
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).
The Organization of Petroleum Exporting Countries will hold a meeting on June 2. The representatives from 15 oil-rich countries discuss issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press, but officials usually talk with reporters during the day. Also, an official statement that covers policy shifts and future goals is released after the meeting.
The OPEC countries represent around 40% of the world’s oil supply and are unified in their oil production levels. With so much control over oil’s supply side, any shifts in their production levels can significantly impact prices. OPEC wants to be an “island of stability” and faces pressure to boost production. There is a chance OPEC will deny increasing oil output and push the prices higher.
The meeting happens twice a year, and the last one started an uptrend that led to a 99% soar in XBRUSD. If you opened a buy trade of 1 lot, you could have earned an immense $6500.
If the organization decides to increase output, it may end the oil uptrend. Moreover, it’s unlikely the output will be lowered due to rising demand and supply concerns. On the other hand, OPEC stated several times that it struggles to increase oil production.
Check the Economic Calendar.
Instruments to trade: XBRUSD, XTIUSD
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).
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!