Morning Update – 17/11/15 – 08:21:14

Morning all.. US stocks rocketed higher as oil rebounded strongly. This was an impressive move in oil as the dollar rose at the same time. WTI finished the session +2.45% and a shade below $42/bbl. That was after it had earlier tested the $40 level intraday and striking an intraday low of $40.06 which was the lowest price since August 27th.  Asia has taken up the baton with the Nikkei up 1.2% and HK 1.4% at the last look. There was no data to support these moves so it is tough to see how far this stock rally can run but traders will be watching oil and stocks closely. The dollar continues higher overnight with EUR touching 1.0650 and USDCHF consolidating above 1.0110. AUD is on new session lows now below 0.7080 as the RBA minutes suggested the inflation outlook may afford scope for further easing if appropriate to support demand; prospects for economic improvement have firmed a little; very low rates are supporting household consumption & house building; AUD is adjusting and boosting demand for domestic production; spare capacity to persist for some time; inflation will be lower than expected. A break of 0.7040 suggests a move in the AUD to below 0.7000. USDJPY has run into some selling at 123.50 and there is some concern if the BoJ can add to stimulus, as a much weaker JPY is hurting the domestic economy. Data this morning will foccus on the UK CPI inflation data. We also get Norway GDP and the German ZEW data..  Good luck..