MARKET DEVELOPMENT – AUD/USD Drops, Crude Oil Prices Uneven on OPEC
DailyFX 2019 FX Trading Forecasts
Crude Oil: As to be anticipated, it has been a risky session so far for crude oil futures amid the bi-annual OPEC assembly. Brent crude futures had hit highs of $63.84 early within the European session following stories that OPEC might think about deeper cuts of 500kbpd. Nonetheless, deeper cuts had later been rebuffed by Saudi official sources who famous that Saudi Arabia will not be advocating deeper cuts. As is normally the case, oil costs are more likely to swing forwards and backwards amid the flurry of OPEC supply stories. (full report)
*3-month correlation with Brent crude oil
AUD: The RBA’s unease over subdued family consumption, which had been highlighted within the Q3 GDP report, seems to have spilled into This fall with the October retail gross sales dropping to 0%, lacking expectations of 0.3%. Consequently, the Australian Greenback is among the many underperformers within the G10 advanced and thus seems to make a retest of 0.68 with a transfer decrease in AUD/NZD additionally more likely to be favoured.
Supply: RBA
Supply: DailyFX, Refinitiv
Financial Calendar (5/12/19)
Supply: DailyFX,
WHAT’S DRIVING MARKETS TODAY
- “Crude Oil Volatility Soars amid OPEC Risk, Investors Bet on Oil Price Breakout” by Justin McQueen, Market Analyst
- “Gold Price: Key Chart Levels in Focus – XAU/USD…