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Forex Today: Crude Oil Soars on Surprise OPEC Production Cut

 WTI Crude Oil gained by more than 8% after OPEC announced a surprise production cut of 1.1. million barrels daily.

  1. OPEC announced a surprise production cut over the weekend amounting to more than 1 million barrels per day, to the displeasure of the US Presidency. The price of WTI Crude Oil jumped by more than 8% in response, opening at a 2-month high price just above $81, but has sold off during the Asian session.
  2. US stock markets ended last week strongly, with the NASDAQ 100 Index closing at a new 7-month high after reaching the technical definition of a bull market some days ago. However, major Asian indices like the Nikkei 225 Index and the Hang Seng Index have begun the week mixed.
  3. In the Forex market, the US Dollar is rising firmly today against its long-term bearish trend. Over the short term, the US Dollar looks like the strongest major currency, while the New Zealand Dollar is the weakest.
  4. Several soft commodities performed strongly last week, with the Sugar ETF CANE ending Friday at a new multi-year high closing price.
  5. There will be a release of Swiss CPI (inflation) data today, which is expected to show a month-on-month decrease from 0.7% to 0.4%.
  6. There will be a release of US ISM Manufacturing data today.
  7. After Australia opens tomorrow, the RBA will release its Cash Rate and Rate Statement. Markets are expecting another 25bps rate hike.
  8. It is a public holiday in China today.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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