OPEC is a serious upside risk to oil prices! | MarketTalk: What’s up today? | Swissquote

Show notes

European markets were mostly flat; the Stoxx600 remained close to its 50-DMA, while the FTSE 100 remained offered near its 200-DMA, near the 7544 level. The FTSE has been one of the biggest laggards of the year, as capital flew into the tech stocks but a rotation from tech to value could throw a floor under the FTSE100’s selloff.
The barrel of oil remains sold near the 50-DMA as OPEC meeting with industry heads is due today. Everything that involves OPEC is an upside risk to oil prices.
Also today, the Federal Reserve (Fed) will release the minutes of its latest policy meeting today, and there will clearly be a couple of hawkish sentences that will hit the headlines, given that the Fed officials paused their rate hikes in their June meeting, but their dot plot showed two more interest rate hikes before a real and a longer pause.
Interestingly, the US dollar index remains broadly unresponsive to the Fed’s hawkishness, but the Aussie, Kiwi, sterling, and the Loonie could perform better against the greenback in the second half, while long the yen will become a star trade at some point in the foreseeable future.
Listen to find out more!