The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
The OPEC Meeting May Push Oil to $150
Information is not investment advice
What will happen?
The Organization of Petroleum Exporting Countries will hold a meeting on June 2. The representatives from 15 oil-rich countries discuss issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press, but officials usually talk with reporters during the day. Also, an official statement that covers policy shifts and future goals is released after the meeting.
Why is it important?
The OPEC countries represent around 40% of the world’s oil supply and are unified in their oil production levels. With so much control over oil’s supply side, any shifts in their production levels can significantly impact prices. OPEC wants to be an “island of stability” and faces pressure to boost production. There is a chance OPEC will deny increasing oil output and push the prices higher.
The meeting happens twice a year, and the last one started an uptrend that led to a 99% soar in XBRUSD. If you opened a buy trade of 1 lot, you could have earned an immense $6500.
How to trade at the OPEC meeting?
If the organization decides to increase output, it may end the oil uptrend. Moreover, it’s unlikely the output will be lowered due to rising demand and supply concerns. On the other hand, OPEC stated several times that it struggles to increase oil production.
- If the outlook for oil production is positive, XBRUSD may fall.
- Otherwise, the oil may continue the uptrend.
Check the Economic Calendar.
Instruments to trade: XBRUSD, XTIUSD
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.