The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
First Oil Release After OPEC Meeting
What will happen?
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2. This release is considerable for Crude (XTI/USD), Brent (XBR/USD), and CAD movement. The loonie (Canadian dollar) is on the list because Canada has a sizable energy sector, and oil is still the most used energy source in the world. The release tells about changes in the number of barrels of crude oil held in inventory by commercial firms during the past week.
Possible Crude and Brent moves
One of the last releases on January 26 turned out to be bigger than expected. Usually, it is a bearish sign for oil because of the oversupply. After the release, the uptrend in XTI/USD stopped, and crude oil lost around 2% of the price, sliding from $87.50 to $85.90 per barrel.
If the tendency remains, high inventories numbers will press on US oil prices. And in the case of a massive plunge, $85.00 per barrel is the most robust support level.
How to trade on crude oil release?
Higher-than-expected numbers will press on the XBR and XTI. Moreover, USD/CAD may fall due to the major role of Canada in energy production.
- If the actual number is higher than expected – XTI and XBR will fall.
- Otherwise – XTI and XBR may rise slightly.
Check the economic calendar
Instruments to trade: XBR/USD, XTI/USD, CAD/USD
The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.