Japanese Yen: Short positions favoured on dovish Fed risk – Societe Generale

After last week's attack in Saudi Arabia, the east-west oil pipeline—with a previous maximum daily crude oil transport capacity of 5 million barrels—was shut down. The U.S. Energy Secretary stated he expects the pipeline to resume operations soon, but regional officials said recovery may take several weeks. Saudi Arabia’s crude oil exports dropped to 3 million barrels per day in August, the lowest in at least nine years, but increased in September. Iran claimed it postponed a meeting regarding Hormuz shipping, originally scheduled for this Monday, at Saudi Arabia’s request. Trump stated that Iran is eager and urgently needs to reach a deal; he will decide if the U.S. will participate, and that the U.S. remains open to the discussion.