EU Bullet Report | G20 and OPEC to determine trading

  • It may have been two uneventful weeks for April in FX, at least compared to such a volatile March, however we are now entering the second half of the month where we can expect more action from the Markets. It all starts on Sunday with the highly anticipated Qatar OPEC meeting. In anticipation of the meeting where OIL buyers are hoping for a freeze in production, OIL has already gained $3 this week. Overnight we have seen a mixed picture, with markets still lacking direction.
  • Stocks: China’s GDP at 6.7% for Q1 did not disappoint as it was in line with the expected. The latest data in combination with recent export as well as industrial production, retail sales and investments data, indicate clearly that growth has bottomed in the Chinese economy and that a recovery has started. Asian stocks were mixed despite the above as the OPEC meeting over the weekend might take its toll on stock market bulls. In the US markets were also mixed with Dow and S&P closing the day with modest gains.
  • Oil and GOLD: Oil is hovering around $41.50 for most of the day with most trading expected to take place later before the market close. Please note: Our monthly Contract expires today at 15:00 GMT and all positions will close at that time, so that the new contract can start. GOLD had a bad day yesterday as its value dropped by $20 an ounce from $1244 to $1224 on the back of positive stock market sentiment.
  • Currencies: While EUR and GBP are mostly range bound, commodity currencies are set to close the week on a good foot, with Aussie being the strongest. GBP follows AUD, after BoE left policies unchanged yesterday but remains vulnerable to Brexit related selloffs. Meanwhile JPY and CHF are the weakest ones due to the good stock performance this week.

The G20 meeting is due today in Washington D.C about global economic issues including financial stability, while IMF meeting will also be held today and might create some market Volatility.


The post EU Bullet Report | G20 and OPEC to determine trading appeared first on Forex.Info.

Source:: EU Bullet Report | G20 and OPEC to determine trading

Won't your trader friends like this?
About the Author
With over a decade of trading expertise and 100,000 fulfilled clients in 160 countries worldwide, easyMarkets will tick all your boxes whether you are a new or experienced trader, affiliate or introducing broker. [space height="20"] Trade 300+ markets including currencies, commodities, metals, vanilla options and indices from one place without the jargon, complicated offers and confusing terms! [space height="20"] Welcome to the exciting world of trading. Welcome to easyMarkets.

Related Posts

Leave a Reply