EURUSD 1.1339 0.03%
#BK 49.71 0.34%
#KHC 87.52 -1.60%
#UTX 121.65 -0.17%
GBPUSD 1.2813 0.01%
#C 64.23 0.72%
#KO 45.04 -0.82%
#VZ 44.83 -2.01%
USDJPY 112.14 -0.04%
#CAT 104.02 -0.17%
#MCD 153.85 -0.05%
#WMT 76.04 0.72%
USDCHF 0.9602 -0.03%
#CL 43.87 0.16%
#MDLZ 43.99 -2.05%
#XOM 81.12 -0.12%
USDCAD 1.3170 -0.10%
#CSCO 31.77 -1.45%
#MMM 209.91 -1.31%
AUDCAD 0.9989 -0.07%
EURJPY 127.16 -0.02%
#DD 80.75 -0.50%
#MO 75.39 -1.50%
AUDCHF 0.7285 0.00%
EURCHF 1.0888 0.00%
#DIS 105.48 -0.04%
#MRK 65.55 -0.52%
AUDJPY 85.03 -0.01%
GBPJPY 143.68 -0.03%
#EBAY 34.91 -0.46%
#MSFT 69.26 -1.79%
AUDUSD 0.7587 0.03%
GBPCHF 1.2303 -0.02%
#F 11.07 -0.90%
#NG 3.026 0.17%
CADCHF 0.7286 0.07%
GOLD 1248.78 -0.02%
#GE 27.20 -1.47%
#NOK 6.26 -1.12%
CADJPY 85.12 0.06%
#AA 31.63 1.36%
#GOOG 928.66 -2.52%
#ORAN 16.07 0.06%
CHFJPY 116.69 -0.01%
#AAPL 143.92 -1.26%
#HD 152.27 0.58%
#PFE 33.76 -0.80%
CRSIDX 10065.6 0.10%
#ADBE 142.63 -1.62%
#HON 132.95 -0.97%
#PG 88.62 -0.80%
EURAUD 1.4947 -0.01%
#AIG 63.45 0.44%
#HPQ 17.78 -2.08%
#QQQ 138.09 -1.79%
EURGBP 0.8848 0.01%
#AMD 13.38 -5.08%
#IBM 154.88 -0.20%
#S 8.17 2.08%
NZDCAD 0.9563 -0.10%
#AMZN 977.72 -1.62%
#INTC 33.66 -1.19%
#SNE 38.57 -0.23%
NZDCHF 0.6971 -0.04%
#AXP 83.12 0.20%
#IP 56.19 -0.93%
#SPY 241.42 -0.75%
NZDJPY 81.42 -0.06%
#BA 198.99 -0.49%
#JNJ 135.13 -0.91%
#T 37.70 -1.14%
SILVER 16.67 0.03%
#BAC 23.28 1.72%
#JPM 88.06 0.94%
#UL 54.73 -0.13%

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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EURUSD 1.1339 0.03%
GBPUSD 1.2813 0.01%
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USDCAD 1.3170 -0.10%
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#BAC 23.28 1.72%
#BK 49.71 0.34%
#C 64.23 0.72%
#CAT 104.02 -0.17%
#CL 43.87 0.16%
#CSCO 31.77 -1.45%
#DD 80.75 -0.50%
#DIS 105.48 -0.04%
#EBAY 34.91 -0.46%
#F 11.07 -0.90%
#GE 27.20 -1.47%
#GOOG 928.66 -2.52%
#HD 152.27 0.58%
#HON 132.95 -0.97%
#HPQ 17.78 -2.08%
#IBM 154.88 -0.20%
#INTC 33.66 -1.19%
#IP 56.19 -0.93%
#JNJ 135.13 -0.91%
#JPM 88.06 0.94%
#KHC 87.52 -1.60%
#KO 45.04 -0.82%
#MCD 153.85 -0.05%
#MDLZ 43.99 -2.05%
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#MO 75.39 -1.50%
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#QQQ 138.09 -1.79%
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