Crude oil futures were up slightly Tuesday amid muted holiday trading in Europe as investors remain in a wait-and-see mode ahead of a landmark effort by oil producers to reduce global supply.
As we move forward into 2017, the dollar is once again King and the throne is rising higher by the week since November. The dollar rallied by 27% on its first ten month leg higher and a similar move from the 100.60 resistance, which has now become technical support, would take the U.S. currency to over the 120 level on the dollar index futures contract.
As someone who has spent much of the past two decades demanding, nay insisting, that Britain should leave the European Union I am of course in favour of this point being made today. That a "clean Brexit" is the way to go as that is the manner in which Britain will do best. Change Britain, one of the varied campaign groups on the subject, is claiming that Britain will save £24 billion a year by being out of the Single Market and the customs union. Myself I think that's an underestimate. It is not taking full account of the benefits of not having to impose the loonier parts of EU regulation and it's also missing the effects of truly free trade--worth some £50 billion on its own perhaps, just the free trade.
- USDJPY: 117.40
- EURUSD: 1.0444
- S&P 500: 2,263.79
- NASDAQ : 5,462.69