EURUSD 1.1755 -0.33%
#BK 54.68 0.07%
#KHC 77.62 -0.18%
#UTX 119.02 0.18%
GBPUSD 1.3248 -0.03%
#C 71.75 -0.45%
#KO 46.61 0.99%
#VZ 48.07 0.40%
USDJPY 112.15 -0.03%
#CAT 131.49 0.60%
#MCD 164.92 -0.24%
#WMT 85.74 -0.96%
USDCHF 0.9773 0.20%
#CL 52.20 0.69%
#MDLZ 41.54 -0.31%
#XOM 82.80 0.54%
USDCAD 1.2535 0.09%
#CSCO 33.53 0.24%
#MMM 218.62 0.48%
AUDCAD 0.9839 0.19%
EURJPY 131.86 -0.35%
#DD 84.53 0.00%
#MO 65.36 0.60%
AUDCHF 0.7674 0.33%
EURCHF 1.1489 -0.11%
#DIS 98.09 0.73%
#MRK 63.34 -0.06%
AUDJPY 88.01 0.09%
GBPJPY 148.57 -0.06%
#EBAY 37.74 -1.54%
#MSFT 77.65 0.27%
AUDUSD 0.7852 0.11%
GBPCHF 1.2946 0.16%
#F 12.10 0.58%
#NG 2.994 1.14%
CADCHF 0.7792 0.12%
GOLD 1289.14 -0.42%
#GE 23.35 1.71%
#NOK 5.85 -1.03%
CADJPY 89.44 -0.10%
#AA 48.22 1.12%
#GOOG 991.71 0.23%
#ORAN 16.36 0.18%
CHFJPY 114.65 -0.23%
#AAPL 159.88 1.90%
#HD 164.24 -0.07%
#PFE 35.96 -0.97%
CRSIDX 10020.4 0.20%
#ADBE 150.36 -2.34%
#HON 143.77 0.31%
#PG 93.12 0.14%
EURAUD 1.4975 -0.43%
#AIG 63.96 1.14%
#HPQ 21.79 0.55%
#QQQ 148.83 0.39%
EURGBP 0.8873 -0.29%
#AMD 14.24 0.28%
#IBM 146.79 -0.22%
#S 7.14 0.56%
NZDCAD 0.8999 0.07%
#AMZN 1005.90 0.28%
#INTC 39.74 0.20%
#SNE 37.03 0.68%
NZDCHF 0.7015 0.17%
#AXP 91.95 -0.99%
#IP 57.69 0.49%
#SPY 255.28 0.19%
NZDJPY 80.51 -0.05%
#BA 259.71 -0.42%
#JNJ 136.02 -0.28%
#T 36.16 1.33%
SILVER 17.09 -0.67%
#BAC 26.23 1.49%
#JPM 97.85 2.07%
#UL 59.81 -0.15%

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 1.1755 -0.33%
GBPUSD 1.3248 -0.03%
USDJPY 112.15 -0.03%
USDCHF 0.9773 0.20%
USDCAD 1.2535 0.09%
EURJPY 131.86 -0.35%
EURCHF 1.1489 -0.11%
GBPJPY 148.57 -0.06%
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#AIG 63.96 1.14%
#AMD 14.24 0.28%
#AMZN 1005.90 0.28%
#AXP 91.95 -0.99%
#BA 259.71 -0.42%
#BAC 26.23 1.49%
#BK 54.68 0.07%
#C 71.75 -0.45%
#CAT 131.49 0.60%
#CL 52.20 0.69%
#CSCO 33.53 0.24%
#DD 84.53 0.00%
#DIS 98.09 0.73%
#EBAY 37.74 -1.54%
#F 12.10 0.58%
#GE 23.35 1.71%
#GOOG 991.71 0.23%
#HD 164.24 -0.07%
#HON 143.77 0.31%
#HPQ 21.79 0.55%
#IBM 146.79 -0.22%
#INTC 39.74 0.20%
#IP 57.69 0.49%
#JNJ 136.02 -0.28%
#JPM 97.85 2.07%
#KHC 77.62 -0.18%
#KO 46.61 0.99%
#MCD 164.92 -0.24%
#MDLZ 41.54 -0.31%
#MMM 218.62 0.48%
#MO 65.36 0.60%
#MRK 63.34 -0.06%
#MSFT 77.65 0.27%
#NG 2.994 1.14%
#NOK 5.85 -1.03%
#ORAN 16.36 0.18%
#PFE 35.96 -0.97%
#PG 93.12 0.14%
#QQQ 148.83 0.39%
#S 7.14 0.56%
#SNE 37.03 0.68%
#SPY 255.28 0.19%
#T 36.16 1.33%
#UL 59.81 -0.15%
#UTX 119.02 0.18%
#VZ 48.07 0.40%
#WMT 85.74 -0.96%
#XOM 82.80 0.54%
AUDCAD 0.9839 0.19%
AUDCHF 0.7674 0.33%
AUDJPY 88.01 0.09%
AUDUSD 0.7852 0.11%
CADCHF 0.7792 0.12%
CADJPY 89.44 -0.10%
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CRSIDX 10020.4 0.20%
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