Oil output proposals, later denied made for a choppy session for the oil related currencies. EUR back on the march, but GBP outperforms. USD/JPY capped at 119.00 pre BoJ.
A choppy session in FX today, with attention back on oil. Comments from the Russian energy minister suggested Saudi Arabia had proposed a 5% cut in output for all producing nations, but OPEC later denied this, qualifying this by saying they were open to negotiations. WTI/Brent naturally rallied, with CAD, MXN and RUB following suit. USD/CAD took out 1.4000 after some initial resilience, going on to hit lows just under 1.3950. The later recovery back through the figure was given added momentum on the later denial, to end net flat on the day. It was a similar pattern for the rest of the oil-pack.
EUR had a good day overall, shedding its risk correlation to push higher - across the board. Fresh highs against the CHF saw the pair eyeing 1.1000 let in the day, but the lead spot rate continues to struggle in the mid 1.0900’s. Strong gains in GBP also, aided by UK Q4 growth matching expectations (q/q +0.5%). Steady cable gains into the mid 1.4300’s later accelerated to highs just above 1.4400. EUR/GBP is back under .7600, but support notable below here. AUD and NZD were dragged higher by the oil impact on equities, but USD/JPY looks to have run into a wall at 119.00. Minor impact on Amari resignation, BoJ ahead.