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EUR/USD. February 27, 2020 – Euro skyrocketed to 1.0950 The euro today shows a significant increase, up to 1.0950. Currency is supported by technical factors: most carry trade operations in emerging markets are funded by the euro, which is strengthened when investors withdraw from risky assets. And risk appetite at global sites continues to decline amid further growth in the spread of coronavirus outside of China.
However, the growth of the euro is unlikely to be long-term, since the US dollar is still strong, and macroeconomic data from the US continue to signal the stability of the US economy. Sales of new homes in the US in January rose to 764 thousand against 708 thousand a month earlier. The price of a new house also increased – by 14% in January.
Today, you should pay attention to the speeches by the ECB President Christine Lagarde and Evans from the Federal Reserve Bank of Chicago, as well as the release of statistics on US GDP for the fourth quarter of 2019. The indicator is expected at 2.1%.
Regards, ForexMart PR Manager
USD/CAD. February 28, 2020 – Canadian dollar updates lows The Canadian dollar is showing a strong fall at the end of the week. The current quotation of the USD/CAD pair is 1.3465. The main pressure on the loonie rate is provided by the situation in the oil market, where Brent quotes fell below the level of $50 per barrel. Prices fell to a minimum of two years, as investors fear that the coronavirus epidemic could be the biggest shock to the economy since the 2008 crisis.
Next week, the Bank of Canada will hold a meeting at which the regulator may surprise market participants with a lower rate, despite the main forecast assuming that the rate remains at 1.75%. The Central Bank's Monetary Policy Committee is gradually lowering its confidence regarding the weak influence of coronavirus on the country's economy.
Today, attention should be paid to the publication of quarterly and monthly reports on GDP. Analysts expect a significant slowdown in growth in the IV quarter, so the Canadian dollar may continue to fall to 1.35.
Regards, ForexMart PR Manager
EUR/USD. March 2, 2020 – Euro reaches 1.11 Investors' appetite for risky assets on global markets is moderately recovering after the world's leading central banks announced their readiness to maintain economic activity in the face of the risks associated with the spread of coronavirus.
On Friday, the US Federal Reserve announced that the regulator intends to use monetary policy instruments to maintain the country's economy. Market participants expect that the key rate in the US will be reduced immediately by 50 bp. already at the March meeting. The readiness to take large-scale measures on the eve was also expressed by the Central Bank of Japan.
Thus, the EUR/USD pair continues to grow, almost closely approaching the level of 1.1100. However, the European currency is still under pressure from the further spread of the coronavirus throughout Europe. Therefore, the pair may show a slight decrease from level 67,00.
Regards, ForexMart PR Manager
EUR/USD. March 03, 2020 – Euro firmly fixed above 1.11 The euro did not manage to overcome the level of 1.1185 and it again started to decline to the area of 1.11. At global sites, the appetite for risky assets is recovering after the ECB, the US Federal Reserve and other world Central Banks announced their readiness for additional monetary stimulation of the economy to mitigate the detrimental effects of coronavirus. Moreover, today representatives of G7 countries will discuss a package of measures aimed at minimizing the consequences of the epidemic.
Today is not rich in significant macro statistics, and the dynamics of trading will be determined mainly by the news background on the topic of coronavirus. However, you should pay attention to inflation data in the eurozone. Consumer price growth slowed from 1.4% in January to 1.2% in February.
The euro continues to strengthen from the level of 1.11. During the day, «eurobulls» will rise to the level of 1.1150.
Regards, ForexMart PR Manager
EUR/USD. February 04, 2020 – Dollar weakens after unplanned US Fed rate cut The US dollar came under pressure after an unexpected decision by the US Federal Reserve to lower the interest rate by 50 bp, without waiting for the meeting scheduled for March 18. The last time a rate cut outside a scheduled regulator meeting in the US occurred during the 2008 crisis.
Such actions by the authorities may signal that the risks of a recession in the US economy are still great. Moreover, today in the markets there is a restoration of appetite for risky assets. As a result, the pair EUR/USD rose to the level of 1.1215.
Today, you should pay attention to the US labor market data from ADP, as well as the publication of the ISM index in the non-manufacturing sector of the economy. In the case of weak data, the risk appetite in the evening hours may worsen, which will allow the dollar to somewhat regain its position in pair with the euro. The current quotation of the pair is 1.1150.
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EUR/USD. March 05, 2020 – The euro slowed down its growth at the level of 1.12 The level of 1.1200 restrains further growth of the European currency, the current quotation of the EUR/USD pair is 1.1170. The day before the US dollar was under pressure after an unexpected Fed rate cut by 50 bp at once. However, yesterday evening this pressure slightly decreased amid the publication of strong labor market data from ADP and the ISM index in the service sector, which in February rose from 55.5 to 57.3.
Today it became known that the California authorities in the United States announced an emergency mode because of the risks of the coronavirus spread, and Italy decided to close schools until March 15 in the fight against the epidemic. The news signals that the risks of a recession in many economies are still extremely high.
Today you should pay attention to the weekly statistics on initial applications for unemployment benefits in the United States. Experts predict a decrease in the number of calls from 219 thousand to 215 thousand.
Edited by user
2020-03-05T14:42:33Z
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EUR/USD. March 06, 2020 – Euro approaches 1.13 high The euro continues to increase the pace of strengthening, approaching the level of 1.1300. Pressure on the dollar was exerted by an unplanned reduction in the interest rate of the US Federal Reserve, reflecting the fears of the authorities about the presence of significant risks in the country's economic system.
Moreover, the Fed rate can be cut by another 25 basis points (from the current target range of 1.00-1.25% per annum) at the meeting on March 18-19. This could trigger a wave of sales of the American currency and send the pair to the 1.1400 area.
The spread of coronavirus in Europe remains high, which puts pressure on risky assets. Today's statistics on the US labor market may have an additional negative impact on risk and dollar if the current data are below forecast. In case of further deterioration in risk appetite, the euro will continue to receive support in the Forex market.
Regards, ForexMart PR Manager
EUR/USD. March 10, 2020 – Euro fell from highs to 1.1325 The growth of the European currency was stopped by the level of 1.15 – EUR/USD quotes fell on Tuesday to around 1.1325. Yesterday, a drop in the oil market to $32 per barrel triggered a collapse of major indices around the world. In addition, the continued spread of coronavirus outside of China also continues to put pressure on world markets.
