Analytics

News, Trends, & Analytics 29.11.2019

The bulls are running out on oil

North Korea makes waves, The Eurozone could re-evaluate fiscal cooperation, & Russian oil output could pressure OPEC+.

 

News

Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fuelling tensions with China. Affects Brent


Iran rejects as “irresponsible” comments by France that it is seriously considering triggering a mechanism within the Iran nuclear deal that could lead to U.N. sanctions, Iranian Foreign Ministry spokesman Abbas Mousavi said on Thursday. Affects Brent


Japan’s coastguard on Thursday said that North Korea had launched what appeared to be a missile, adding that it was monitoring where the projectile would land. Affects Gold


European Central Bank policymaker Francois Villeroy de Galhau said on Thursday, Eurozone countries with fiscal space, such as Germany, should use it to promote growth in a region hurt by the global trade war. Affects EUR


Russian oil companies proposed on Thursday not to change their output quotas as part of a global deal until the end of March, when the current agreement expires, putting pressure on OPEC+ to avoid any major shift in policy when the group meets next week. Affects Brent

 

Calendar

08:55 GMT

The German Unemployment Change for November will be published. German Unemployment Change measures the change in the number of unemployed people during the previous month. Affects EUR.


10:00 GMT

The EU CPI (YoY) for November will be released. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. Affects EUR.


13:30 GMT

The Canadian GDP (MoM) for September will be issued. Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. Affects CAD.

 

Technical analysis

Brent

U.S. laws aimed at protecting the freedoms of Hong Kong citizens outraged China. This decision can complicate the already difficult relations between countries. Of course, the conclusion of trade relations between countries is immediately called into question. In addition, a number of top managers of Russian oil companies talk about the desire to review raw material production quotas.

In this way, the negative scenario for oil quotes is renewed. According to technical analysis at the moment, the asset is preparing for a downturn.

Ripple

The cryptocurrency has shown stability at the level of 0.22. If quotes remain above it, the trend change scenario is updated.

USD/RUB

The asset has reached a two-week high. Amid falling oil prices, the uptrend may continue.

 

USD/RUB on this day in history

  • Since 2000, November 29 has been a trading day 13 times.
  • On 53% of those days, the asset ended with growth.
  • The maximum reinforcement range was 0.4%
  • The trend down was limited to 0.64%.
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