Daily review

Yesterday, the US stock market dropped sharply led by technology. Nine of the eleven industries declined too.

The US dollar index declined today as traders started worrying about the future of interest rates. On Friday, Fed vice chair Richard Clarida said that he was seeing a cooling of the global economy.

In the United Kingdom, Brexit uncertainties continued today as EU’s chief negotiator, Michael Barnier warned that there will be difficult negotiations over the UK’s demands to maintain access to EU’s security database.

The sterling fell sharply after the resignation of Brexit minister, Dominic Raab, and Work and Pensions minister, Esther McVey.

The Japanese yen was little moved today against the USD after Japan released the preliminary reading of the third quarter GDP numbers.

After a volatile Monday, the sterling rose today after the de facto deputy prime minister said that a deal will be made within the next 24 or 48 hours.

The price of crude oil jumped today after Saudi Arabia suggested reducing production. The Saudi oil minister said that the country will slash daily oil production by 500K barrels per day in December.

The greenback rose today after the hawkish statement from the Federal Reserve yesterday. The bank left interest rates unchanged as traders had expected.

The New Zealand dollar rose against the USD after the RBNZ made its monetary policy decision. The bank left the official cash rate unchanged at 0.75%.

The US dollar fell against most currencies after the mid-term results were announced. As expected, Democrats won back the house while Republicans extended their majority in the Senate.