OPEC+ Crashes Fed Inflation Plans

OPEC+ Crashes Fed Inflation Plans

 Welcome to April, folks! This week has already brought us a huge leap in some assets. We’ll talk about them later; now, let’s look at the most expected events of upcoming trading sessions.

Economic calendar

(All times are GMT+3; check your time zone here)

  1. Monday:
    1. OPEC-JMMC Meetings
    2. 17:00, US ISM Manufacturing PMI
  2. Tuesday:
    1. 07:30, Australia Cash Rate and RBA Rate Statement
    2. 17:00, US JOLTS Job Openings
  3. Wednesday:
    1. 05:00, RBNZ Rate Statement and Cash Rate
    2. 15:15, US ADP Non-Farm Employment Change
    3. 17:00, US ISM Services PMI
  4. Thursday:
    1. 15:30, Canada Employment Change
    2. 15:30, Canada Unemployment Rate
  5.  Friday:
    1. Bank holidays in New Zealand, Australia, Swiss, the UK, the EU, and Canada
    2. 15:30, US NFP, Average Hourly Earnings, and Unemployment Rate

Gold technical outlook

The metal broke the bearish channel we marked the previous week. The retest of the 200-period MA is possible but not mandatory.

If the price advances slightly above the resistance of $1960 to $1965, we will look for a Sell trade with a target of $1945. A local downtrend isn't over yet. 

XAUUSDH1.png

News for you to stay informed:

  • OPEC+ cuts oil production, and XBRUSD opened with a 6.36% upside gap. More details in the previous post
  • Monthly Swiss CPI is lower than expected (0.2% vs. 0.4% forecast). USDCHF fell by 170 points and is now recovering.
  • From the start of the century, the USD share in world trade decreased from 70% to 40%. Over January 2023, the USD share decreased by 1.77%. As more countries start using local currencies, the USD loses its world reserve currency status.
  • Japan began purchasing Russian crude oil above the $60-a-barrel cap, breaking the market cap from the EU and US.
  • Bittrex US (one of the oldest crypto exchanges) will shut down its operations (only in the US) because of the current US regulatory and economic environment. 
  • UBS bank plans to lay off 20-30% of its employees after the Credit Suisse acquisition.

Have an amazing week!

 TRY TRADING

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