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Non-Farm Payrolls in Focus. WTI & Brent Crude Move on OPEC+ Today?

   

Welcome to this week’s Market Blast Fundamentals.

I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at Gold (XAUUSD), USDCAD, WTI (US Oil), and Brent Crude (UK Oil).

 

We see Brent Crude today just below last week’s high of $80 but watch out today for news from the OPEC meetings where they discuss November’s production.Screenshot 2021-10-04 at 10.45.30

We are currently seeing demand for crude oil getting ahead of the supply of crude oil, based on higher natural gas prices, air travel increasing and winter coming.

If they don’t increase production, prices of Brent Crude and WTI will increase.Screenshot 2021-10-04 at 10.45.58

The charts show a bit of USD weakness heading into Friday’s Non-Farm Payroll report which will be critical for the US Federal Reserve.

The Fed has a problem right now with inflation running too high, increasing Crude Oil prices threatening growth and pessimism about the COVID Delta Variant.

A good Non-Farm Payroll number will obviously be good for USD but it will also have the Fed looking at Tapering earlier, boosting USD even further.Screenshot 2021-10-04 at 10.46.32

Also, watch out for Interest Rate decisions from Australia and New Zealand tomorrow and Wednesday.

If you are trading USDCAD this week, be careful with the results from OPEC and the fact that Canadian Employment figures come out at exactly the same time as the US NFPs.Screenshot 2021-10-04 at 10.46.59

Also, the weaker USD has affected Gold and we see that it has broken this technical upper trend line.

Keep an eye on Gold this week as we may have some good opportunities with volatility, as the US Federal Reserve decisions on Bond Tapering will affect the price of XAUUSD.

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.

CFDs and FX are leveraged products and your capital may be at risk.4 October 2021 Fundamentals EN TN

 

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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