Today, two events will shake the US dollar. First, at 16:45 GMT+2, Markit, a statistical company, will release the US Flash Services PMI. Moreover, at 21:00 GMT+2, the Federal Reserve will release its meeting minutes.
Will OPEC support the oil price?
What will happen?
OPEC-JMMC Meetings take place on June 1 during the day.
As OPEC previously agreed, the cartel member countries will meet every month to adjust their collective supply policy to make sure it is adequate to the reality of the global demand. Last time, they’ve confirmed an upbeat global outlook to proceed with the planned increase in the total supply although the decisions didn’t come without internal discord.
How to trade the OPEC meeting?
On the one hand, if OPEC shares a strong global demand outlook, it will infuse optimism in the oil traders, and that emotional impulse may push the oil price. On the other hand, optimistic vibes imply that the oil supply may be increased even more – these expectations may press on the price.
- If the recovery optimism is stronger than supply increase fears, the oil price may rise;
- Otherwise, it may drop.
Instruments to trade: WTI oil, Brent oil
This Wednesday will be heaven for day traders. A considerable number of events will make the market volatile. Don't miss it!
The G20 summit and the US PPI release gave us a lot of volatility to trade on. Luckily, today’s markets may be even more volatile with new vital releases and geopolitical decisions. The daily news report will surely help you!
Good morning, dear traders! Hope you’re doing great! Let’s talk about the news that is worth following today! Key market events: 15:30 MT, CAD GDP m/m 17:00 MT, GBP BOE Gov Bailey Speaks Oil is tensed again Oil rose as China refined its approach…
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Hello, dear traders! We hope you have a great day! Let’s see what news is worth following today! Market closing US stock exchanges will be closed due to the Thanksgiving holiday…