•
Oil rally falters,
oil closes well off European highs
–
Comments by Saudi,
Iraqi oil minister reinforce gloom in the market
–
Rising a bit in Asia
in expectation of drawdown in tomorrow’s US inventory data
–
Trend remains bearish,
with implications for energy currencies – NOK, CAD, AUD and of course RUB – but
expect more two-way volatility at current price levels
•
RUB recovers
steadily
–
Exporters respond to
government suggestions, shorts cover ahead of holiday
–
But with energy prices
still under pressure, downtrend may resume next year
•
Gold falls as oil
falls, USD rises – who needs an inflation hedge?
–
US stocks hitting
record, Chinese stocks recovering also pressures gold
•
Today:
–
Eurozone: Final Q3 GDP figures for several countries; Greek
presidential election
–
UK: Downward revision to Q3 GDP would be GBP-negative in view
of BoE concerns
–
US: Lots of data, most expected to be USD-positive: 3rd
estimate of GDP expected to be revised up, durable goods orders seen higher,
personal income & expenditure expected to rise, new home sales expected to
show strong housing market. Also Richmond Fed survey, final U of M confidence
index
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