The currency we love to hate is holding on here above the psychologically important 80 cent mark against USD, just shy of last week’s false breakout high:
That’s not far at all now to matching the September 2017 high and if broken, a new three year high. This trend is almost straight line perfect:
Meanwhile, something strange is going on in oil land with both markers, Brent and WTI falling sharply in the last hour:
Given the DOE report was last night and priced in during the NY/Chicago session this is a bit strange. As Forexlive reported:
The IEA is going to release their monthly oil report/outlook at 0900 GMT and we’ll have Baker Hughes oil rig count in the US session at 1800 GMT. Some real money being taken off the table ahead of it maybe? Yesterday, OPEC released its monthly report and they estimated that non-OPEC supply will increase by 160K barrels to 1.15 million barrels per day.
Maybe oil bulls have some guilt after reading the NASA/NOAA temperature report?