Forex Today: WTI Crude Oil Jumps On OPEC Production Curb| MENAFN.COM

Tuesday, 06 December 2022 07:40 GMT

Forex Today: WTI Crude Oil Jumps On OPEC Production Curb


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  • has continued to rise to over $88 per barrel as OPEC announced a production cut of 2 million barrels per day, double the rumoured 1 million barrels per day cut. However, there are signs that the price has topped out and it seems to be beginning a bearish retracement now.
  • After seeing risk-off sentiment make a recovery earlier this week, markets are again entertaining the idea of an earlier dovish pivot from the Fed , pricing in at least a 0.25% rate cut in 2023 and more cuts in 2024. This has helped global stock markets to rally over the past day.
  • In the Forex market, the US Dollar has begun to weaken again, with the British Pound and the Euro looking strong.  almost reached the parity level yesterday before falling again . The Japanese Yen is also weak but is intermittently boosted by supportive intervention from the Bank of Japan, the threat of which seems to be keeping the price of  below ¥145.
  • The ADP Non-Farm Employment Change forecast is predicting the US economy added 208k net new jobs last month, in line with the expected forecast level of 200k.
  • The Reserve Bank of New Zealand maintained its interest rate at 3.50% as had been widely expected.
  • US ISM Services data came in slightly higher than had been expected, suggesting there is still healthy demand for services in the US economy despite the technical recession.
  • It is a public holiday today in China.
  • Daily new coronavirus cases globally dropped last week for the eleventh consecutive week, giving rise to the hope that the pandemic is finally over in any meaningful sense.
  • It is estimated that 68% of the world's population has received at least one dose of a coronavirus vaccination, while approximately 7.9% of the global population is confirmed to have contracted the virus at some time, although the true number is highly likely to be much larger.
  • Total confirmed new coronavirus cases worldwide stand at over 624.9 million with an average case fatality rate of 1.05%.
  • The rate of new coronavirus infections appears to now be significantly increasing only in Austria, Germany, Singapore, and Taiwan.

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