It became known that Italy introduced a regime of emergency measures to combat the virus throughout the country, and the head of WHO said that the outbreak of the virus is already very close to becoming a pandemic. The presence and further spread of coronavirus in Europe puts pressure on the euro.
The US dollar, in turn, is under the negative impact of rising yields on 10-year US Treasury bonds and expectations of a Fed rate cut immediately by 70 bp. on the meeting of the American regulator on March 18.
During the day, the EUR/USD pair will continue to grow from the level of 1.1325.
Regards, ForexMart PR Manager
EUR/USD. March 11, 2020 – The pair near 1.13 in anticipation of US inflation data The US stock market is gradually recovering after the collapse on Monday, and investor sentiment on global markets remains relatively optimistic. The current quotation of the EUR/USD pair is 1.1300. The dollar received some support after U.S. President Donald Trump discussed payroll tax cuts with Republican officials as part of tax breaks.
However, the further spread of coronavirus outside of China still retains the risks of further sales in the financial markets. The number of cases worldwide continues to increase. In the USA, in particular, the number of cases has already exceeded 1000 people.
Today, attention should be paid to inflation data in the United States, which may reflect its deceleration from 2.5% to 2.2%. Amid the expectation of another Fed rate cut at the March meeting, this slowdown could trigger a wave of sales of the US dollar.
Regards, ForexMart PR Manager
EUR/USD. March 12, 2020 – Euro weakens awaiting ECB meeting Negative sentiment caused by a statement by the World Health Organization (WHO) has returned to global markets. Yesterday, WHO officially assigned pandemic status to the spread of the virus Covid-19, which put strong pressure on the entire block of risky assets. Additional pressure on the markets had a 30-day US ban on entry to the country for all travelers from Europe.
The pair EUR/USD is trading at 1.1250. The euro is moderately declining, under pressure from the words of the ECB head K. Lagarde. The politician said that in the absence of coordinated actions by the authorities, the situation in the EU economy could develop according to the 2008 crisis scenario.
Today, attention should be paid to the ECB meeting. Market participants expect the regulator to introduce a range of monetary incentives, and the scale of measures taken is of particular interest.
At the same time, the US dollar received support after the release of inflation data in the country. Annual inflation in February slowed to 2.3%, better than forecasted.
Regards, ForexMart PR Manager
Fundamental Brent analysis for March 13, 202 Yesterday, Brent quotes fell again to the level of $32.50 per barrel amid panic sales in global markets. However, today prices are already showing a recovery to $35.40 per barrel.
Support for Brent and other risky assets was provided by the US Federal Reserve reports on a massive infusion of dollar liquidity into the system in the near future.
However, one should not expect a significant strengthening of «black gold», since the situation with the spread of coronavirus in the world remains very dangerous, and OPEC oil-producing countries continue the price war in attempts to increase their market share.
Regards, ForexMart PR Manager
EUR/USD. March 16, 2020 – Dollar weakens after Fed’s decision to cut rate again The US dollar came under strong pressure after an emergency cut in the US Fed rate on Sunday. The regulator reduced the rate immediately by 100 bp. to 0-0.25% for the first time since 1982, and also announced the launch of a large-scale program for the purchase of financial assets with a total volume of $700 billion. As a result, the EUR/USD pair rose to the level of 1.1230.
The situation with the further development of the coronavirus pandemic puts pressure on all global markets. More and more countries restrict the movement of people, close their borders and introduce other quarantine measures. In the United States, a state of emergency was declared on Friday.
The set of preventive measures of the US government signals the increased risks of a recession in the US economy, which forms a negative background for all risky assets. During the day, the pair will fluctuate near the level of 1.12.
Regards, ForexMart PR Manager
EUR/USD. March 17, 2020 – Euro collapsed after the release of ZEW data from Germany Today, the US dollar began to rise, reaching 1.1000. The currency received the main support from expectations that the world central banks will follow the example of the US Federal Reserve and also lower interest rates in their countries in the nearest future.
The spread of coronavirus around the world has led investors to flee to safe harbors, in particular – to the US dollar. This trend of strengthening the American currency was interrupted on Sunday, when the US Federal Reserve decided to urgently reduce the rate to 0-0.25%. However, already on Tuesday the general background changed, and the upward trend in the dollar returned to the markets.
Today, you should pay attention to the publication of the March index of economic expectations and sentiment from ZEW in Germany. The indicator crashed from a level of 8.7 points to -49.5. Such a strong decline put significant pressure on the euro, becoming the sharpest decline since December 1991.
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EUR/USD. March 18, 2020 – Euro fluctuates below 1.10 The euro continues the downward trend, having broken down the level of 1.10. The US dollar remains strong amid increased demand for dollar liquidity amid rising investor concerns about an impending recession in the global economy.
In addition, the greenback was supported by plans of the US presidential administration to introduce a full package of measures to support the economy, including making payments of $1,000 to all residents (to stimulate domestic demand).
At the same time, pressure on the euro continues to be provided by incredibly weak data on economic conditions and sentiments from ZEW in Germany. The first indicator fell in March to -43.1 points against the forecast of -30 points. The economic sentiment index fell to -49.5 points, although experts expected a decline to -26.4. The economic sentiment index in all countries of the eurozone amounted to -49.5 points against 10.4 a month earlier.
During the day, the EUR/USD pair will continue to fluctuate below the strong support level of 1.10.
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AUD/USD. March 19, 2020 – Australian dollar continues downtrend Today, the Australian dollar fell to the level of 0.55 paired with the dollar, but managed to recover to 0.58. The pair AUD/USD fell even before the Reserve Bank of Australia (RBA) lowered interest rates to 0.25%, which was a record low.
The head of the regulator, Philip Lowe, said that the bank’s board of directors will not increase the target rate until full employment and inflation target of 2-3% are achieved.
According to current data, in February the unemployment rate in Australia unexpectedly fell from 5.3% to 5.1%. Analysts had expected the rate to remain unchanged. Employment in the country increased by 26.7 thousand people in February, while estimates of specialists suggested an increase of only 6.3 thousand. Thus, the unemployment rate fell by 66%.
During the day, the pair will fluctuate near the level of 0.58.
Regards, ForexMart PR Manager
EUR/USD. March 20, 2020 – Euro continues to weaken: 1.0650 and this is not the limit The euro continues to update lows paired with the dollar. The EUR/USD quotes fell to the level of 1.0650, from where the euro made a corrective rebound to the level of 1.0755. The US dollar has been in high demand in recent days as investors flee into defensive assets amid the spread of panic in the markets due to the coronavirus.
