News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Canadian Dollar Price Forecast: USD/CAD Snaps Back to Key Support $USDCAD
  • RT @BrendanFaganFx: 77 counterparties take $1.352 trillion at Fed's fixed-rate reverse repo $USD $DXY
  • EUR/USD attempts to halt a five day decline as the Federal Reserve sticks to the sidelines. Get your market update from @DavidJSong here:
  • US Markit Composite PMI for September fell to 54.5 from 55.4, whereby the services and manufacturing figures fell to 54.4 and 60.5 respectively, both missing analyst estimates. Get your market update from @JMcQueenFX here:
  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? -
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday!
Crude Oil Prices Shrug Off OPEC Chatter, Drop on Fed Outlook

Crude Oil Prices Shrug Off OPEC Chatter, Drop on Fed Outlook

Ilya Spivak, Head Strategist, APAC


  • Crude oil prices shrug off OPEC chatter, drop as US Dollar gains
  • Upbeat FOMC registers as hawkish after October’s risk aversion
  • Quiet data docket, idling sentiment may mark consolidative pause

Crude oil prices shrugged off chatter about a possible OPEC output cut in 2019, dropping as the US Dollar pushed upward ahead of FOMC monetary policy announcement. The Greenback’s ascent echoed a steepening of the priced-in rate hike path implied in Fed Funds futures, hinting that investors were positioning for the possibility of a hawkish outcome.

In relative terms, they were not disappointed. A conspicuously brief policy statement highlighted “strong” economic activity and mentioned nothing of October’s brutal risk aversion, signaling that such market turmoil will not derail the tightening cycle. That pushed the US unit higher still, making for the largest daily gain in two weeks. Not surprisingly, anti-fiat gold prices also suffered against this backdrop.


Looking ahead, a period of consolidation may be in order. The economic calendar is relatively mild, with PPI data and the University of Michigan gauge of consumer confidence gauge out of the US unlikely to make a dent in the Fed outlook so soon after an FOMC meeting. A strong lead from risk trends absent in the meanwhile as bellwether S&P 500 futures idle.

See our guide to learn about the long-term forces driving crude oil prices!


Gold prices continue to drift lower toward range support in the 1211.05-14.30 area. A daily close below that opens the door for a challenge of the 1180.86-87.83 zone. Range resistance is in the 1235.24-41.64 region, with a break above that targeting the 1260.80-66.44 price band next.

Gold price chart - daily


Crude oil prices are on pace to deliver the tenth consecutive daily loss, marking the longest losing streak in over two years. Sellers now aim to challenge the $60/bbl figure, with a daily close below that opening the door for a challenge of the February 9 low at 58.11. Alternatively, a move back above support-turned-resistance at 61.84, April 6 low, targets a falling trend line at 63.63. Longer-term positioning points to a major top in place.

Crude oil price chart - daily


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.