EURUSD 1.1216 0.35%
#BK 46.95 -0.13%
#KHC 92.56 0.77%
#UTX 122.05 0.05%
GBPUSD 1.2968 0.09%
#C 62.25 0.93%
#KO 45.01 1.42%
#VZ 45.02 -0.98%
USDJPY 111.49 -0.39%
#CAT 103.92 0.25%
#MCD 149.47 1.14%
#WMT 78.14 -0.38%
USDCHF 0.9730 -0.32%
#CL 51.28 -0.29%
#MDLZ 46.10 0.15%
#XOM 82.29 -0.32%
USDCAD 1.3408 -0.85%
#CSCO 31.47 -0.89%
#MMM 197.47 -0.10%
AUDCAD 1.0056 -0.41%
EURJPY 125.09 -0.05%
#DD 78.35 1.34%
#MO 72.84 0.99%
AUDCHF 0.7301 0.14%
EURCHF 1.0918 0.05%
#DIS 107.71 0.62%
#MRK 64.90 0.55%
AUDJPY 83.61 0.05%
GBPJPY 144.62 -0.28%
#EBAY 34.81 0.63%
#MSFT 68.74 0.16%
AUDUSD 0.7501 0.41%
GBPCHF 1.2618 -0.23%
#F 10.96 -0.73%
#NG 3.205 -0.97%
CADCHF 0.7253 0.54%
GOLD 1258.33 0.59%
#GE 27.81 -1.62%
#NOK 6.38 -2.19%
CADJPY 83.15 0.47%
#AA 33.48 0.72%
#GOOG 954.74 0.69%
#ORAN 17.56 1.03%
CHFJPY 114.50 -0.06%
#AAPL 153.19 -0.31%
#HD 154.98 0.10%
#PFE 32.03 -0.31%
CRSIDX 10202.5 0.00%
#ADBE 141.06 1.13%
#HON 132.08 0.19%
#PG 86.46 0.47%
EURAUD 1.4954 -0.09%
#AIG 62.63 0.77%
#HPQ 18.99 0.26%
#QQQ 139.76 0.49%
EURGBP 0.8647 0.23%
#AMD 10.87 0.00%
#IBM 152.52 0.35%
#S 8.15 -0.12%
NZDCAD 0.9446 -0.26%
#AMZN 980.00 0.92%
#INTC 36.11 0.72%
#SNE 36.00 1.31%
NZDCHF 0.6854 0.28%
#AXP 77.10 -0.09%
#IP 52.15 0.36%
#SPY 240.53 0.25%
NZDJPY 78.55 0.19%
#BA 185.22 0.93%
#JNJ 127.46 -0.02%
#T 38.13 -0.47%
SILVER 17.18 0.79%
#BAC 23.34 -0.17%
#JPM 85.68 -0.08%
#UL 54.59 0.75%

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 1.1216 0.35%
GBPUSD 1.2968 0.09%
USDJPY 111.49 -0.39%
USDCHF 0.9730 -0.32%
USDCAD 1.3408 -0.85%
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#BA 185.22 0.93%
#BAC 23.34 -0.17%
#BK 46.95 -0.13%
#C 62.25 0.93%
#CAT 103.92 0.25%
#CL 51.28 -0.29%
#CSCO 31.47 -0.89%
#DD 78.35 1.34%
#DIS 107.71 0.62%
#EBAY 34.81 0.63%
#F 10.96 -0.73%
#GE 27.81 -1.62%
#GOOG 954.74 0.69%
#HD 154.98 0.10%
#HON 132.08 0.19%
#HPQ 18.99 0.26%
#IBM 152.52 0.35%
#INTC 36.11 0.72%
#IP 52.15 0.36%
#JNJ 127.46 -0.02%
#JPM 85.68 -0.08%
#KHC 92.56 0.77%
#KO 45.01 1.42%
#MCD 149.47 1.14%
#MDLZ 46.10 0.15%
#MMM 197.47 -0.10%
#MO 72.84 0.99%
#MRK 64.90 0.55%
#MSFT 68.74 0.16%
#NG 3.205 -0.97%
#NOK 6.38 -2.19%
#ORAN 17.56 1.03%
#PFE 32.03 -0.31%
#PG 86.46 0.47%
#QQQ 139.76 0.49%
#S 8.15 -0.12%
#SNE 36.00 1.31%
#SPY 240.53 0.25%
#T 38.13 -0.47%
#UL 54.59 0.75%
#UTX 122.05 0.05%
#VZ 45.02 -0.98%
#WMT 78.14 -0.38%
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AUDCHF 0.7301 0.14%
AUDJPY 83.61 0.05%
AUDUSD 0.7501 0.41%
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CADJPY 83.15 0.47%
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