Risk off as crude oil plunges below $30

Risk appetite was off again in Thursday’s Asian session trading, as crude oil fell and regional equity markets tumbled.

Brent crude oil dropped to another 12-year low amid concerns over an oil supply glut and concerns about global economic growth hitting equity markets.

Brent slipped to $29.73, the lowest since February 2004 and down more than 1.5 percent. It was down 47 cents at $29.84 a barrel at 0145 GMT and the contract has fallen every trading this year.

The safe haven yen strengthened 0.1 percent to 117.53 per dollar. The Japanese currency has appreciated 2.3 percent versus the greenback this year, while the euro has risen 0.2 percent.

Australia’s dollar slipped 0.3 percent to 69.36 U.S. cents after a report showed employers cut jobs in December, while the New Zealand currency lost as much as 0.7 percent to 64.67 cents, the weakest since Nov. 19. The Indonesian rupiah slid 0.9 percent.

South Korea’s won dropped 0.9 percent to 1,214.14 per dollar after the central bank kept interest rates on hold. The Bank of England also reviews monetary policy on Thursday.

Australia’s S&P/ASX 200 Index slumped 1.8 percent, while Hong Kong’s Hang Seng Index lost 1.6 percent, and Korea’s Kospi index dropped 1.5 percent.

The post Risk off as crude oil plunges below $30 appeared first on FXTM Blog.

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