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Oil Rallies on Libya Tensions, UK PM May Pushes for New Brexit Delay


The Norwegian Krone and the Canadian dollar were among the main gainers yesterday, aided by the rally in oil prices, which was fueled by supply-disruption concerns due to the escalating tensions in Libya. In Brexit-land, the UK Parliament approved legislation which gives lawmakers the power to proceed with changes over May’s new Brexit-delay request. Today, May will travel to Germany and France to meet with Chancellor Merkel and President Macron in order to discuss her request, before it is formally put on the table on Wednesday.

USD Retreats, Oil Rallies as Libyan Conflict Sparks Output Concerns

With not much on the economic agenda to drive the markets yesterday, the dollar traded lower against all but two of the other G10 currencies, erasing the modest gains it posted on Friday after the US jobs report, and trading even lower. The main gainers were NOK, AUD and CAD in that order, while the currencies that failed to capitalize against the greenback were the safe-havens CHF and JPY.

Although the weakening of the safe-havens and the strengthening of the commodity-linked currencies suggests a risk-on trading environment, the performance in the equity market points to...

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Source: https://www.jfdbank.com/en/research/oil-rallies-on-libya-tensions-uk-pm-may-pushes-for-new-brexit-delay
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