Oil prices surged up on the commodity market today following the statements of energy ministers of top oil producers,Saudi Arabia and Russia, to extend OPEC-led crude production cut from the middle of 2017 till March 2018. As a result, the benchmark Brent crude rose by 1.6 percent as it traded at $51.66 a barrel, while the West Texas Intermediate crude added 1.7 percent at $48.67 a barrel.
Earlier today, China released its yearly Industrial Production data for April at 02:00 GMT. Later during the day, Switzerland shall be communicating its Producer Price Index for April which is due at 07:15 GMT and this report is much awaited as it accounts for inflation. Consider trading the SMI Future index in relation to this. Another event for today is the European Central Bank Praet’s speech which is at 11:45 GMT.
Since Friday, a cyber-attack has hit 150 countries and according to Microsoft, this should be treated as a “wake-up call” by governments around the globe. This virus was identified and named by the U.S. intelligence as the “ransomware.” Elsewhere, U.K. unemployment rate is set to rise in 2018 to 5.4 percent and then to 5.8 percent in 2019. This could impact the NFP data, keep a close watch on this.
Analyzation of the pair EUR/USD today shows that it has been moving more towards an uptrend. It was last quoted on a bullish candle at 04:00 UTC at the 1.09300 level. According to the Ichimoku Cloud indicator, the currency pair may consolidate, thus trading within a range of 1.09225 to 1.09335 through 08:00 UTC today. It is expected to experience a change in trend around 03:00 UTC, this trade may be considered for the Classic Binary tool and the 60-Seconds trading.
This currency pair initiated today’s session bullishly at 123.776 yen at 00:00 UTC, thus following the uptrend set yesterday night. The bullish trend, however came to an end around 03:00 UTC at the 123.942 level. It may consolidate within similar ranges through 08:00 UTC, and may fluctuate later through the day. Consider this pair for the 60-Seconds trading as it may record much volatility later.
The U.S. West Texas Intermediate Crude started picking up momentum from the very beginning of its session today at 00:00 UTC. It reached a peak of $48.59 level around 04:00 UTC on Monday. Oil prices edged up today after the energy ministers stated they would extend an OPEC-led crude production cut until March 2018. It may fluctuate through 13:00 UTC and gradually start consolidating.
Things to watch on the market
Consider trading on the GOLD VS OIL pair today as the rising prices of oil futures might be a good opportunity for investors. Also, try the BRENT CRUDE OIL-APR16 and the OIL (LIGHT SWEET CRUDE).
Since the Hang Seng Index gained 0.56 percent and the Shanghai Composite added 0.26 percent today, it is recommended to trade these indices with the Classic Binary tool on Monday.
Consider trading currency pairs like the GBP/USD and the EUR/GBP as jobless rate figures could play a major role in the currency valuation of the GBP. Traders could make use of the Long Term trading tool for these assets.