A growing number of world central banks are softening their monetary policies: in particular, the Fed has already lowered the rate, the Bank of England, the Reserve Bank of Australia, the Central Bank of Indonesia, the Philippines, Brazil and Taiwan. Moreover, it became known that the US Federal Reserve, together with the central banks of Brazil, South Korea, Mexico, Singapore, Australia and other countries, launched swap lines to provide dollar liquidity directly to central banks for at least 6 months.
Will these measures be enough to reduce the level of panic on world markets, time will tell. And today you should pay attention to the release of data on changes in home sales in the secondary market in the United States, the balance of payments of the ECB in January and the report from Baker Hughes on the number of active oil drilling rigs.
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Fundamental Brent analysis for March 24, 2020 On Monday, a barrel of Brent crude was trading in a narrow price range at around 27.00, in the region of lows over the past 17 years.
Today, oil quotes are gradually recovering mainly due to the weakening US dollar. As of 13:00 Moscow time, Brent crude rose by 5.33%, to $ 28.47 per barrel.
The American currency is becoming cheaper due to the decisive actions of the US Federal Reserve. Regulatory officials announced an unlimited program of quantitative easing, let us know that they will buy as many assets as needed. The previously announced QE volume was equal to $ 700 billion. At the same time, in the medium term there are no factors that would allow oil to restore its lost positions.
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EUR/USD. March 25, 2020 – Correction development. The EUR/USD currency pair is at 1.0800, the updated three-day high at 1.0885, but then rolled back.
The price of EUR/USD rose by more than 500 points. Today the pair continues corrective growth. Apparently, buyers aimed at the level of 1.0900 and, most likely, will reach it in the near future.
Corrections for stretching the borders are at around 1.1000, EMA 21 and EMA 60. I observe the development of situations that await the return of sellers to the market.
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EUR/USD. March 26, 2020 – Breakdown of resistance level of 1.0800 The EUR/USD currency pair yesterday rose another 1000 points, closing at 1.0876.
The price of EUR/USD was able to overcome the resistance level of 1.0800 by updating the local maximum for the last 4 trading days. The pair continued corrective growth, and today is testing the level of 1.0900. Apparently, the stimulus programs of the US government have a strong negative impact on the dollar.
I expect further development of the correction to the level of 1.1000, located at the point of convergence of the lines of exponential moving averages for 21 and 60 days - EMA 21 and EMA 60.
Regards, ForexMart PR Manager
EUR/USD. March 27, 2020 – Correction to the average The currency pair EUR/USD dollar at yesterday's auction rose by more than 1,500 points, closing at 1.1025.
The price of EUR/USD reached a key resistance level of 1.1000, located at the convergence of the lines of exponential moving averages for 21 and 60 days - EMA 21 and EMA 60.
Strong growth of the pair was promoted by the report on unemployment in the USA published yesterday, which had a strong negative impact on the dollar against all major world currencies. At the same time, Fed Chairman Jerome Powell managed to calm the markets and US stock indices, including the industrial Dow Jones showed daily growth.
Despite the strong influence of fundamental factors, in the medium term I still expect the correction to complete and the downward trend to continue, as the European economy also suffers large losses, and investors traditionally prefer to hide from risks in the dollar.
Regards, ForexMart PR Manager
EUR/USD. March 30, 2020 – The level of 1.1160 stopped the growth of the European currency At the end of last week, trading on the EUR/USD pair ended with an increase to the level of 1.1160. The dollar remains under pressure due to a sharp increase in dollar liquidity by the central banks of developed countries.
However, today the pair quotes began to decline to the level of 1.1050. The dollar was again in demand amid reports that the quarantine regime in the United States was not expected to end early. The US President said that the authorities extend the restrictive measures until the end of April.
Today, attention should be paid to inflation data in Germany, the consumer confidence index in the eurozone, as well as to the change in the volume of pending home sales in February in the United States.
Regards, ForexMart PR Manager
Fundamental analysis for Brent, March 31 Brent crude oil remains under pressure, although quotes today are showing some recovery to $27.70 per barrel. However, this growth does not seem to be lasting, since the external background remains extremely negative for the recovery of the oil market.
The pressure on oil is exerted by significant restrictions on business activity in most countries of the world, as well as the threat of increased production in Saudi Arabia and Russia. On the previous day the Saudis announced their intention to increase oil exports by 600 thousand barrels per day since May. This suggests that Moscow and Riyadh do not intend to return to their previous agreements regarding oil production.
According to analysts, the global demand for oil in the II quarter of the year may fall by 12 million barrels per day, which will be the strongest decline for all time.
Thus, all current factors signal that in the coming months the situation in the oil market may worsen, and the price of «black gold» risks fixing itself below $20 per barrel.
Regards, ForexMart PR Manager
EUR/USD. April 1, 2020 – Euro continues downtrend Yesterday, trading on the pair EUR/USD ended in a slight minus, and today the downward trend of the euro continues. The pair is moderately declining to the level of 1.09. Pressure on the European currency has had the publication of economic reports from the eurozone. According to preliminary data, inflation in March slowed down from 1.2% to 0.7% year on year, while experts expected a decrease to 0.8%. The base consumer price index was 1% versus 1.2% a month earlier.
The dollar was supported by the decision of the US Federal Reserve to expand the ability of dozens of foreign central banks to access dollars during a pandemic. Some support was also provided by data on consumer confidence in March. The country recorded a drop in the consumer confidence index to 120 points, which is the minimum since July 2017. However, market participants expected a decline to 110 points.
Today, you should pay attention to the unemployment data in the eurozone for February (the indicator fell to 7.3%). Data from the USA will also be of interest: a change in the number of employees from ADP for March, the index of business activity in the manufacturing sector for March and the ISM manufacturing index for March.
Regards, ForexMart PR Manager
EUR/USD. April 06, 2020 – The euro began to strengthen from the level of 1.0770 The euro suspended its decline at 1.0770 and rebounded to 1.08. Today the news background for the pair is quite calm, only data on the volume of industrial orders in Germany for February and the Sentix investor confidence index for April in the eurozone will be of interest. The first indicator decreased by 1.4% m/m against the previous growth of 4.8% m/m. Regarding the second indicator: analysts expect it to fall to -30.5 points from the previous value of -17.1.
At the end of last week, the United States provided data on unemployment in March: the indicator rose to 4.4% from 3.5% earlier, although it was predicted to rise only to 3.8%. The number of jobs outside the agricultural sector decreased by 701 thousand against the expectation of a decrease of 100 thousand. These data put pressure on the dollar, stopping its strengthening.
