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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.
Stock significantly surged: S&P 500 and Nasdaq reached 6-week highs. The market sentiment may deteriorate today as Johnson & Johnson’s Covid-19 vaccine trails have been stopped because of the unexplained illness.
The sentiment is indeed risk-on today! S&P 500 surged to the all-time high, and EUR/USD jumped to levels unseen since May of 2018. Let’s have a closer look.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
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