How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
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.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.