Let's look at the news event's we've got lining up this week...
Every month, the Organisation of Petroleum Exporting Countries (OPEC) and the Joint Ministerial Monitoring Committee (JMMC) have a meeting to discuss the outlook of Oil and its performance. OPEC aims to control the price of oil by adjusting supply volumes. If its members want to increase the price of oil, they can revise their production quotas downwards to limit supply.
It's rumoured that the oil production companies are considering bumping up production again. Crude oil continues to trade at record highs and demand is expected to hang. Remember, the OPEC already agreed to increase output by 400k barrels per day until the end of the year, so another bump higher could push the commodity to new highs!
(AUD) RBA Rate Statement
No changes to the monetary policy are expected from the Reserve Bank of Australia for now. In their previous decision, they already started to taper asset purchases but also decided to extend the program for another three months. Data from the Land Down Under has been mixed, with jobs figures turning out weaker than expected, so policymakers would likely sit on their hands.
(NZD) Official Cash Rate
The Reserve Bank of New Zealand is widely expected to announce an interest rate hike from 0.25% to 0.50% in this week's statement. Economic data has been mostly positive, with the latest GDP and inflation figures beating expectations, so there's no reason for the RBNZ to delay tightening this time.
It will be interesting to see if the central bank will follow through with another interest rate hike in November, considering the first hike has already been priced in a while back.
Following the disappointing August report of an increase of 235k, way below expectations, for the month of September, employment is projected to increase by 490k, bringing the unemployment rate down from 5.2% to 5.1%
Leading indicators due throughout the week include the ISM Services PMI, which is expected to fall from 61.7 to 59.9, and the ADP report which is expected to show a 455k gain.
Try for FREE!
or get 20% off the full version using code "READER"
On Monday, May 23rd, US President Joe Biden unveiled a new trade pact with twelve Indo-Pacific countries called the Indo-Pacific Economic Framework (IPEF). The launching of this deal, coupled with Monday’s news that the Biden administration is considering the merits of rolling back tariffs on imports from China, saw the Dow close nearly 500 points […]
This week, I took a trade on the SPX500 that ended up being a successful one by the time it closed. We caught a 29 point move when it was all said and done, and here is the breakdown behind it. Reasons For Buying SPX500 On May 23, I sent out an alert to the […]
One of the forex market's worst performers this year now has the potential to become one of the best plays in 2022. On the day, euro is up and is performing stronger against the USD than any other currency as of now. EUR/USD is up 0.36% today. Euro To "Positive Territory At The End Of […]
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here