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News

Oil rallies ahead of Trump UN speech

Crude oil has popped back up above $50 attracting renewed interest ahead of US President Trump's speech to the UN General Assembly. The President is expected to focus his comments on North Korea and Iran. Traders appear to be concerned thay stirring the political pot in the Middle East could reignite tensions among major oil producers.

Global markets have otherwise been steady for the most part overnight.  Gold,  and JPY have been consolidating at lower levels. CAD has stabilised at a lower level after Bank of Canada deputy Governors Lane hinted the bank could be done raising rates for this year through comments about monitoring the impact of the previous hikes, the higher Loonie and NAFTA renegotiations.  

Index futures are up slightly in the US today, while the Dax is down slightly.  The FTSE is up 0.3% with Sterling steadying after a big rally and trading correction. The NIKKEI soared nearly 2% amid reports of a snap election call coming. 

It's a light day for scheduled news, but we could see traders position for the Fed and Bank of Japan meetings later in the week.

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Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.