It is a big day for oil. The much anticipated OPEC meeting will take place today. The commodity closed yesterday lower and has opened with ample volatility today. This is the main point on today’s daily Forex news.
30th November, AtoZForex – We also have other less impacting news on the daily Forex news list like the ADP Non-Farm Employment Change
#1 Strategists see the extension of US stocks rally
Going by statistics, the US stock market appears to be on solid footing. The Major indexes have hoped to all-time highs, indicating to many strategists that stocks should only move higher. On Tuesday, Bank of America Merrill Lynch became the latest to increase its year-end estimate to 2,100 from 2,000. The S&P 500 set a record close of 2,204.72 Wednesday, while the Dow Jones industrial average spotted a record close of 19,083.18.
#2 Mario Draghi EU Parliament hearing: How Brexit and Trump affect EU?
President Mario Draghi said on Monday that the European Central Bank will decide at its December 8 meeting on the continuation of its QE stimulus program. Draghi says on Brexit that the Eurozone has weathered the fallout from the UK referendum outcome with “encouraging resilience”. Speaking about the results of the US election, said it is too soon to evaluate how Donald Trump’s administration will affect the monetary policy of the ECB.
#3 OPEC meeting: Indonesia might not join OPEC oil cut deal
On Tuesday, Indonesia’s oil minister announced a pessimistic note about OPEC’s upcoming meeting. The minister made it clear the Indonesia is still uncertain about OPEC oil cut deal. Also, he has stated that his country did not decide whether they need to join OPEC production cut. Ignasius Jonan has indicated that he had “mixed feelings” about the gathering’s outcome.
#4 UK Bank Stress Test Results
This is prepared on an annual basis. The stress test applies synthetic market conditions to the balance sheets of large banks in an effort to determine the banks’ stability and capital reserve adequacy. In the wake of Brexit, it will, however, be more closely watched as pundits still see risk to the economy, despite impressive post-Brexit economic data.
#5 OPEC meeting, Italy referendum pressures European stocks
The sharp moves reflect uncertainty ahead of the country’s referendum on projected constitutional reforms on Sunday. Analysts fear a refusal could unleash political and economic uncertainty in a country that’s already battling with a banking crisis. Italian referendum risks should counterweight the French-backed optimism earlier this week and push the euro buyers on the sidelines. The overall risk aversion could lead the euro lower into the weekend.
#6 Oil prices rises 2%, after positive Iraq comments on OPEC
Oil prices surged as much as 2 percent on Wednesday, as the delegate from Iraq has been signaling positivity in regards to the oil cut deal by the Organization of the Petroleum Exporting Countries (OPEC).
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