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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.37% 🇬🇧GBP: 0.28% 🇨🇦CAD: 0.22% 🇦🇺AUD: 0.20% 🇳🇿NZD: -0.01% 🇯🇵JPY: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/w8k6crbNv8
  • $AUDJPY has slipped back below 80.00 after climbing above that level earlier today for the first time since last week. $AUD $JPY https://t.co/2tj15alv5P
  • Join @JStanleyFX 's webinar at 1:00 PM EST/6:00 PM GMT where you can learn more about trading price action. Register here: https://t.co/ZCcMdyaTsB https://t.co/5HCzKlchwL
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.22% Wall Street: 0.13% FTSE 100: 0.09% France 40: -0.01% Germany 30: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3JhWDgSvvW
  • #Bitcoin is rising higher, trading around $37,500, hitting its highest level of the trading week. The cryptocurrency had encountered resistance around this level over the weekend. $BTC https://t.co/HUwnEtrqDZ
  • The latest ZEW readings for both the Euro Area and Germany came in better than expected this morning, giving the single currency a nudge higher. Get your #Euro market update from @nickcawley1 here:https://t.co/EWUnpKbMex https://t.co/zDtS6HZHxw
  • #Gold has been mostly consolidating slightly around $1,840 this week, trading slightly lower than last week's levels. $XAU $GLD https://t.co/YwNC79nl9c
  • Treasury Sec. nominee Yellen: - I believe in market-determined exchange rates - The US does not seek a weaker currency to gain a competitive advantage - Intentional targeting of exchange rates to gain an advantage is unacceptable $USD
  • Treasury Sec. nominee Yellen: - China is our most important strategic competitor - Need to work with allies and strengthen our own economy to compete - We need to take on China's abusive, unfair, and illegal practices $USD $CNH
  • Treasury Sec. nominee Yellen: - I believe in a fair and progressive tax code - Wealthy corporations and individuals should pay their fair share $SPY $USD
Scenarios for Oil and USD/CAD Traders Heading Into OPEC Meeting

Scenarios for Oil and USD/CAD Traders Heading Into OPEC Meeting

John Kicklighter, Chief Strategist

Talking Points:

• US crude oil prices (WTI) dropped 3.9 percent this past session - matching the biggest drops in the past 4 months

• OPEC Oil Ministers are scheduled to meet Wednesday in Vienna with promises from September of clear production cuts

• There has been little consistency in production limits/cuts commitments from countries these past weeks

See the DailyFX Analysts' 4Q forecasts for Crude Oil, the Dollar, Euro, Pound, Equities and Gold in the DailyFX Trading Guides page.

There has been far more volatility than direction for oil prices these past weeks as the market weighs its belief/skepticism of OPEC's commitment to correct the supply glut. Now the group is on the hook to live up to or disappoint the market's rampant speculation. Back in September, the group of oil producing nations agreed to putting into place a cap on the output of crude in order to have a meaningful dent on the world's oversupply of the commodity. A severe supply-demand imbalance is the foundation for oil's persistently low prices - particularly the drop through 2014/2015 - and it is not easy to bolster demand through global economic strength.

The recovery in energy prices that we have seen through most of 2016 has come on the foundation of rumor, jawboning and its resultant speculation. Individual oil ministers from various OPEC members have made promises or proclamations about cuts that were ahead, and the market would react. It wasn't until the September meeting and agreement on cuts that there was real reason to believe that change was afoot. The pesky details were saved for the next meeting likely in order to generate better support among members that were still showing limited interest in participating. The time is now upon us for details, and remarks from officials certainly raise the good reason for skepticism that a deal is at hand.

Just this past session, an Iranian representative made it known the country was not considering cutting its output. It may still cap production which would have a material impact for the entire energy market so long as others participate. But, this meeting is as much a situation of game theory amongst members as it is about the economics of supply-demand. The market's focus on this event is extreme, and volatility is highly likely. What's more, the scenarios can be charted rather clearly. No agreement (even with vows of details later) would likely be treated as a reason to dive as the speculative premium bleeds away. An agreement of caps and/or cuts, would be seen as bullish which could finally offer a fundamental backdrop rather than one of conjecture. We discuss this event and how it can drive markets in today's Strategy Video.

To receive John’s analysis directly via email, please SIGN UP HERE

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

DISCLOSURES