31FX – The first full week of trading in 2020 looks likely to be a volatile one as the U.S. killing of Iran’s most senior military commander continues to reverberate through markets, putting geopolitical risk front and center.
Oil Prices Spike
U.S. crude rose 3% while global benchmark Brent jumped 3.6% to more than $68 a barrel.
Geopolitical Risk Premium
Wall Street’s major indexes fell from record highs on Friday, with the S&P 500 sliding 0.7%, snapping five weeks of gains for the index.
US Job Reports
The final U.S. jobs report of 2019 showed that 266,000 jobs were added in November, the most in 10 months while the jobless rate of 3.5% was the lowest in half a century.
Stop-start negotiations and tit-for-tat tariffs could end on Jan. 15, the date that President Trump says will see Beijing and Washington sign a Phase 1 trade deal.
Britain’s parliament will reconvene on Jan 7 and will debate the divorce deal Prime Minister Boris Johnson has agreed with Brussels.
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