Today, the EUR/USD pair will not show strong price fluctuations: it is expected to move within the range of 1.0750-1.0850.
Regards, ForexMart PR Manager
Fundamental Brent analysis for April 7, 2020 Brent quotes continue to grow, despite the uncertainty about the upcoming OPEC+ video conference. The current Brent quote is $ 33.75 per barrel.
Prices continue to stay above $30 per barrel, receiving support from reports that Russia is ready to discuss a serious reduction in oil production. However, many countries, including Saudi Arabia, cannot come to any formal agreement on quotas and terms, so the situation around the deal remains uncertain.
It is worth noting that the United States and Canada will not take part in the OPEC+ virtual meeting on April 9, which put some pressure on the market.
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EUR/USD. April 08, 2020 – Euro consolidated at 1.09 The euro has stabilized in the range of 1.0830-1.0900. Market participants remain neutral in the absence of important macroeconomic publications. Today, one should pay attention only to the publication of the minutes of the previous meeting of the US Federal Reserve System, according to which it will be possible to understand whether all members of the monetary committee agree to sharp cuts in the Fed rate.
Also, this publication will allow to get acquainted with the Fed estimates regarding the extent of the recession in the US economy.
Yesterday, a videoconference of finance ministers of the eurozone member countries took place, which culminated in the failure of the participants to agree on cooperative measures to overcome the economic crisis caused by the coronavirus pandemic.
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Fundamental Brent analysis for April 9, 2020 Today may be crucial for the global oil market. In the evening, the OPEC online-meeting starts, at which the ministers of the participating countries will discuss the adoption of coordinated measures to neutralize excess supply and maintain prices for «black gold».
In anticipation of this important event, Brent quotes are showing growth to the level of $34 per barrel. The new deal could include the United States, Mexico, Norway, Canada and other countries with a total production of 70 million barrels per day. Russia noted that it was ready to reduce production by 1.6 million barrels per day, if the United States also joined the leading countries of the deal (Russia and Saudi Arabia).
However, the States are not confident in their participation in either today's videoconference or a future deal, noting that oil production in the country is already declining for natural reasons. Thus, America’s position may again hinder the conclusion of a global deal.
Today, pressure on Brent may have yesterday's report from the US Department of Energy on US crude oil inventories. The data reflected an unexpected increase in stocks of 15 million barrels per week, while analysts predicted growth of 9 million.
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USD/CAD. April 10, 2020 – Canadian dollar is stable despite weak statistics The USD/CAD pair continues to decline slightly, almost close to 1.3900. The Canadian currency is showing a strengthening, even despite the decline in oil quotes from the level of $35.40 to the area of $31.70 per barrel. Moreover, weak data on the labor market in Canada also did not have the proper negative impact on the «loonie».
According to statistics from the National Bureau of Statistics Canada, the number of jobs in March fell by 1.011 million, which significantly exceeded the previous record monthly drop of 125 thousand jobs in 2009. Unemployment in the country rose to 7.8% compared to 5.6% in previous months.
Business activity data also showed a significant decline. The Ivey Business Index fell from 54.1 in February to 26.0 in March.
Experts predict that in April the situation will only worsen, so the further strengthening of the Canadian dollar is in question. Today during the day the pair USD/CAD will consolidate near the level of 1.39.
Regards, ForexMart PR Manager
Brent. April 13, 2020 – Oil declines despite new OPEC deal At the beginning of the week, oil shows a decline to the area of $31 per barrel. This weekend, OPEC, Russia, the United States and other oil-producing countries nevertheless came to an agreement on the main conditions of the new deal and agreed to reduce production by 9.7 million barrels per day during May-June. Such volumes account for about 10% of global supplies.
Experts note that this decline in oil production has become the largest in history. Previously, the pact participants intended to reduce production by 10 million barrels per day, but Mexico refused to reduce its share by 400 thousand. The United States agreed to take on part of the Mexican share, thereby reducing it to 100 thousand barrels.
Despite the success of the negotiations, traders are in no hurry to open «long» positions. The problem is that the actual reduction is still not enough to eliminate the imbalance in the oil market (in the amount of 20-25 million barrels). Moreover, the new deal will end in June, so the issue of additional reduction will again become relevant in the second half of the year.
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Fundamental Review for April 14: China, Risk Assets, USA Investor sentiment on global markets remains moderately optimistic after the release of statistics on China's trade. According to the PRC General Directorate of Customs, exports in March fell by 6.6% YoY after falling by 17% in February. Imports were down 0.9% after falling 4%.
Such dynamics indicate that business activity in the country began to recover after quarantine, which supported the appetite for risky assets in global financial markets. Additional support to risk is provided by a visible slowdown in the spread of coronavirus in the world. According to official sources, only 70 thousand new cases of the disease were detected yesterday.
However, investor sentiment may already worsen after the International Monetary Fund (IMF) conference, at which representatives of the organization will present a revised forecast for the dynamics of the global economy in 2020. New data is not expected to please markets.
As for the United States, the banking reporting season is starting today: Wells Fargo and JP Morgan are expected to publish financial results. The US stock market may be under visible pressure if financial indicators do not meet the expectations of analysts.
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Brent. April 15, 2020 – Oil resumed to decline Today, Brent quotes continue to decline after yesterday's fall. The current quote of the asset is $28.35 per barrel. As expected, the new OPEC+ agreement to reduce oil production did not bring positive results, because it was adopted too late. Moreover, market participants believe that a reduction of 9.7 million barrels per day will not be enough to stabilize supply and demand in the oil market.
Also yesterday it became known that the Texas oil regulator discussed the possibility of a coordinated limitation of oil production in the state, but it was not possible to reach a consensus. The US Department of Energy noted that production in the country will decline naturally in the face of low commodity prices.
An additional source of negativity for Brent was a report from the American Petroleum Institute (API), which reflected a 13 million barrels increase in crude stocks in the country. If today's statistics from the Ministry of Energy confirm an increase, Brent quotes will continue to decline to an area below $28.
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EUR/USD. April 16, 2020 – Euro is declining, the dollar is gaining strength across the entire spectrum of the market On Thursday, the euro continues to decline amid a general strengthening of the US dollar across the entire spectrum of the market and the flight from risky assets. Investor sentiment worsened after the publication of the IMF forecast on the dynamics of the global economy in 2020. The Fund noted that the decline in global GDP this year could reach 3% and become the most significant since the Great Depression in the 30-s of the last century.
