Oil, Kiwi & Cable Outperform Today

USOil, Daily

USOil hit fresh three-plus month highs of $62.23 into the New York session open, up from overnight lows of $61.63 and a 0.68% move for the day. Today marks the first time on the $62 handle since September 17. US airstrikes on Iran-backed Shiite militia groups in Iraq and Syria provided support overnight. As for the bigger picture, prices have been on the rise since October, with gains coming on the back of progress on trade issues and an improved demand outlook, along with additional production cuts by OPEC+ in December. The Turkish movement of troops into Libya has also added to the mix and underpins Oil prices.

In the FX market Kiwi and Sterling continue to be the most in demand today. NZDUSD is up 0.52% today, having closed over 0.6700 on Friday for the first time since July 25. The pair currently trades at 0.6735, just 47 pips short of the 2019 high at 0.6782. Cable is up 0.40% and trades at 1.3145. The Greenback has been under pressure in the final trading sessions of 2019, having had a strong year to date.

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Stuart Cowell

Head Market Analyst

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