Crunch time for oil

30 November, 2016

Today is all about oil prices, which were particularly nervous yesterday ahead of the today’s formal meeting of OPEC members in Vienna. The desire to cut production appears to be there, but it’s all about how it is delivered, with some members more flexible than others. The oil price will remain volatile on this last day of the month. Talk is that they want to freeze production around 32.5m to 33m barrels per day. If we see something towards the lower end or below that range, then oil prices will rise as a result.

Beyond oil, it’s about the correction we’ve seen on the dollar. The factors that have pinned its rally largely remain in place, but it’s not surprising that we’re seeing some correction given the extent of one-way traffic on the currency. So far today we’ve seen a fairly steady tone emerge during the Asia session, the dollar index marginally firmer after what has been four days of corrective activity. Attention is turning more strongly to the euro ahead of the weekend referendum in Italy on constitutional reform, which could see greater political instability emerge in the coming days and weeks should the Italian PM not get his way. The result is priced in to a fair degree, so the single currency is not going to fall out of bed as a result, but it has the potential to eat away at sentiment over the coming weeks. Before then, it’s Friday’s US jobs numbers that are the main focus, but volatility potential is lowered by the fact that a December rate hike is priced in and it’s expectation on fiscal policy that have been driving the dollar higher.


Source link  
Fed Speakers Take Centre Stage

Fed Member Mester is due to speak at the Central Banking Series hosted jointly by the Global Interdependence Center and Bank of France, in Paris...

Markets Steady Ahead of Euro Open

After further increases in stock markets yesterday, the market is pausing and consolidating ahead of European trading. Asian equity markets are in the green...

Oil Inventories to Show a Draw

Expectations (Apr) are expected to be released with a prior reading of 16.7. This data has been weakening since a reading of 52.0 was recorded in...


Chances of RBA Rate Hike

NZDUSD bucked the trend overnight, as most other currencies managed to retrace some of their declines against the USD. The pair hit fresh...

Consumer Sentiment Index Close to Higher

US Fed Boston President Rosengren is due to deliver the keynote speech on the economic outlook, at the Greater Boston Chamber’s Economic Outlook Breakfast...

Chinese president soothes worries

With US Producer Prices data on the way this afternoon, and predicted to be largely as expected, the morning session will be dominated by central bankers...


Markets fall after more tariffs proposal

Friday's session is expected to be volatile, with Non-Farm Payrolls (13:30 UK Time) ahead and President Trump’s proposal for an additional $100B...

Korea gets exemption on steel tariffs

The US and South Korea have reached agreement on a Trade deal that comes with the added bonus for South Korea of a permanent exemption from...

EU Publishes List of Tariffs on US Goods

Over the weekend, the EU published a list of tariffs on US products in response to the US tariffs on Steel and Aluminium. The total value of EU tariffs...


In the past 24 hours Bitcoin has gained 3.36% and reached $8559.74. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.1691% and is now at $1.1809. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -1.46% and is now at $721.539. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets89%
2FXTMFXTM88%
3HYCMHYCM86%
4FxProFxPro82%
5FIBO GroupFIBO Group81%
6FXCMFXCM71%
7HotForexHotForex70%
8XMXM69%
9Alfa-ForexAlfa-Forex68%
10Grand CapitalGrand Capital65%
  


Share: