Markets:
- WTI crude up 43-cents to $85.98
- GBP leads, USD lags
- US/Canada bonds and equities closed
There wasn’t much to report in terms of price action in North American trading. The holidays in the US and Canada kept a lid on the market and there wasn’t any news to jar markets.
The overall tone is moderately constructive as the US dollar sagged and oil rallied. That points to good things when equity futures open but any holiday move is always built on a shaky foundation. The euro rallied earlier in part due to the ECB’s Wunsch saying on the weekend that ‘a bit more’ probably needs to be done on rates.
Pound traders continue to strongly price in a hike this month as well and that helped along GBP.