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WorldWide Markets Trading Blog

Cable Rallied to 1.3250 Against the Dollar, EURGBP Fell to 0.8510

(Aug 24  Wednesday) The British pound rose 90 points to 1.3250 being well bid against the dollar and the euro in Europe as selling pressure pushed the EURGBP cross down from 0.8580 to 0.8510 in the morning session in London. The pound broke the three-week high of 1.3210 from last week from a combination of short-covering spree from long-term short positions and after recent data which indicated that the British economy was holding up surprisingly well after the July 23rd Brexit vote.

Today’s Trading Edge: Oil rises after Iran signals possible agreement on an OPEC freeze deal

Oil prices reversed an earlier slide after Iran reportedly told OPEC that they will attend the Algiers meeting oil production meeting in September.  The next OPEC meeting is scheduled to take place on Nov 30th, however oil producers are planning on meeting on the sidelines of the International Energy Forum in Algeria on September 26th.  Later in the US session, an Iran Oil official noted that he cannot confirm whether Iran will attend the upcoming meeting.    


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