Iraq’s oil ministry comments while the OPEC meeting is going on They’re saying that OPEC should be careful before altering the production agreement so that output does not exceed the market’s needs and hit prices.
Citing an unnamed OPEC source Meanwhile, Bloomberg is reporting that talks haven’t yet reached a final deal just yet by citing an OPEC delegate on the matter.
WTI is trading near the highs still, up by 1.5% on the day The Bloomberg headline earlier says that OPEC members have come to an agreement on principle for an output increase of 1 million bpd on paper. In real terms when they implement the proposal, it will feed about 600k bpd back into the…
USD is lower as stocks look to rebound The AUD and the NZD (risk on currencies) are the strongest today. The JPY and USD are the weakest (risk off). The European equity markets are higher after getting smashed yesterday. In the US, the Dow is looking to snap an 8 day slide. The Dow has…
Not a smooth extension but buyers trying… The EURUSD moved above the 100 hour MA yesterday (blue line). Earlier in the week, the pair failed on the first test.
Trades at highest level since June 13th The USDCAD has moved up sharply after the data misses in CPI and retail sales. The expectations for a rate hike also came back down which is helping to weaken the loonie.
Barclays view on the euro is part of a wider view they hold for appreciation of the US dollar The bank has raised its forecasts for the USD pretty much across the board
Novak is Russia’s oil minister More: – Iraq oil minister says majority supported output increase – Saudi says overwhelming consensus is to raise output by 1m bbl/day I posted this earlier:
Bloomberg reporting the headline This from the meeting of the technical committee that has just finished up
Forexlive America FX news wrap: Philly business outlook dips and US Supreme Court ruling sinks the USD
Forex news for trading on June 21 In other markets near the end of the trading day is showing: – Spot gold is trading near unchanged levels at $1267.52 – WTI crude oil futures are $.12 or 0.18% at $65.82. OPEC’s tomorrow in Vienna although preliminary talks suggest there is dissension. The US major stock…