Can OPEC Exclude Russia? US Data May Support Treasury Yields, Wheat Prices Change, What About Forex Market? | Saxo Bank

Market Trends and Currency Positioning: USD Net Short Position, Euro and Pound Analysis - 22.08.2023

Summary:  Today we look at yesterday's choppy market session, which was buoyed off the lows by a crushing blow to Brent crude prices intraday on a story that OPEC may be ready to exempt Russia's production and allow for production increases from Saudi Arabia and other members. But is there really any spare capacity that can come online? We also look at strong US data points yesterday supporting the rise in US treasury yields and whether we are in for another narrative shift across markets if yields are set to rise further just after consensus was developing that yields had reached a major top. The dump lower in wheat prices, perspective on MongoDB ahead of its earnings report, FX and more on today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Listen to today’s podcast here, where you also find the associated slides.

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Source: Saxo Bank
Market Trends and Currency Positioning: USD Net Short Position, Euro and Pound Analysis - 22.08.2023

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