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According to WSJ, the reduction could be 1 million barrels per day. Saudi Arabia is in favour of cuts, but the idea causes disagreements among other members of the organisation. In anticipation of news about the OPEC+ decision, the price of oil is rising – this indicates that market participants assess the possibility of new […]

The post Today OPEC+ May Announce New Oil Production Cuts appeared first on Action Forex.

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26/04/2024

Euro Turns to GDP and Inflation Data for a Lifeline

Euro loses ground as European Central Bank signals rate cuts But only against US dollar – holds strong against pound and yen Eurozone GDP and inflation stats on Tuesday will decide what’s next Imminent rate cuts bruise euro It’s been a difficult year for the euro, which has already declined 3% against the dollar as […]
19/09/2024

GBPUSD Unlocks New High, But Eyes Remain on 1.3200

GBPUSD prints new high near 1.3300 after FOMC rate decision Technical signals remain bullish but clear close above 1.3200 is needed BoE expected to leave rates steady at 11:00 GMT GBPUSD remains committed to closing above the 1.3200 level for one more day. The Fed delivered a surprise double rate cut of 50bps on Wednesday, lifting the […]
04/09/2024

Will the NFP Take a September Double Fed Cut Off the Table?

Fed fund futures suggest a 40% chance of a 50bps September cut Powell’s Jackson Hole speech adds importance to jobs data US employment report scheduled for Friday at 13:30 GMT Investors see increasing chance of 50bps cut The dollar had a rough time in August, underperforming against all its major counterparts as market participants remained […]