Markets in consolidation mode still - ANZ

Analysts at ANZ explained that as month end approaches, financial markets remained in broad consolidation mode.

Key Quotes:

"Oil was the big mover, with WTI 4% lower at the time of writing as expectations for any meaningful agreement from the OPEC meeting receded. The USD continued its recent period of consolidation although it was quite active within ranges. US yields were also range-bound, with the 10-year sitting at 2.31% at the time of writing.

Elsewhere, markets remained nervous ahead of this weekend’s Italian referendum, although Italian debt rallied on unconfirmed reports that the ECB might front-load near-term bond purchases within its monthly bond buying programme should volatility pick up in the event of a “No” vote. Gold fell 0.4% and stock markets were mildly firmer. The S&P 500 is currently up 0.3%, while the DAX and CAC closed 0.4% and 0.9% higher respectively."