2 December, 2016
The Oil prices jumped on Wednesday after the organisation members agreed to pare production first time since 2008, to reduce global oversupply, which made the prices collapse by half since mid-2014.
The 14 participating countries are responsible for the third of the global oil output (33.6 million barrels per day). As a result, the agreement should reduce the production by 1.2 million barrels a day, starting from January 2017. The group has agreed to evaluate the effectiveness in six months’ time.
From Non-OPEC countries, Russia also backed the deal agreeing to cut production from the record levels.The Russian Ministry of Energy reported that the country is ready to reduce the quota by 0.3 million barrels per day in the first half of 2017. According to Minister Novak, the deal may find new supporters in the future (namely Azerbaijan, Mexico along with others).
Gold
The Gold prices balanced declines a bit after falling to a nearly 10-month low, as soon as the Dollar began its declines. The precious metal remains under pressure as traders wait for a rate increase in the United States. Expectations of the rising oil prices intensified the inflation assumptions in the US, which are already propelled by the prospect of the increasing fiscal spending and tax cuts during Trumps administration.
US Dollar
The demand for Dollar continues to be upbeat after the positive US economic reports. This was considered as a new argument in favour of raising the interest rates. Investors retain a focus on today’s report in the manufacturing activityand Friday’s employment data in the US non-farm sector.
United Kingdom
The Novembers manufacturing activity in the UK showed an unexpected contraction, because of the weakened Pounds, which is weighed down by the Brexit concerns.
The research group Markit, reported that the index of business activity in the manufacturing (PMI) sector fell last month from 54.2 in October, to a seasonally adjusted 53.4. Analysts had expected that the index would rise to 54.5 in November.
The Greenback has certainly taken all chances to become an outsider on the Forex market this week...
The Chinese stock market closed on a positive territory, posting the biggest gain since the end of November 2016...
The Australian regulator is riven by contradictions. On the one hand, the economy requires lower rates...
The Asian stock market began the week with an advance, in anticipation...
The European currency extended its fall after the ECB official, Yves Mersch, denied speculations about QE tapering, making it clear that the regulator is not yet going to change its dovish views...
Oil prices are trading in positive territory on Tuesday, after the Iranian Oil Minister...
The comments of the FED officials Erik Rosengren and Loretta Mester...
The British Pound rose above the level of 1.24 after the Bank of England decision last week...
When it comes to the EUR/USD pair, then we have a descending channel on the weekly chart...
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---|---|---|---|
1 | ![]() | easyMarkets | 90% |
2 | ![]() | FXTM | 87% |
3 | ![]() | HYCM | 85% |
4 | ![]() | FxPro | 84% |
5 | ![]() | FIBO Group | 82% |
6 | ![]() | FXCM | 70% |
7 | ![]() | XM | 68% |
8 | ![]() | Fort Financial Services | 67% |
9 | ![]() | Alfa-Forex | 66% |
10 | ![]() | HotForex | 66% |