low for a “considerable time”

•      Expectations of a “hawkish” Fed following the strong employment data are likely to keep the dollar strong especially as the alternatives within the G10 become less attractive

•      Overnight:

•      Australia’s NAB business confidence index for November declined to the lowest level since July 2013. The results of the survey prompted NAB to change its interest rate prediction to two cuts of 25 bps in 2015 or to remain on hold until 2016. AUD could weaken further.

•      Today:

•      Germany: current account surplus for October is expected to decline a bit

•      UK: industrial production for October

•      US: NFIB small business optimism for November, The Job Opening and Labor Turnover Survey (JOLTS) report for October and Wholesale inventories for October.