Posted on: 06 May 2016, by: Pepperstone Support, category: Market Review
Price action on Thursday continued to serve as a warning regarding NFP.
Investors are worried about sour results and viability of the reflation trade. Crude was the focal point and driver of interest broadly.
WTI rallied as high as $46.07 at the NY open, thanks to various supply-driven developments, but begin to fizzle out into the London open.
A new session low near $44.00 followed in late NY trading, influencing short-covering in US fixed income and equity slippage.
G10 commodity and EM FX calmly followed along. Oil, along with political upheaval in Turkey, left flow focuses on EM.