Oil Prices Steady After Steep Fall
26/7 Fed Interest Rate Decision to Affect the USD
28/7 Canada’s GDP to Affect the CAD
Last Week’s Recap – European Markets Edge Higher as Euro Soars
E.U. markets closed higher last week while the euro soared to a two-year high after the European Central Bank president, Mario Draghi stated that tapering will be discussed in autumn. Based on Draghi’s comments most analysts foresee a tightening in policy next year.*
Monday Morning Briefing – Oil Prices Stabilize Ahead of OPEC Meeting
Bourses in Europe started the day mostly lower on Monday as investors focus on new earnings and possible new sanctions on Russia. Oil prices were little changed on Monday following a steep fall in the previous session. A joint OPEC and non-OPEC ministerial meeting is due later in the day and it is expected to address rising production from Nigeria and Libya, two OPEC members that are currently exempted from the cuts. OPEC Secretary General Mohammad Barkindo also noted that a rebalancing of the oil market is to be expected later this year.**
Important Events and News Releases that will Define this Week’s Markets:
WED 26/7 – FED Interest Rate Decision to Affect the USD
The latest Federal Reserve interest rate decision is due to be announced at 18:00 GMT this Wednesday. Current consensus is that the Fed will opt to leave interest rates at 1.25%, while any hawkish comments by the Fed chair Janet Yellen could push the USD pairs higher.
Don’t miss your chance to join our FREE FED Trading Session and watch our experts trade the news live!***
FRI 28/7: CANADA GDP (Q2) to Affect the CAD
Statistics in Canada revealed that gross domestic product expanded by 0.2% on June 30. A higher than expected reading this Friday at 15:00 GMT should be taken as positive for the CAD crosses.***
*Source: Bloomberg
**Source: CNBC
***Source: Investing.com
View all Important economic releases & events this week:
https://www.bdswiss.com/economic-calendar/