The dollar is growing, even despite weak retail sales data and a sharp drop in US industrial production. According to official figures, the decline in industrial production amounted to 5.5% y/y, and the decrease in retail sales – 8.7%. Today, you should pay attention to the statistics on initial applications for unemployment benefits in the United States.
Thus, under current conditions, the EUR/USD pair is trading at 1.0850. During the day, the euro is likely to maintain its weak position.
Regards, ForexMart PR Manager
EUR/USD. April 17, 2020 – Euro remains weak, approaching 1.08 At the end of the week, the euro remains under pressure: the current quotation of the EUR/USD pair is 1.0820. The US dollar has received support from published labor market statistics. According to current data, the number of applications for unemployment benefits for the week amounted to 5.245 million against the forecast of 5.350 million and the previous figure of 6.615 million.
The number of permits issued in March for new construction in the United States amounted to 1.35 million compared with February 1.45 million and a forecast of 1.30 million.
Today, the final calculation of inflation in March, which was previously 0.7% in annual terms, will act as a determining factor for further dynamics of the euro. Experts predict that the basic consumer price index will remain at 1% y/y, which will put some pressure on the European currency.
Regards, ForexMart PR Manager
Economic review for April 20, 2020 At the beginning of the week, mainly negative moods are observed on global exchanges: the US dollar is growing moderately, futures for the S&P 500 index are trading at a slight minus, and Asian indices are also declining.
The focus of markets remains the gradual abolition of quarantine measures in the United States and some European countries. However, this partial return to normal economic activity was announced last week, so it is unlikely that new reports of quarantine cancellation will be received with due optimism.
At the same time, the spread of infection in the world remains stable. Over the weekend, the increase in cases amounted to 80-85 thousand people per day. Worldwide, there are about 2.5 million cases of the disease.
Today is not rich in macroeconomic publications; only data on inflation in New Zealand and the trade balance in Japan can attract attention. The first indicator rose 0.8% in March and reach 2,5%. This country became the only one where inflation showed growth. Japan’s exports declined by 11.7% in March and trade surplus sinks by 90%.
It should also be taken into consideration the reduction in the base rate by the People's Bank of China from 4.05% to 3.85%.
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USD/CAD. April 21, 2020 – Canadian dollar suffers losses The fall in the oil market triggered a decline in the Canadian dollar, which is in direct correlation with Brent prices. Oil collapsed to a minimum of two decades (to the level of $18.10 per barrel) amid the collapse of global demand and a price war between Saudi Arabia and Russia.
Oil companies in Canada have already been hit hard by low oil prices, and yesterday's collapse in prices will inevitably lead to the bankruptcy of many industry players.
The current quotation of the USD/CAD pair is 1.4270. Today, you should pay attention to the data on retail sales in Canada for February. The indicator fell from 0.4% to 0.3%, better than forecast. Analysts had expected a decline to 0.2%. Tomorrow is expected to publish a consumer price index: experts predict a decline from 0.4% to -0.4%.
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Brent. April 22, 2020 – Oil shows new lows On Wednesday, Brent oil quotes again updated the local minimum and reached $16 per barrel. However, today oil managed to recover to the level of $19.80.
Such a sharp drop was caused by fears of market participants about the extent of decline in demand for raw materials in the conditions of maximum filling of oil storage facilities. The data from the American Petroleum Institute (API) added fuel to the fire, according to which US crude oil inventories grew by 13 million barrels last week, while gasoline and distillate inventories increased by 11 million barrels in total.
Today you should pay attention to a similar report from the US Department of Energy. Experts predict an increase in reserves of 15 million barrels.
At the same time, news that the countries of the new OPEC+ deal will begin to cut production without waiting for May does not bring support to the oil market. Thus, under current conditions, a significant recovery of a commodity asset is unlikely.
Regards, ForexMart PR Manager
EUR/USD. April 23, 2020 – Euro broke down the level of 1.08 On Thursday, the euro declines, following yesterday's trend. The current quotation of the EUR/USD pair is 1.0780.
Today, two important events will be of interest. First, in the United States, the US House of Representatives will vote on a new fiscal package of measures to support the US economy worth $500 billion. And in Europe, an EU summit will take place, during which countries will discuss the creation of a pan-European fund that will support the economy for several years. The amount of the fund may be 1.5-2 trillion euros.
As for macroeconomic statistics, today business activity indices in the manufacturing and services sectors for April in France, Germany, the eurozone and the UK will be released. The United States will provide data on changes in the number of initial applications for unemployment benefits. Experts predict an increase in the number of applications by 4 million.
The RSI indicator is pointing down, which signals a continued decline in the European currency. However, the listed events and publications can significantly change the direction vector of the pair. So, follow the news.
Regards, ForexMart PR Manager
EUR/USD. April 24, 2020 – Euro in the range of 1.07-1.08 At the end of the week, the EUR/USD pair continues to decline, having reached 1.0725. The euro came under pressure after the publication of weak PMI indexes of business activity. According to recent data, the composite index in the EU fell to 13 points, which was the strongest drop in the history of observations since 1998.
Experts note that quarantine measures have a negative impact on the European services and manufacturing sector. Moreover, analysts expect European GDP to fall by 7% in 2020.
Yesterday, EU heads of state held a summit to discuss the need to create a new fund for economic recovery. However, despite the criticality of the economic situation, no decision was made on the size of the fund and the sources of its financing. The following negotiations have been postponed to May 6.
Yesterday, the US provided unemployment data, according to which the number of benefits increased by another 4.5 million people. The total number of unemployed Americans rose to 26 million. These data put pressure on the dollar today, which allowed the EUR/USD pair to recover to 1.0775.
Regards, ForexMart PR Manager
EUR/USD. April 27, 2020 – Euro strengthens on positive news from Europe At the beginning of the week, the euro is showing growth, approaching 1.09. Support for the currency was provided by news that EU leaders agreed to create an emergency fund to restore the European economy with a total size of about 1.5 trillion euros.
In the US, President Donald Trump also signed into law to allocate $484 billion to accelerate the pace of economic recovery, but the news did not provide adequate support to the dollar. The fact is that the States presented data on consumer sentiment in the country: the indicator showed a decline for the third month in a row.
It is also worth noting that the United States and Europe intend to gradually lift quarantine restrictions from the beginning of May. Experts predict that economic recovery in all countries will occur extremely slowly, which does not add optimism to market participants.
