Crude oil has popped back up above $50 attracting renewed interest ahead of U.S. President Donald Trump's speech to the UN General Assembly. The president is expected to focus his comments on North Korea and Iran. Traders appear to be concerned that stirring the political pot in the Middle East could reignite tensions among major oil producers.
Global markets have otherwise been steady for the most part overnight. Gold and JPY have been consolidating at lower levels. CAD has stabilized at a lower level after Bank of Canada deputy Governors Timothy Lane hinted the bank could be done raising rates for this year through comments about monitoring the impact of the previous hikes, the higher loonie and NAFTA renegotiations.
Index futures are up slightly in the U.S. today, while the DAX is down slightly. The FTSE is up 0.3% with Sterling steadying after a big rally and trading correction. The Nikkei soared nearly 2% amid reports of a snap election call coming.
It's a light day for scheduled news, but we could see traders position for the Fed and Bank of Japan meetings later in the week.