ZuluTrade Blog

Market View

Market Recap – OPEC+ in Vienna

Monday, July 1, 2019 11:03 AM GMT

G20 ended with US-China trade negotiations restarting and extra tariffs postponed. In addition, President Trump materialized his visit in the demilitarized zone at the border between the two Koreas and met Kim Jong Un.

Last December, the EU agreed on a 6-month grace period before Switzerland decides on compliance with EU rules (migration, social security, contribution to the EU’s budget, ruling of the European Court of Justice). No progress has been made, and today is the first day that the Swiss stocks are traded in unchartered territory, as the Swiss exchange is no longer enjoying the  “equivalence regime status”.

Following May’s EU elections, leaders should had agreed by now on the nominees of the top European jobs (European Commission presidency, European Parliament Presidency, European Council Presidency and Foreign Policy representative). Nevertheless, negotiations have not concluded as we are one day away from the first EU Parliament session following the elections and as we are heading to the 15~18 July session. Another top nomination that is pending, is the successor of Mario Draghi at the ECB.

Today the focus turns to the OPEC+ meeting in Vienna and how far the production cap will be extended so that oil prices are supported. Initially, Russia did not seem ready to agree on the production cap extension, but Vladimir Putin’s remarks during the G20 reveal that they are ready to agree.

Macro releases: Chinese industrial and services PMI releases were unchanged at 49.4 and 54.2 respectively. Today the macro releases that could move the markets are the European Manufacturing PMI, European M3, European unemployment, and the US Manufacturing PMI.



The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of Zulutrade and do not constitute an offer or invitation to anyone to invest or trade.

Comments are closed

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.