1. Oil prices retreat from 2016 highs

Oil prices fell on Monday as a monthly increase in production by the Organization of the Petroleum Exporting Countries offset declining U.S. output and recent weakness in the dollar, which has underpinned oil prices.

U.S. crude was down 33 cents or 0.72% at $45.59 a barrel at 1007 GMT. Global benchmark Brent fell 49 cents or 0.99% to $46.9.

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1. Yen hits 18-month high

The lack of action from the Bank of Japan on Thursday and continued weakness in the dollar, which traded at 8-month lows, put downward pressure on the USD/JPY on Friday.

The pair hit a low of 106.91, its weakest level since October 2014.

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1. BoJ surprises with no action; yen soars

The Bank of Japan (BoJ) shocked markets by making no changes to its monetary policy in a decision which sent the yen soaring close to 3% against both the dollar and the euro.

USD/JPY fell the most since last August on the news, while EUR/JPY noted its largest slump in the last five years.

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1. Fed set to announce policy decision

The dollar was little changed as investors waited for the Federal Reserve (Fed) to announce its monetary policy decision at 18:00GMT, or 14:00ET.

Markets were not expecting any action to be taken on interest rates, but focus will be placed on the statement and the Fed’s stance on the economic backdrop in an attempt to gauge whether a move might come at the next meeting in June.

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1. Fed kicks off 2-day policy meeting

The Federal Reserve begins its two-day policy meeting on Tuesday. The U.S. central bank is not expected to take action on interest rates, but traders will be looking for its take on the global economy and its monetary policy outlook.

Many in the market anticipate the pace of increases to be gradual amid concerns over global economic growth and divergent monetary policies between the U.S. and other nations.

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1. Pound pares gains after Obama-based boost

GBP/USD moved back from a five-and-a-half week high reached after U.S. President Barack Obama warned over the weekend that Britain would be at the “back of the queue” to arrange a trade deal with the U.S. in the event of a British exit from the European Union or Brexit.

Betting odds had moved sharply in favor of the U.K. remaining in the 28-member block following Obama’s warning.

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1. Euro zone finance ministers discuss Greek bailout

Finance ministers from the countries in the single-currency blog were gathered in Amsterdam on Friday in the so-called Eurogroup meeting to review the progress for the review of Greece’s economic adjustment program which the Hellenic Republic needed to past to receive its next tranche of aid.

Eurogroup head Jeroen Dijsselbloem played down the possibility of any deal being reached and was expected to give a press conference at 10:15AM GMT, or 6:15AM ET.

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1. With no ECB move expected, markets will focus on Draghi

No further measures are expected to be announced in the European Central Bank’s (ECB) monetary policy decision at 12:45GMT, or 8:45AM GMT, which will place the focus on the press conference with president Mario Draghi at 13:30GMT, or 9:30AM ET.

As markets were discounting further easing in the future with the largest probability on the September 8 meeting, investor will listen to Draghi for hints on the current policy stance and any clues to the timing of additional measures.

EUR/USD traded flat in anticipation of the event.

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1. Oil slumps on oversupply worries as Kuwaiti strike ends

Oil prices fell sharply on Wednesday on oversupply concerns as a three day strike by Kuwaiti workers ended and production was expected to rapidly return to normal levels.

Furthermore, data from industry group American Petroleum Institute showed that U.S. crude stockpiles rose more than expected last week.

Investors await the release of the government's weekly inventories at 14:30GMT, or 10:30AM ET.

Meanwhile, U.S. crude oil futures fell 1.81% to $41.70 at 9:52AM GMT, or 5:52AM ET, while Brent oil traded down 1.57% to $43.34.

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1. Oil erases losses caused by Doha

Oil prices rose on Tuesday as a strike by oil workers in Kuwait cut the country’s output levels in half.

The gains completely erased losses provoked over the weekend by a failure by major oil producers to reach an agreement in Doha on a production freeze aimed at propping up prices.

U.S. crude oil futures rose 1.41% to $41.77 at 9:52AM GMT, or 5:54AM ET, while Brent oil traded up 1.79% to $43.68.

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1. Oil tumbles after lack of agreement among major producers

Crude slumped on Monday as major oil producers failed to come to an agreement to freeze production levels on Sunday.

Blame was primarily placed on Saudi Arabia who refused to make a deal without an agreement from Iran who had made clear it would not stop production until it returned to pre-sanction levels. Iran did not even attend the meeting.

U.S. crude oil futures fell 2.88% to $40.51 at 10:54AM GMT, or 6:54AM ET, while Brent oil traded down 2.37% to $42.08.

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China’s first GDP report due Friday at 10 a.m. Beijing time, or 10 p.m. Thursday on Wall Street, will show the world’s second-largest economy expanded 6.7 percent from a year earlier, according to a Bloomberg survey of economists as of Thursday morning.

Premier Li Keqiang said last week growth will be "better than expected" as indicators improved. Other reports scheduled for release will provide gauges for manufacturing, investment, consumption and employment. Economists forecast industrial production increased 5.9 percent in March from a year earlier, while fixed-asset investment is forecast to pick up to 10.4 percent in the first three months of the year.

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