EURUSD View

Crude futures slid and shares in Asia retreated as markets grappled with the ramifications of the political upheaval in Venezuela and the fate of its petroleum reserves.

Oil prices extended their slide after U.S. President Donald Trump said Venezuela will be “turning over” up to 50 million barrels of oil to be sold at its market price following the toppling and capture of the nation’s leader.

Japanese shares slid sharply, while gold and industrial metals remained near record levels. The yen rallied as geopolitical tensions from South America to China took centre stage while investors awaited data in the United States for clues about the timing of potential interest rate cuts by the Federal Reserve.