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Bullet Report: OPEC Cuts Production, OIL rises 6%, Stocks Rally
September 29, 2016 6:39 amVideo
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Today’s calendar features a lot of FED speeches including one from Janet Yellen. The big news yesterday was the news that OPEC reached a preliminary agreement on reducing the production of oil. This will be the first oil Production cut since 8 years. In US, Fed chair Janet Yellen said in her semiannual testimony that there is no “fixed timetable” for the next rate hike. But she noted that her preference is not to hold interest rates low for much longer as continuous job gains could overheat the economy.
Currencies: The biggest mover is USDJPY which has rebounded strongly overnight from 100.40 to 101.70 following the rally in the stock markets. The AUDUSD also hit a 3-week high of $0.7696, as the country exports various natural resources even though it is a net importer of oil. The euro was little changed at $1.1222, recovering from Wednesday’s low of $1.1182 helped in part by rebound in shares of Deutsche Bank. Other oil related currencies such as the Norwegian Krone and the Canadian Dollar have also rallied versus the USD.
Stocks: There was a stock market rally which unfolded yesterday following the surge in oil prices after the OPEC news. DJIA rose 110.94 pts, or 0.61%, to close at 18339.24. S&P 500 also rose 11.44 pts, or 0.53% to close at 2171.37. Nikkei is trading up 1.5% while this morning European indices gapped higher after the opening.
Oil and Gold: In a surprise move, OPEC said it would reduce output to a range of 32.5 from 33.24 million barrels a day, news which lifted oil prices to their biggest gains in 2.5 months. At one point oil was trading 6% on the day. Gold prices fell to a 1-week low on Wednesday on a stronger dollar and mixed views on the likelihood of a rate increase by the Federal Reserve this December.
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Source: Easy Forex Forex.Info
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