FX Update: The dollar continued to trade without directional ambition
FX Update: The dollar continued to trade without directional ambition, despite the impressive Q3 GDP report out of the U.S. yesterday. Markets globally are cautious into the OPEC meeting today, with oil prices having been particularly choppy this week, rallying over 2% on Monday, diving by over 4% yesterday, and tumbling by over 1% during the Asia session today. EUR-USD has settled in the lower 1.06s after capping out at 1.0660 in early Tokyo, which left yesterday's peak at 1.0669 unchallenged. USD-JPY lifted moderately before settling in the upper 112s. USD-CAD, which has seen choppy price action this week, concomitant with oil prices, has steadied in the mid-to-lower 1.34s, holding well within recent daily ranges. Analysts will wait to see if OPEC manages to come up with a credible supply cut. Some crude market pundits see potential for oil prices to swing 20% or more in either direction today.