Morning Update – 12/12/2016 – by Arjun Lakhanpal

Morning all.. Wall had another strong close Friday and Asia also pushed higher as oil soared on OPEC and No-OPEC nations agreeing to cut production further. Saudi minister also expressed optimism on being able to cut production more than originally anticipated. Oil up 5% this morning and oil related currencies all stronger. USDJPY held gains and helped push the Nikkei higher; closing up 0.85%. USDJPY has made new recent highs above 115.70. JPY the largest underperformer overnight, down ~35bps versus the USD. The British Chambers of Commerce nudged up its forecast for economic growth next year but downgraded the outlook for 2018 due to inflation pressures and ongoing uncertainty as Britain prepares to leave the European Union, it said on Monday. Italian President Sergio Mattarella asked Foreign Minister Paolo Gentiloni on Sunday to try to form a new government, giving him a mandate to lead Italy out of a political crisis caused by the resignation of Matteo Renzi. This morning we have no data of note but a busy week of central bank meetings ahead this week.. Good luck..