Markets Rebound in Quiet Trading, Oil Takes a Tumble

It was a relatively quiet day across the sessions yesterday with the major currencies all trading in relatively tight ranges. The biggest move we saw was probably in Oil as it dropped over 4% after the OPEC decision to extend production cuts wasn’t for as long or as deep as the market had expected.

The stock markets finished the US session in the black and this helped to support the dollar alongside the market still pricing in a high chance of a June hike from the Fed – currently at 80%.

Looking ahead to today and it’s set to be another fairly subdued day with another dearth of fundamental data until we hit the New York session and the US GDP and Core Durable Goods data. Also note that we have G7 meetings today and into the weekend, so we may have a good number of comments from finance ministers hitting the headlines.

On the face of it, it looks like we’re set for a range bound day and traders will be looking to job the technical levels hard if this is the case, however, the market has been very much news driven for the last few months and those getting too complacent could get caught out by an unexpected event or comment.

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