Crude oil fell to fresh lows, the German 10‐year drops to fresh record lows as the U.S. 10year sits at 2.13, equities are weak and the USD is mixed—with safe havens like JPY and CHF outperforming; and oil and growth sensitive currencies like NOK, CAD and MXN underperforming. Today, the IEA, cut the outlook for 2015 demand by 230k barrels per day, mainly on the back of a drop in the expectations for demand from Russia and other oil exporting countries. Data in the NA session is light, with just PPI and University of Michigan confidence. Next week’s focus is the Fed meeting.
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