Today is not rich in macroeconomic news; the EUR/USD pair will fluctuate around 1.0850. This week we should pay attention to two important events – the US Federal Reserve meeting (29.04) and the ECB (30.04).
Regards, ForexMart PR Manager
EUR/USD. April 28, 2020 – Euro is moderately growing to 1.09 The euro continues to grow on Tuesday, approaching 1.09. The fact is that the US dollar fell across the entire spectrum of the market after the growth of futures for US stock indices. Moreover, the appetite for risky assets increased after many countries presented plans to ease quarantine restrictions for many enterprises.
Today is not rich in macroeconomic publications. Attention may be drawn only by data on home sales in the US secondary market for March (a decrease of 9.7% is expected), as well as an indicator of consumer confidence and the Richmond Fed manufacturing index for April.
Market participants remain neutral in anticipation of tomorrow's meeting of the US Federal Reserve. And although analysts do not expect the introduction of any additional incentive measures, the regulator will have to provide relevant estimates of the economic consequences of the virus.
Regards, ForexMart PR Manager
EUR/USD. April 29, 2020 – The dollar is weakening in anticipation of the US Federal Reserve meeting On Wednesday, the euro continues to grow moderately in anticipation of the results of the upcoming meeting of the US Federal Reserve. Most likely, the regulator will keep the rate and monetary policy at the same level, but it is worth paying attention to the press conference of the Fed head Jerome Powell. The politician must report on the future purchase of government bonds.
Yesterday's data on the index of industrial activity from the Federal Reserve Bank of Richmond put pressure on the dollar – the figure in April fell from the level of 2 points to -53. This was the strongest index drop in history. In addition, the foreign trade balance deficit in March amounted to $64.22 billion, compared with a deficit of $59.89 billion a month earlier.
Today, attention should be paid to the publication of preliminary US GDP. Analysts forecast a decrease of 4%. In the euro area will be published consumer confidence index for April. Experts expect the figure to be -22.7 points. The current quotation of the EUR/USD pair is 1.0865.
Regards, ForexMart PR Manager
Brent. April 30, 2020 – Oil started to grow, receiving the support of several factors On Thursday, Brent crude quotes rose to $26.60 per barrel, receiving support from data on crude oil reserves in the US from the country's Ministry of Energy. According to the recent report, stocks of raw materials in US storage facilities grew less than forecast – by only 9 million barrels. The forecast assumed an increase of 10.6 million barrels.
Additional support for oil prices was provided by a general improvement in market sentiment amidst the fact that some countries are considering mitigating the restrictions associated with coronavirus.
Experts also note that from May 1, the terms of the new OPEC+ agreement to reduce global oil production will come into force. Norway also joined the deal, saying that in June the country intends to reduce production by 250 thousand barrels per day, and in the second half of the year – by 130 million barrels.
Regards, ForexMart PR Manager
EUR/USD. May 1, 2020 – Euro rose to 1.0980 after the announcement of the ECB meeting results The EUR/USD pair rose to two-week highs, reaching 1.0980. Yesterday, the results of the ECB meeting were announced, at which the regulator kept the interest rate at 0%, and the deposit rate at -0.5% per annum.
The Central Bank also announced the launch of a new program for long-term lending to eurozone banks and stated its readiness to increase the scale of the Pandemic Emergency Purchase Program (PEPP) announced in March, currently amounting to 750 billion euros. These measures supported the European currency.
The US dollar was under pressure from weak statistics. In particular, the weekly report on the number of applications for unemployment benefits recorded an increase of up to 3.839 million against a forecast of growth of up to 3.500 million. Data on expenditures and incomes of the population in March also fell below expectations: the first indicator fell by 7.5%, and the second – on 2%. Analysts had forecast values at 4.8% and 1.6%, respectively.
Today the news background is calm, in a number of European countries it is a day off. Only data on the April index of business activity in the USA can attract attention: experts expect a decrease to 36.7 points against the previous value of 49.1.
Regards, ForexMart PR Manager
EUR/USD. May 5, 2020 – Euro declines after weak data emerges from eurozone On Tuesday, the European currency continues to decline, reaching 1.0840. Sentix data exerted pressure on the euro: the May consumer confidence index fell to -41.8 points against the forecast of a decline to -33.5. Moreover, the index of business activity in the manufacturing sector in Germany fell in April from 45.4 points to 34.5, while the experts' forecast suggested a fall to 34.4 points. The indicator for the entire region fell to 33.4 points against the forecast of 33.6.
Today, the German Constitutional Court will rule on the ESM incentive program and the EU fiscal pact. The approval of the program can provide some support to the euro.
Earlier the United States provided data on the volume of factory orders in March. The indicator decreased by 10.3% in monthly terms against the previous fact of a decrease of 0.1% m/m and the forecast of a decrease of 9.2% m/m.
Today, you should pay attention to statistics on the producer price index in the eurozone in March. The indicator fell from the level of -0.7% to -1.5%. The United States will present data on the trade balance for March and the index of business activity in the service sector for April.
Regards, ForexMart PR Manager
EUR/USD. May 06, 2020 – Euro broke down the level of 1.08 The euro remains under pressure amid weak demand for risky assets due to rising tensions between the US and China. At the same time, the US dollar received support from the strong macroeconomic statistics. Data on business activity in the service sector showed a decrease from 52.5 to 41.8 points. Fresh data significantly exceeded the expectations of analysts who predicted the index to fall to around 38.0.
The main event of yesterday was a statement by the German Constitutional Court, which accused the European Central Bank of exceeding its authority in the implementation of certain points of the quantitative easing program (QE).
Additional pressure on the European currency was provided by weak statistics from the eurozone: the producer price index fell to -1.5% (forecast -1.3%). And the publication of the report on retail sales showed a drop from 0.6% to -11.2%.
The current quotation of the EUR/USD pair is 1.0780. The RSI indicator on the H1 chart bounced off the support level, which signals the completion of the downward euro rally. During the day, the pair will continue to fluctuate slightly near the level of 1.0800.
Regards, ForexMart PR Manager
EUR/USD. May 07, 2020 – Euro continues to trade below 1.08 On Thursday, the euro continues to decline, reaching 1.0785. Pressure on the European currency was exerted by a court decision to challenge Germany’s participation in the eurozone economy stimulus program.
Additional pressure on the asset was provided by weak data from Europe. In particular, the business activity index in the eurozone services sector in April fell from 26.4 points to 12, while the forecast suggested a decrease to 11.7 points. Composite business activity index was 13.6 points against the forecast of 13.5. Moreover, the European Commission has adjusted the forecast for unemployment in the eurozone from 7.5% to 9.6% against the backdrop of the fight against coronavirus.
