Chinese markets remained closed for the Chinese New Year break, but stocks elsewhere in Asia were mostly down for another day. The fall in oil prices loses momentum on news that production in Libya could completely stop as a result of a conflict with the OPEC members. While analysts expect that a 6-3 vote in favour of status quo should hold, we stand ready for a dovish surprise and even a rate cut at this week’s meeting. The Federal Reserve (Fed) starts its two-day meeting today and despite mounting anxieties in the market, the Fed is broadly expected to maintain its policy unchanged. Encouraging data could bolster the US dollar purchases and send the euro below the 1.10 mark versus the US dollar.

Source: Libya Today January 28, 2020 07:41 UTC