OPEC looking to deepen production cut/Safe-haven trading waters/DXY traded below its 97 handle

Dec 06,2019

Regain Capital

Overnight Reviews:

Gold: 0.08%

Silver: 0.63%

US Index: -0.22%

WTI Oil: -0.05%

NDX: 0.14%

OPEC looking to deepen production cut

OPEC announced yesterday that they are planning to deepen their production cut plan by another 500,000 barrels per day to 1.7M. However, the plan can only be carried out if its allies, grouped together as OPEC+ agrees upon during the OPEC+ meeting later today. Investors are holding back until further confirmation is obtained.

Safe-haven trading waters

Safe-haven assets are struggling to hold their grounds after previous trade tensions spiraled by US President Donald Trump comments. President Trump stated that a China deal will probably need to wait after US November election next year. Further movement will depend on the release of US jobs data.

DXY traded below its 97 handle

The dollar index recorded a fifth consecutive losses since last Friday, while currently trading below its 97.00 handle, pressured by recent trade pessimism and poor manufacturing data. Investors will now focus on today’s release of jobs and wages data namely the Non-farm Payrolls (NFP) to gauge dollar’s movement.

Main Events Today GMT +8

21:30 CAD Employment Change

21:30 CAD Unemployment Rate

21:30 USD Average Hourly Earnings m/m

21:30 USD Non-Farm Employment Change

21:30 USD Unemployment Rate

All Day OIL OPEC-JMMC Meetings

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OPEC looking to deepen production cut/Safe-haven trading waters/DXY traded below its 97 handle

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