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Oil hits 5-month highs

Published April 9, 2019

AUDUSD was capped overnight near 0.7130 for the 6th day in a row (cue handclap).

 

Oil prices hit 5-month high

Oil prices struck a 5-month high overnight as a consequence of the escalation of unrest in Libya, along with US sanctions against Iran and Venezuela and have markets concerned of a supply shortage.  Crude oil was up 2% and provided a lift for commodity currencies. Stoking further tension will be the news that Iran has just announced the launching of direct flights to Venezuela!

 

May Considers Offering Lawmakers A Vote on Second Brexit Referendum

The Telegraph reported that UK PM Theresa May is considering giving MPs a vote on a second Brexit referendum in an attempt to break the deadlock in talks with the opposition Labour Party.  May is desperate to find a compromise deal that she can present to the EU ahead of a crisis EU summit held on Wednesday where she plans to try to delay the 12th April deadline.

 

Today, locally Feb housing data is due…  keep an eye on AUDJPY for sentiment direction…

AUDJPY grinding higher – Reuters