Moreover, weak macroeconomic data came out in the United States either, however, the «Eurobulls» were not able to take control of the situation. According to ADP, in April, a record 20.236 million Americans lost their jobs.
Today you should pay attention to the data on the change in the number of initial applications for unemployment benefits in the United States over the past week.
Regards, ForexMart PR Manager
EUR/USD. May 08, 2020 – Dollar weakens awaiting labor market statistics Yesterday, trading on the euro ended with growth to the level of 1.0850. The US dollar showed some weakening, as an increase in risk appetite of investors led to a decrease in demand for safe assets.
In addition, investors are worried about the negative interest rate by the US Federal Reserve. Experts note that the yield on 2-year Treasury bonds, sensitive to the expectations of the monetary policy of the Federal Reserve, fell to a record low closing value of 0.133%.
Yesterday, macroeconomic statistics from the United States also acted as a pressure factor on the US dollar. Over the past week, another 3.169 million Americans have filed initial jobless claims. As a result, since the end of March, there have been 33.5 million such applicants.
Today we should pay attention to an important report on the labor market in the States. Analysts' forecasts are rather gloomy: employment in non-agricultural sectors is expected to decrease by 22 million jobs, and the unemployment rate may jump from 4.4% to 16%. In anticipation of these statistics, the EUR/USD pair will continue to grow above the level of 1.0850.
Regards, ForexMart PR Manager
Brent. May, 11 – Oil continues to decline at the beginning of the new week At the beginning of the trading week, oil continues to decline to $30 per barrel. However, buyers are able to maintain their positions even against the backdrop of doubts about the success of the new OPEC energy pact, as well as amid the pessimistic comments by Fed representatives about the pace of economic recovery after the pandemic.
Brent remains under pressure from rising stocks and still depressed oil demand. According to data from the IEA published last week, US stocks rose 4.6 million barrels (to 532.2 million barrels). Moreover, inventory growth has been observed for the third week in a row.
Thus, the collapse of demand, coupled with the lack of available storage space for hydrocarbons, will inevitably lead to a further decrease in oil quotes.
Regards, ForexMart PR Manager
GBP/USD. May 12, 2020 – Sterling shows growth despite many negative factors The GBP/USD pair began the day with growth to the area of 1.2370. The British currency is growing, despite the deteriorating market sentiment and weak English statistics. Growing demand for defensive assets amid news of repeated outbreaks of coronavirus in Asia could put pressure on the British pound and support the US dollar.
An additional negative for sterling are disappointing forecasts regarding the dynamics of the English economy. The Bank of England said that by the end of 2020, the UK economy is expected to decline by 14%, which could be the worst indicator in almost 300 years.
Tomorrow you should pay attention to the data on the country's GDP for March. The economy is expected to decline by 7%. If the forecast is confirmed, the pressure on the pound will intensify, and the pair GBP/USD will return to the area of 1.2200.
Another driver of decline is the political uncertainty in the region. By the end of the year, the country's authorities have to agree with the EU on Brexit issues. Thus, in the current environment, the pound is unlikely to have enough strength to grow.
Regards, ForexMart PR Manager
EUR/USD. May 13, 2020 – Euro has come under pressure from industrial production data The euro failed to overcome the level of 1.0880 yesterday and made a decline to the level of 1.0830. Today, data on the volume of industrial production in annual terms were published in the eurozone. The rate of decline increased from -2.2% to -12.9%, which put pressure on the euro. During the day, the EUR/USD pair will continue to decline to 1.08.
Yesterday, the US provided April inflation data, according to which the consumer price index fell to 0.3%. The last time such low inflation was recorded in October 2015.
Today, attention should be paid to the speech of the head of the US Federal Reserve. It is expected that the head of the regulator will indicate the need to continue the program of quantitative easing and expand the balance of the Fed. In March, BlackRock, through which the bulk of FOMC operations go, announced that the Fed's balance sheet could be expanded to $9 trillion. Today, this figure is $6.72 trillion.
The expansion of the balance traditionally leads to a weakening dollar, since an increase in the money supply leads to a depreciation of the national currency.
Regards, ForexMart PR Manager
EUR/USD. May 14, 2020 – Euro declines after J. Powell speech On Thursday, the euro declines, continuing the dynamics of yesterday. The current quotation of the EUR/USD pair is 1.0775. Pressure was exerted by the speech of the head of the US Federal Reserve Jerome Powell. He noted that economic forecasts for the US are «extremely uncertain and subject to significant negative risks.» At the same time, the possibility of negative interest rates is not yet considered by the regulator.
Market participants reacted to Powell's performance with sales of risky assets.
Also, the tense situation between the US and China remains the focus of markets. The United States continues to accuse the PRC of spreading the coronavirus, while Beijing, in turn, is considering the possibility of retaliatory steps (in the case of the imposition of sanctions by America).
Today, attention should be paid to data on changes in the number of initial applications for unemployment benefits in the United States. Experts predict a decline to 2.500K.
Regards, ForexMart PR Manager
EUR/USD. May 15, 2020 – Euro is stable at 1.08 The pair EUR/USD remains stable near the level of 1.08 at the end of the week, being influenced by multidirectional factors. On the one hand, American statistics are mixed, which puts pressure on the dollar. And on the other hand, the indicators of Europe are also not encouraging, and the region remains in quarantine.
Today it is worth paying attention to a whole block of interesting macroeconomic statistics. The eurozone presented its second estimate of GDP for the first quarter: the economy contracted at 3.8%. In annual terms, the region’s GDP decreased by 3.2%.
In the evening, the US will publish retail sales data for April – analysts expect a strong drop in the indicator (by 12.0% on a monthly basis). In March, the indicator fell by 8.7% m/m. The volume of industrial production in April will also arouse the interest of traders: the indicator may decline by 11.3 m/m.
Pending this data, the pair will continue to fluctuate near the level of 1.08.
Regards, ForexMart PR Manager
EUR/USD. May 25, 2020 – Euro remains under pressure at the beginning of the week The euro continues to weaken at the beginning of the new week. The current quotation of the EUR/USD pair is 1.0900, however, at the start of trading, the euro was located at 1.0860. The dollar is now being supported by its «safe haven» status amid the uncertainty surrounding China’s new national security bill.
