Today is the day of “OPEC Meeting” – Market Volatility is expected to be very High!

May 25, 2017

High Volatility is expected by OPEC Meeting today...

Today is the day of “OPEC Meeting” – Market Volatility is expected to be very High!

This article is originally referred from FXPrimus

Today’s Important Indicators

Today’s OPEC Meeting could trigger many orders, as excitement on the highly anticipated meeting is already immense.

After a surprising Wednesday for the Asian markets the stunted commodity may bring some additional gains for Aussie and Kiwi, both of which have recovered the unexpected China’s downgrade of credit rating.

More pairs to be affected as volatility will be high. Traders have a tense day and many economic indicators to look at for opportunities.

Today’s Forecast for Important Trading Indicators

 Time in GMT  Country  Indicator  Expected  Previous
 All Day  All  OPEC Meeting  –  –
 03:00 am  NZ  Annual Budget Release  –  –
 09:30 am  GB  2nd Estimate GDP q/q  0.3%  0.3%
 01:30 pm  US  Unemployment Claims  238k  232k

Market Movers

  • USD Bulls have lost another 0.66% on battle against CAD after BoC interest rates hold steady. Yesterday the Canadian dollar slipped to a monthly low of 1.34162, supported by disappointing Housing data and dull Fed minutes. The Loonie’s next stop may be 1.3310 depending on today’s OPEC decision. Investors await. The USDCAD is currently trading at a new monthly low of 1.33950.

USDCAD TECHNICAL CHART

  • Euro remains higher than the Dollar after Draghi’s speech, extending the gains on weak US Housing data. EURUSD on the positive side on Euro zone monetary easing program, finds more hope on the way to last week’s 1.12678 high on US steep data drop and Fed minutes, however failed to recapture Tuesday’s losses. Today’s opening may be signalling a full recovery as the Euro is heading up, nearing the next resistance.
  • Aussie and Kiwi move lower hand by hand on China’s downgrade, retrace respectfully on disappointing U.S Balance sheet and FOMC. AUDUSD slides on Moody’s rating of China’s financial strength, bounces heading to 0.75000. Market participants bought the stronger NZDUSD to reach April’s high at 0.70529.

AUDUSD HOURLY CHART

  • The Pound weighed lower amid political risk against the US Dollar, despite the latter being on pressure. Sterling dropped lower for a 3rd consecutive session trading 50 pips below the psychological level of 1.3000. Trades eyes on 2nd GDP Estimate today.
  • Oil at $51.96 new high ahead of Crude Inventory release as most OPEN members endorse deal extension. Yesterday the commodity was bought by investors on rumours for a higher high and are patiently waiting for today’s official decision.
  • Asian Indices traded higher Wednesday’s session with Nikkei reaching a whopping +0.66%

FXPRIMUS Official Website

Original Source: FXPrimus

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