Dollar claws back some losses as investors look to US data, OPEC

Brent crude futures last traded at $47.13 per barrel, down slightly on the day, after having fallen by as much as 2.0 percent in early Asian trade, following on from a 3.6 percent fall on Friday as doubts arose over whether the Organisation of the Petroleum Exporting Countries would reach a deal later this week.

The euro was little changed versus the greenback after having gained almost one per cent to $1.0684 as it got a lift from the election of Francois Fillon as the centre-right candidate in next year's French presidential election.

"Oil prices are moving on [ministers'] comments now more than anything else until a decision comes out", said Brian Youngberg, an energy analyst at Edward Jones.

ITALY VOTE: Investors are also keeping an eye on Italy's popular vote on constitutional changes December 4 that would limit the power of the upper house and make it easier for governments to pass legislation.

"A lot of these rotations are going to occur and you'd imagine dollar assets will be sold and yen assets will be bought", said Richard Benson, co-head of portfolio investment with currency fund Millennium Global in London.

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The New Zealand government bonds closed modestly firmer Tuesday as investors remained cautious ahead of the OPEC ministerial gathering, in which oil producing countries are expected to strike an agreement on output cut.

The FTSE 100 was called to open 12 points lower than Monday's close at 6,787.

LAGGARDS: Online retail giant Amazon fell $11.26, or 1.4 percent, to $769.11 and Toy maker Hasbro lost $2.20, or 2.5 percent, to $85.74.

KEEPING SCORE: Germany's DAX index lost 0.8 percent to 10,612.49 points and France's CAC-40 lost 0.7 percent to 4,517.86. Volatile crude oil prices ahead of this week's oil producers' meeting kept investors' risk appetite in check. USA stock markets were poised for a lower opening with Dow futures and the broader S&P 500 futures down 0.2 percent.

Oil prices tumbled 3pc on Friday on disagreement between OPEC and non-OPEC crude exporters like Russian Federation over who should cut production by how much in order to curb a global supply overhang that has more than halved prices since 2014.

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MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, led by gains in Hong Kong and Taiwan.

That in turn prompted players to take profits in the dollar, which had risen on expectations higher US bond yields would encourage investors to put more money in the dollar assets.

The yield on 10-year U.S. Treasuries dropped nearly 5 basis points to 2.323 percent, off its 16-month high of 2.417 percent touched on Thursday. Investors also awaited a referendum on constitutional reform in Italy on Sunday.

CURRENCIES: The dollar inched higher compare to other currencies. Tensions between Italian Prime Minister Matteo Renzi and the European Union have reached boiling point ahead of the poll and he has suggested he would step down if voters reject the proposal. The dollar-yen pair traded at 111.355 during Monday's Asian session, while the dollar's index against six major currencies eased off its 13 ½ year high, trading down 0.6 percent on the day.

Sterling was also 0.3% lower versus the euro at 1.17 despite the Organisation for Economic Co-operation and Development (OECD) revising up its forecasts for the United Kingdom economy.

French conservatives voting in first presidential primary
His views prompted harsh criticism from many members of the Socialist Party who feel that he has betrayed left-wing ideals. With France's presidential election just months away, parties are picking their candidates in US-style primaries.


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