EURUSD 1.1757 0.37%
#BK 52.07 0.58%
#KHC 84.50 -0.76%
#UTX 115.38 -0.64%
GBPUSD 1.2873 0.06%
#C 66.56 -0.08%
#KO 45.65 -0.44%
#VZ 47.65 -0.55%
USDJPY 109.19 -0.13%
#CAT 113.90 0.60%
#MCD 157.76 -0.10%
#WMT 79.36 -0.29%
USDCHF 0.9646 0.25%
#CL 48.71 3.61%
#MDLZ 42.95 -1.09%
#XOM 76.62 0.46%
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#CSCO 30.35 -2.24%
#MMM 203.48 -0.93%
AUDCAD 0.9974 -0.12%
EURJPY 128.40 0.25%
#DD 81.17 0.34%
#MO 63.67 -1.04%
AUDCHF 0.7647 0.92%
EURCHF 1.1344 0.63%
#DIS 100.67 -0.75%
#MRK 61.47 -0.60%
AUDJPY 86.53 0.57%
GBPJPY 140.57 -0.05%
#EBAY 34.77 -0.20%
#MSFT 72.47 0.07%
AUDUSD 0.7928 0.67%
GBPCHF 1.2417 0.31%
#F 10.54 -0.85%
#NG 2.885 -0.97%
CADCHF 0.7661 1.04%
GOLD 1284.16 -0.32%
#GE 24.52 -0.90%
#NOK 6.18 -0.81%
CADJPY 86.75 0.68%
#AA 37.74 -0.05%
#GOOG 910.57 -0.07%
#ORAN 16.76 0.60%
CHFJPY 113.10 -0.37%
#AAPL 157.45 -0.30%
#HD 147.44 -1.59%
#PFE 32.65 -0.92%
CRSIDX 9761.6 0.20%
#ADBE 147.94 -0.18%
#HON 134.88 -0.77%
#PG 92.46 0.39%
EURAUD 1.4839 -0.26%
#AIG 61.33 -0.52%
#HPQ 18.49 -0.76%
#QQQ 141.16 -0.13%
EURGBP 0.9134 0.32%
#AMD 12.36 0.32%
#IBM 139.64 -0.85%
#S 8.07 0.00%
NZDCAD 0.9197 -0.38%
#AMZN 958.39 -0.22%
#INTC 35.00 -0.49%
#SNE 38.76 -0.59%
NZDCHF 0.7051 0.69%
#AXP 85.35 -0.88%
#IP 54.27 0.63%
#SPY 242.65 -0.21%
NZDJPY 79.83 0.34%
#BA 235.75 0.13%
#JNJ 132.61 -0.48%
#T 37.35 -0.72%
SILVER 16.96 -0.35%
#BAC 23.60 -0.13%
#JPM 90.71 0.04%
#UL 57.16 0.24%

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 1.1757 0.37%
GBPUSD 1.2873 0.06%
USDJPY 109.19 -0.13%
USDCHF 0.9646 0.25%
USDCAD 1.2583 -0.81%
EURJPY 128.40 0.25%
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#AXP 85.35 -0.88%
#BA 235.75 0.13%
#BAC 23.60 -0.13%
#BK 52.07 0.58%
#C 66.56 -0.08%
#CAT 113.90 0.60%
#CL 48.71 3.61%
#CSCO 30.35 -2.24%
#DD 81.17 0.34%
#DIS 100.67 -0.75%
#EBAY 34.77 -0.20%
#F 10.54 -0.85%
#GE 24.52 -0.90%
#GOOG 910.57 -0.07%
#HD 147.44 -1.59%
#HON 134.88 -0.77%
#HPQ 18.49 -0.76%
#IBM 139.64 -0.85%
#INTC 35.00 -0.49%
#IP 54.27 0.63%
#JNJ 132.61 -0.48%
#JPM 90.71 0.04%
#KHC 84.50 -0.76%
#KO 45.65 -0.44%
#MCD 157.76 -0.10%
#MDLZ 42.95 -1.09%
#MMM 203.48 -0.93%
#MO 63.67 -1.04%
#MRK 61.47 -0.60%
#MSFT 72.47 0.07%
#NG 2.885 -0.97%
#NOK 6.18 -0.81%
#ORAN 16.76 0.60%
#PFE 32.65 -0.92%
#PG 92.46 0.39%
#QQQ 141.16 -0.13%
#S 8.07 0.00%
#SNE 38.76 -0.59%
#SPY 242.65 -0.21%
#T 37.35 -0.72%
#UL 57.16 0.24%
#UTX 115.38 -0.64%
#VZ 47.65 -0.55%
#WMT 79.36 -0.29%
#XOM 76.62 0.46%
AUDCAD 0.9974 -0.12%
AUDCHF 0.7647 0.92%
AUDJPY 86.53 0.57%
AUDUSD 0.7928 0.67%
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