EURUSD 1.0809 -0.49%
#BK 47.10 1.78%
#KHC 91.45 0.26%
#UTX 112.83 0.91%
GBPUSD 1.2449 -0.88%
#C 59.62 2.16%
#KO 42.48 0.42%
#VZ 49.32 0.41%
USDJPY 111.16 0.34%
#CAT 93.11 1.75%
#MCD 129.60 0.12%
#WMT 70.26 0.90%
USDCHF 0.9922 0.67%
#CL 48.37 1.08%
#MDLZ 43.76 0.55%
#XOM 81.87 0.79%
USDCAD 1.3376 -0.07%
#CSCO 34.08 0.26%
#MMM 191.38 0.48%
AUDCAD 1.0207 -0.01%
EURJPY 120.15 -0.16%
#DD 81.89 1.57%
#MO 73.17 0.01%
AUDCHF 0.7573 0.73%
EURCHF 1.0725 0.17%
#DIS 113.22 0.77%
#MRK 63.30 0.19%
AUDJPY 84.79 0.39%
GBPJPY 138.37 -0.54%
#EBAY 33.63 0.65%
#MSFT 65.38 0.46%
AUDUSD 0.7633 0.05%
GBPCHF 1.2351 -0.21%
#F 11.68 1.97%
#NG 3.077 1.50%
CADCHF 0.7413 0.73%
GOLD 1249.64 -0.25%
#GE 29.66 0.81%
#NOK 5.39 -1.11%
CADJPY 83.07 0.41%
#AA 33.10 2.00%
#GOOG 822.78 0.41%
#ORAN 15.84 -0.82%
CHFJPY 111.93 -0.33%
#AAPL 143.93 2.14%
#HD 147.31 0.31%
#PFE 34.19 0.03%
CRSIDX 10158.3 0.00%
#ADBE 128.89 0.50%
#HON 125.43 0.76%
#PG 90.86 0.42%
EURAUD 1.4164 -0.55%
#AIG 62.10 1.85%
#HPQ 17.26 0.41%
#QQQ 131.84 0.77%
EURGBP 0.8682 0.39%
#AMD 13.67 -0.07%
#IBM 174.90 0.64%
#S 8.31 0.36%
NZDCAD 0.9374 -0.54%
#AMZN 856.61 1.17%
#INTC 35.66 0.81%
#SNE 32.46 -0.03%
NZDCHF 0.6951 0.17%
#AXP 78.73 1.46%
#IP 51.04 1.53%
#SPY 235.58 0.86%
NZDJPY 77.89 -0.14%
#BA 177.37 0.73%
#JNJ 125.65 -0.10%
#T 41.59 0.26%
SILVER 18.10 0.36%
#BAC 23.55 2.21%
#JPM 88.82 1.80%
#UL 50.22 -0.12%

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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FOREX quotes
EURUSD 1.0809 -0.49%
GBPUSD 1.2449 -0.88%
USDJPY 111.16 0.34%
USDCHF 0.9922 0.67%
USDCAD 1.3376 -0.07%
EURJPY 120.15 -0.16%
EURCHF 1.0725 0.17%
GBPJPY 138.37 -0.54%
GBPCHF 1.2351 -0.21%
GOLD 1249.64 -0.25%
#AA 33.10 2.00%
#AAPL 143.93 2.14%
#ADBE 128.89 0.50%
#AIG 62.10 1.85%
#AMD 13.67 -0.07%
#AMZN 856.61 1.17%
#AXP 78.73 1.46%
#BA 177.37 0.73%
#BAC 23.55 2.21%
#BK 47.10 1.78%
#C 59.62 2.16%
#CAT 93.11 1.75%
#CL 48.37 1.08%
#CSCO 34.08 0.26%
#DD 81.89 1.57%
#DIS 113.22 0.77%
#EBAY 33.63 0.65%
#F 11.68 1.97%
#GE 29.66 0.81%
#GOOG 822.78 0.41%
#HD 147.31 0.31%
#HON 125.43 0.76%
#HPQ 17.26 0.41%
#IBM 174.90 0.64%
#INTC 35.66 0.81%
#IP 51.04 1.53%
#JNJ 125.65 -0.10%
#JPM 88.82 1.80%
#KHC 91.45 0.26%
#KO 42.48 0.42%
#MCD 129.60 0.12%
#MDLZ 43.76 0.55%
#MMM 191.38 0.48%
#MO 73.17 0.01%
#MRK 63.30 0.19%
#MSFT 65.38 0.46%
#NG 3.077 1.50%
#NOK 5.39 -1.11%
#ORAN 15.84 -0.82%
#PFE 34.19 0.03%
#PG 90.86 0.42%
#QQQ 131.84 0.77%
#S 8.31 0.36%
#SNE 32.46 -0.03%
#SPY 235.58 0.86%
#T 41.59 0.26%
#UL 50.22 -0.12%
#UTX 112.83 0.91%
#VZ 49.32 0.41%
#WMT 70.26 0.90%
#XOM 81.87 0.79%
AUDCAD 1.0207 -0.01%
AUDCHF 0.7573 0.73%
AUDJPY 84.79 0.39%
AUDUSD 0.7633 0.05%
CADCHF 0.7413 0.73%
CADJPY 83.07 0.41%
CHFJPY 111.93 -0.33%
CRSIDX 10158.3 0.00%
EURAUD 1.4164 -0.55%
EURGBP 0.8682 0.39%
NZDCAD 0.9374 -0.54%
NZDCHF 0.6951 0.17%
NZDJPY 77.89 -0.14%
SILVER 18.10 0.36%
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