Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
Important news for oil traders
The meeting of the Organization of the Petroleum Exporting Countries (OPEC) will take place on June 22. During this day, there will be important announcements from the world’s top oil producers.
The main question is whether the largest exporters decide to stick to output cuts or choose to increase production.
• If OPEC decides to increase output, oil prices will go down.
• If OPEC maintains limitations on output, oil prices will go up.
The dynamics of oil prices has a direct impact on the currency market. Commodity currencies like CAD, AUD, NZD will be the most sensitive to the news. And remember that you can trade WTI and Brent oil with FBS as well.
Oil dropped to the lows unseen since late May. Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
Much impactful news will come out! Read the article to get fresh trade ideas for the whole week!
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!