Investors fear that a law prohibiting terrorist and separatist activities will complicate the observance of the rights and freedoms of the people of Hong Kong, which once already led to a wave of protests. At the same time, the United States may intervene in this matter, which will further aggravate relations between the two largest economies in the world and provoke an escape from risky assets.
Today in the US is a day off in honor of the celebration of National Memorial Day. The macroeconomic calendar is almost empty, you should pay attention only to data on German GDP for the I quarter. Statistics confirmed a 2.2% decline in the economy, which was the largest decline since the first quarter of 2009. In annual terms, the decline in GDP amounted to 2.3%. All results coincided with analysts' forecasts.
Regards, ForexMart PR Manager
EUR/USD. May 26, 2020 – Euro rose sharply to 1.0970 On Tuesday, the euro started to rise sharply, reaching 1.0970. Support for the currency was provided by the statistics on the consumer climate index GfK in Germany in June: the figure recovered to -18.9 points after falling to -23.4 in May. The improvement of the index gave a signal about the consumer’s readiness to quit quarantine completely, which is not bad both for the German economy and for the economy of the entire eurozone.
In the afternoon, attention should be paid to the publication of the ECB's report on financial stability, but it is unlikely to bring any surprises, since all relevant information is constantly coming from the eurozone finance ministers in the process of agreeing on a stabilization fund of 500-600 billion euros.
In the evening hours data on sales of new homes in the United States in April will be published. Experts predict a sharp decline to 492 thousand against the March figure of 627 thousand. In addition, the May value of the Conference Board consumer confidence index, which could recover to 87.1 after the April decline to 86.9, will be of interest.
Regards, ForexMart PR Manager
EUR/USD. May 27, 2020 – Euro updated two-month high The euro has shown a sharp jump in prices to the level of 1.1030 amid a recovery in global economic activity due to the lifting of restrictions in many countries. Expectations that the economy will return to pre-crisis levels support risky assets.
At the same time, market participants are monitoring the situation around tensions between the United States and China. Also, pressure on the euro may increase if many EU countries oppose the creation of a fund of 500 billion euros. As it’s known, Germany and France have already agreed on the creation of a fund, but not all EU heads of state share their views.
Yesterday, statistics on new home sales in the United States were published – the indicator unexpectedly increased from 619 thousand in March to 623 thousand in April. Analysts predicted a serious drop in sales. Moreover, the Conference Board consumer confidence index for May rose to 86.6 points from 85.7 earlier. These data provided the dollar with short-term support, but today the growth of the European currency will continue. The main goal of the «bulls» is the level of 1.1050.
Regards, ForexMart PR Manager
EUR/USD. May 28, 2020 – The pair is consolidating at 1.10 Yesterday, the euro showed significant appreciation, reaching the level of 1.1035. The European currency was supported by news that the European Commission was ready to agree on an additional package of assistance to the region’s economy in the amount of 750 billion euros. However, the optimism of market participants did not last long – the euro quotes began to decline after the speech of the ECB chairman Christine Lagarde.
The head of the regulator said that the eurozone economy could lose 8-12% on the negative consequences of the coronavirus pandemic. The «soft» scenario for the development of the region’s economy for 2020, which implies a 5% decline in GDP, has already become irrelevant. Thus, the pair fell to the level of 1.10.
Today is full of interesting statistics from the USA. The States will provide a preliminary estimate of GDP for the first quarter. The economic slowdown is expected to be 4.8%. Additional pressure on the US dollar today may have data on orders for durable goods: their volume should decrease by another 19.0%. Repeated applications for unemployment benefits can also set a new record - their growth is expected to reach 26.180. Thus, Thursday may turn out to be a black day for the US currency, which will allow EUR/USD quotes to return to the area above 1.10.
Regards, ForexMart PR Manager
EUR/USD. May 29, 2020 – Euro continues its rally The euro continues its rally, approaching the level of 1.1150. Support for the currency is provided by increased demand for risky assets, the general weakness of the US dollar in the Forex market and the expectation of the creation of the Fund in the amount of 750 billion euros to restore the European economy.
The US dollar came under pressure after the release of weak statistics. The economy in the first quarter of 2020 decreased by 5% in annual terms. The forecast assumed a decrease of 4.8%. Data on orders for durable goods also turned out to be far from optimistic. Today, attention should be paid to the April personal income and expenses report and the statement by J. Powell, during which the head of the Fed may hint at the regulator's further plans to support the US economy.
Eurostat today published data on inflation in the EU: consumer prices in the eurozone in May 2020 increased by 0.1% in annual terms, which provided additional support for the euro. During the day, the EUR/USD pair will continue to grow above the level of 1.1150.
Regards, ForexMart PR Manager
GBP/USD. June 01, 2020 – Sterling grows steadily to an area above 1.24 The British sterling continues to show an upward trend, reaching a level of 1.24. The currency is supported by the general weakening of the US dollar after statistics released on Friday and D. Trump's speech at a press conference.
In particular, the Chicago PMI index in May fell from 35.4 to 32.3 points. The University of Michigan consumer confidence index fell from 73.7 to 72.3 points over the same period. Even more market participants were disappointed with the report on personal expenses in the USA: according to published data, personal expenses in the USA decreased by 13.6% against the forecast of a decrease of 12.6%.
Donald Trump during his speech said that he was stopping WHO funding, and also again accused China of hiding information about the dangers of coronavirus.
Today, Britain presented a report on business activity in the manufacturing sector for May. The index recovered to 40.7 points from multi-year lows in April, which provided additional support to sterling. This week, you should pay attention to the report on activity in the services sector in England, which will be released on Wednesday. If statistics disappoint markets, the Bank of England is likely to cut rates or expand the QE program at a meeting in June.
Regards, ForexMart PR Manager
Brent. June 02, 2020 – Oil grows amid recovery in demand The oil market continues to grow: Brent quotes on Tuesday reached $39.55 per barrel. Support for prices is provided by a recovery in demand amid a softening of quarantine measures, as well as a reduction in oil production by key oil-producing regions of the world under the OPEC+ deal.
OPEC+ video conference will take place on Thursday, in the framework of which the heads of countries will discuss the extension of previously reached agreements. Saudi Arabia is in favor of extending the terms of the agreement, however, some countries, including Russia, are not ready to extend the reduction in production after June.
The price of Brent is rising, despite the deterioration in relations between Beijing and Washington. The day before, China announced a temporary halt to imports of certain types of agricultural products from the United States, including soybeans. Such a move could further aggravate the contradictions between the two countries and call into question current and potential trade relations.
Regards, ForexMart PR Manager
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