The US PPI will come out on Thursday, May 12, at 15:30 MT time.
Will oil change the trend after OPEC meetings?
What will happen?
Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of 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 throughout the day. OPEC releases a formal statement covering policy shifts and meeting objectives after the meetings.
Last time, OPEC didn’t change the previous plan and increased production by 0.432 mb/d for May 2022. As a result, XBRUSD lost more than 5% within the day. If you traded one lot, you could have earned $5300.
How to trade on OPEC meetings?
- If OPEC increases supply, oil prices will fall.
- Otherwise – rise.
Instruments to trade: XBRUSD, XTIUSD.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.