Don’t waste your time – keep track of how NFP affects the US dollar!
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$68 per barrel was the highest mark for WTI oil since October 2018 - a 2.5-year-high! Staring in November 2020, it was almost a straight line from around $30 to this mark.
Observers say the bullish rally was too quick. There were a lot of mid-tern factors that lifted it - from a failed missile attack on Saudi Arabia's main oil production facility to OPEC+ recent decision ton the supply cuts and Texas's winter taking away February's due supply from the US. These factors helped lift the price but did not necessarily stabilize it in the long-term. Strategically, global economic recovery is the main impact factor for the oil price.
In the meantime, most economists agree that nothing stands in the way of oil rising again. At the end of the day, the recovery is on the way, and the virus keeps gradually subsiding.
Therefore, a cautious approach to trade oil would suggest the following.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
OPEC-JMMC meetings will be hosted on Thursday, December 2 during the whole day.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
Australia will release employment change and the unemployment rate on Thursday, at 02:30 MT time.
The Federal Open Market Committee (the part of the Federal Reserve) will publish its Meeting Minutes on February 16, at 21:00 MT time.
The United States will publish the producer price index (PPI) on February 15, at 15:30 MT time.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?