EURUSD 1.0675 0.15%
#BK 44.79 -0.07%
#KHC 88.52 0.77%
#UTX 110.56 -0.14%
GBPUSD 1.2333 -0.02%
#C 56.69 0.07%
#KO 41.39 0.65%
#VZ 53.06 1.34%
USDJPY 115.06 0.10%
#CAT 94.88 1.60%
#MCD 122.51 0.28%
#WMT 67.31 -0.42%
USDCHF 1.0052 -0.11%
#CL 52.67 2.22%
#MDLZ 45.12 1.17%
#XOM 85.38 0.81%
USDCAD 1.3338 0.14%
#CSCO 30.19 0.76%
#MMM 178.77 0.06%
AUDCAD 1.0057 -0.16%
EURJPY 122.83 0.26%
#DD 73.36 0.59%
#MO 69.73 0.29%
AUDCHF 0.7581 -0.41%
EURCHF 1.0732 0.06%
#DIS 107.46 0.19%
#MRK 62.64 3.72%
AUDJPY 86.73 -0.20%
GBPJPY 141.89 0.06%
#EBAY 30.67 -0.13%
#MSFT 62.48 0.32%
AUDUSD 0.7543 -0.29%
GBPCHF 1.2397 -0.14%
#F 12.40 -0.08%
#NG 3.310 0.09%
CADCHF 0.7532 -0.23%
GOLD 1202.86 -0.05%
#GE 30.63 -1.80%
#NOK 4.74 0.42%
CADJPY 86.24 -0.01%
#AA 35.44 0.11%
#GOOG 803.81 0.22%
#ORAN 15.83 0.38%
CHFJPY 114.36 0.22%
#AAPL 120.06 0.30%
#HD 135.20 -0.13%
#PFE 32.07 1.22%
CRSIDX 9811.2 -0.30%
#ADBE 109.76 0.01%
#HON 117.90 0.03%
#PG 87.90 3.66%
EURAUD 1.4157 0.45%
#AIG 66.91 0.96%
#HPQ 14.80 -0.27%
#QQQ 123.36 0.36%
EURGBP 0.8655 0.18%
#AMD 9.84 0.81%
#IBM 168.98 1.27%
#S 9.03 0.89%
NZDCAD 0.9531 -0.48%
#AMZN 812.32 0.42%
#INTC 36.82 0.76%
#SNE 30.48 0.33%
NZDCHF 0.7182 -0.72%
#AXP 76.56 -0.16%
#IP 53.81 2.14%
#SPY 227.00 0.48%
NZDJPY 82.21 -0.51%
#BA 159.40 0.26%
#JNJ 114.87 0.61%
#T 41.75 1.84%
SILVER 17.01 0.21%
#BAC 22.83 1.40%
#JPM 83.67 0.48%
#UL 41.90 0.84%

Global macro overview for 11/01/2017

11.01.2017 11:45 (UTC +0)

Global macro overview for 11/01/2017:

After a large drawdown last week, today's Crude Oil Inventories data are being highly awaited. The -7,051k barrels drawdown in actual inventories of crude oil, gasoline, and distillate, such as jet fuel, is expected toady to rose to the level of 900k barrels. After the latest OPEC meeting in Vienna in December 2016, all OPEC and non-OPEC members agreed to cut the oil output from January 2017 by close to 2 million bpd, but it looks like the oil supply glut will stay here in 2017 as well. The U.S. Energy Information Administration expects U.S. crude oil production in 2018 to rise by 300,000 barrels per day (bpd) year-on-year, according to its monthly short-term energy outlook released on Tuesday. In conclusion, the temporary agreement on oil production cut will not be enough to get rid of the supply glut in 2017 and this might be the next important topic for the OPEC next meeting.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. The bears have managed to push the price lower towards the round number of $50 as the recent technical support at the level of 51.70 has been violated. Currently, the market is trading below all of the moving averages and it looks like the next technical support at the level of $49.94 will be tested soon.

analytics58761ac3434e8.jpg



Performed by Sebastian Seliga, Analytical expert

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#DD 73.36 0.59%
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#GE 30.63 -1.80%
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#HPQ 14.80 -0.27%
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#INTC 36.82 0.76%
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#JPM 83.67 0.48%
#KHC 88.52 0.77%
#KO 41.39 0.65%
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#S 9.03 0.89%
#SNE 30.48 0.33%
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