Daily Morning Call

From the Floor: Italy and Thanksgiving blunt performance – #SaxoStrats

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The US holiday break and Sunday's Italian referendum have joined forces to push financial markets into a holding pattern and most  currencies are moving sideways. Oil, meanwhile, remains elevated on hopes that broad production cuts will soon be announced.

· Oil market is getting excited by a potential 1.2m b/d cut – Hansen
· Iran and Iraq would need to join in with minimum 300,000 b/d – Hansen
· Russia may agree to a freeze, but not yet to a cut – Hansen
· The market is trying to put itself asleep ahead of Thanksgiving – Hardy
· Most currencies are going sideways though AUD is resurgent – Hardy
  · FOMC minutes and Italian referendum are in focus – Hardy
  · Latest opinion poll shows a 10 point lead to No in Italy – Garnry
  · Bunds are strengthening ahead of Italy vote, ECB QE decision – Boye
  · US and European government yields continue to diverge – Boye