Brent oil falling to fresh lows of $48.47 and the spread between Brent and WTI narrows to just $1.5; as global investment banks cut crude forecasts. In the near‐term it is the development in oil prices that will drive global markets; followed by the decision from the ECB on January 22. Today, the USD is generally strong, however most currencies have yet to reach fresh lows. Data today includes the labour market conditions index, an important release, but the focus from shifted from how labour markets are unfolding to when the Fed will hike rates in the context of falling unemployment and inflation.
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