Morning Update – 07/11/2016 – by Arjun Lakhanpal

November 7, 2016 by

Morning all.. Wall St closed slightly lower on Friday even with a bounce in oil as fears over the weekend polls on the US election kept many on the side-lines. Over the weekend the FBI dropped the investigation into Clinton and this saw her increase her lead in the polls and seems to be trending away from trump now. It remains a close call but the Dollar and risk assets liked this news.. Global assets rebounded in Asia and the Nikkei closed up 1.6% and oil and the dollar also rallied back strongly. Oil up 1.5% this morning and USDJPY rising back above 104.00 making a hig at 104.58. Oil prices also higher following comments from OPEC chief stating he is confident a deal on production curbs could be finalized by the end of the month with expectation that non-OPEC major producers would join the agreement; Brent up ~1.5% last. MXN up 2.15%, and the JPY down 1.25% so decent moves in Asia. GBP has held gains but generally moving in line with EUR with the cross at .8900 after breaking lower Friday. The government still suggesting they can win the court battle and spark A50 in March 2017. This morning we get Spanish Industrial Production, and EU Retail sales data.. Looks like being a quiet one till we get more poll news from the US.. BIG day tomorrow. Good luck.