Oil Prices Plummet on Strong U.S. Drilling as GBP Nurses Losses

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Oil Prices Plummet

Thu 1/6: German Manufacturing PMI to Affect the EUR

Fri 2/6: NFPs to Affect the USD

 

 

Last Week’s Recap – Manchester Terrorist Attack Causes Markets to Wobble

European bourses traded mixed last week as news of a terrorist attack and as political and economic turmoil raised concern in the Euro Zone. On Wednesday oil prices retreated after a disappointing U.S. gasoline stock draw while European bourses closed lower on Friday as losses in energy companies weighed on major markets.*

 

Monday Morning Briefing – Oil Prices Dip as U.S. Drilling Undermines Output Cuts

Oil prices fell on Monday after a relentless rise in U.S. drilling undermined the efforts of OPEC to prolong output cuts and tighten supply. The pound, meanwhile, managed to nurse some of its losses incurred after a poll showed a weakening lead for Prime Minister Theresa May’s party in U.K.’s upcoming elections. It should be noted that trading activity will be subdued on Monday due to public holidays in China, the United States and Britain.**

 

Important Events and News Releases that will Define this Week’s Markets:

 

THU 1/6 – German Manufacturing PMI (May) to Affect the EUR pairs

The German Manufacturing Purchasing Managers’ Index (PMI) has been rising steadily since early 2016 which points to a flourishing manufacturing sector. This Thursday, investors will be looking closely at May’s data which is due to be released at 7:55 GMT as another higher than expected reading, is expected to push EUR pairs higher!***

 

FRI 2/6 – Nonfarm Payrolls (May) to Affect the USD pairs

The Nonfarm Payrolls report measures the change in the number of people employed in the previous month. This Friday traders will be looking forward to May’s data which is due to be released at 12:30 GMT. The NFPs report is expected to come in lower at 183K versus a 211K for April. A weaker than expected reading will have a negative effect on the USD pairs.***

 

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*Source: CNBC
**Source: Reuters
***Source: Investing.com

 

View all Important economic releases & events this week:
https://www.bdswiss.com/economic-calendar/

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