This is a pretty big cut. It's not clear from the report how long the agreement is for. If it's through Q1, that would be extra bullish.OPEC+ is showing unprecedented unity and discipline right now but history shows there is a time bomb there and now there's more than...
The USD moves higher in early US trading as markets react to data and OPEC. What next?
There is a lot of fundamental news to digest in trading today. The initial jobs claims in continuing claims showed weakness in employment, but the USD moved higher despite that weakness. OPEC+ is threatening to cut production by more than expectations which has oil...
OPEC+ has reached consensus on oil output cuts – report
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Fed’s Williams: If inflation pressures persist, we could hike again
Fed's WilliamsWe are at or near the peak of interest rate targetSees inflation falling to 2.25% in 2024Inflation will close in on 2% in 2025Financial conditions have tightenedSees GDP at 1.25% next yearSees unemployment at 4.25% next yearSees upside and downside risks...
OPEC JMMC meeting ends with no recommendation – report
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Fed’s Daly: It’s still too early to know if Fed is done hiking rates
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The broader market frets about inflation after the latest OPEC leak. US dollar higher
Bonds are selling off, gold is lower and the US dollar is strengthening after headlines continue to suggest that OPEC will deliver a collective cut. An extension of current policy cut and the Saudi 'lollypop' 1 mbpd cut already appear to have been agreed and leaks...
OPEC discussing deeper output cuts for Q1, could approach 2 mbpd
Meetings used to be for deciding things.But with central banks and oil cartels, it's all decided ahead of time nowdays. The OPEC JMMC monitoring committee is meeting now and at 9:30 am ET (2:30 pm in London), the main meeting will get underway. It's all in virtual...
PCE data is expected. The surprises in the continuing claims
The US PCE data came in as expected across all monthly and yearly measures and headline and core as well. The surprise was in the continuing claims which search to 1.927M. That was the highest since November 2021.The market reaction is somewhat modest. Stocks remain...
US September PCE core +3.5% vs +3.5% expected
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US Initial jobless claims 218K vs 220K estimate. Continuing claims highest since Nov. 2021
Initial jobless claims and continuing claimsInitial jobs claims prior week 209K revised to 211Kinitial jobs claims vs 220K estimate.4-week moving average of initial jobs claims to 220K vs 220.50 last week .Continuing claims 1.927M versus 1.872M estimate. That is the...
Canada Q3 GDP -0.3% q/q vs +0.2% expected
Annualized q/q GDP -1.1% vs +0.2% expectedQ2 annualized q/q GDP revised to +1.4% from -0.2%September GDP +0.1% vs 0.0% expectedAugust GDP was 0.0%Prelim Oct GDP +0.2%Q2 GDP revised to +0.3% from 0.0%GDP implicit price Q/Q +1.8% vs +0.7% prior (prior revised to...
The USD is the strongest and the EUR is the weakest as the North American session begins
As the North American session begins. the USD is the strongest of the major currencies while the EUR is the weakest. The latest Eurozone data released by Eurostat on November 30, 2023, showed that the preliminary Consumer Price Index (CPI) for November came in at...
ForexLive European FX news wrap: Euro dips as ECB rate cut bets heat up
Headlines:Markets:USD leads, EUR lags on the dayEuropean equities higher; S&P 500 futures up 0.3%US 10-year yields up 2.3 bps to 4.293%Gold down 0.3% to $2,038.08WTI crude up 0.8% to $78.47Bitcoin up 0.3% to $37,841The session started off with the dollar looking...
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High chance for YCC and negative rates to be scrapped as soon as April – ex-BOJ official
Muto says that as things stand, there is a high chance for yield curve control (YCC) and negative rates to be scrapped - possibly as early as April next year. The key thing that such a development hinges on will be the outcome of the spring wage negotiations....
Unveiling YaMarkets and the Latest Trends in Trading Technology
Technological advancements are propelling a remarkable transformation in the Forex market, a dynamic arena where fortunes are made and lost. Whether it is traditional trading methods or sophisticated strategies, technology has catapulted the Forex market into a new...
Types of Traders: Position Trader
A position trader is a type of trader who holds a position in an asset for a long period, typically from months to years. Unlike day traders who make numerous trades every day, or swing traders who hold onto positions for days or weeks, position traders are more...
Oil moves higher as OPEC+ eyes deeper production cuts in latest twist to the drama
Here's a snapshot of price action in WTI crude over the last week or so:WTI crude oil hourly chartThe latest news is this one here, with reports stating that the additional production cuts could be more than 1 million bpd; though depending on the contribution by each...
OPEC said to have preliminary agreement for deeper production cuts in early talks
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