
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
WTI is trying to recover as well. The oil benchmark is moving to the resistance at $65.20. If it’s able to break it, the further rise is anticipated. The support is at $63.30.
The further movement will mostly depend on crude oil inventories data (at 17:30 on June 20) and the OPEC meeting on June 22.
It’s worth reminding that Russia and Saudi Arabia announced their willingness to increase an oil production. However, other participants of the cuts agreement aren’t ready to do that. Iran's representative to the bloc said "If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that's a breach of the cooperation agreement." It seems like there are misunderstandings between allies.
That is all for today. Follow markets news with us!
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The American CPI is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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