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AUD/USD approaching its 200-day MA with CapEx on tap tonight

My, what a difference a couple of hours makes. As US traders trudged into their offices this morning, it seemed as though the sky was falling: continued fears of Brexit were driving GBP/USD to 7-year lows, major equity markets were trading down by about 2% across the board, and oil (WTI) was falling back toward the widely-watched 30.00 level. Since then, each of those moves has been unwound to some extent, and in fact, both US equities and oil have turned positive on the day as of writing.

GBP/USD: Merely an oversold bounce?

Things are looking decidedly better for risk assets today, and not just in a “Thank Goodness It’s Friday” kind of way. Starting with the world’s most important market of late, oil has built on yesterday’s gains and assuming the current gains hold, WTI is on track for back-to-back daily gains for the first time since before Christmas. As my colleague Fawad Razaqzada notes below, talk of a long-term bottom in oil prices is premature at this stage, but traders will take anything they can get after the relentless collapse to start the year.

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