EURUSD 1.0575 -0.32%
#BK 47.11 0.00%
#KHC 96.53 0.00%
#UTX 112.09 0.00%
GBPUSD 1.2439 -0.26%
#C 60.14 0.00%
#KO 41.19 0.00%
#VZ 49.19 0.00%
USDJPY 113.47 0.20%
#CAT 98.83 0.00%
#MCD 127.76 0.00%
#WMT 69.34 0.00%
USDCHF 1.0058 0.26%
#CL 53.70 0.17%
#MDLZ 42.50 0.00%
#XOM 81.71 0.00%
USDCAD 1.3144 0.30%
#CSCO 33.71 0.00%
#MMM 182.93 0.00%
AUDCAD 1.0068 -0.03%
EURJPY 120.00 -0.12%
#DD 77.45 0.00%
#MO 72.91 0.00%
AUDCHF 0.7707 -0.06%
EURCHF 1.0638 -0.05%
#DIS 110.01 0.00%
#MRK 65.38 0.00%
AUDJPY 86.89 -0.14%
GBPJPY 141.14 -0.06%
#EBAY 33.75 0.00%
#MSFT 64.60 0.00%
AUDUSD 0.7662 -0.34%
GBPCHF 1.2511 0.01%
#F 12.56 0.00%
#NG 2.774 0.14%
CADCHF 0.7647 -0.05%
GOLD 1233.70 -0.27%
#GE 30.35 0.00%
#NOK 5.03 0.00%
CADJPY 86.30 -0.10%
#AA 36.20 0.00%
#GOOG 827.79 0.00%
#ORAN 15.35 0.00%
CHFJPY 112.71 -0.07%
#AAPL 135.61 0.00%
#HD 142.88 0.00%
#PFE 33.61 0.00%
CRSIDX 10021.5 0.10%
#ADBE 119.62 0.00%
#HON 124.50 0.00%
#PG 91.03 0.00%
EURAUD 1.3805 0.01%
#AIG 62.49 0.00%
#HPQ 15.93 0.00%
#QQQ 129.79 0.00%
EURGBP 0.8500 -0.07%
#AMD 13.11 0.00%
#IBM 180.65 0.00%
#S 9.29 0.00%
NZDCAD 0.9399 0.03%
#AMZN 844.52 0.00%
#INTC 36.46 0.00%
#SNE 31.32 0.00%
NZDCHF 0.7191 -0.01%
#AXP 79.69 0.00%
#IP 52.13 0.00%
#SPY 235.03 0.00%
NZDJPY 81.14 -0.06%
#BA 172.68 0.00%
#JNJ 118.83 0.00%
#T 41.46 0.00%
SILVER 17.96 -0.36%
#BAC 24.49 0.00%
#JPM 90.18 0.00%
#UL 48.52 0.00%

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 1.0575 -0.32%
GBPUSD 1.2439 -0.26%
USDJPY 113.47 0.20%
USDCHF 1.0058 0.26%
USDCAD 1.3144 0.30%
EURJPY 120.00 -0.12%
EURCHF 1.0638 -0.05%
GBPJPY 141.14 -0.06%
GBPCHF 1.2511 0.01%
GOLD 1233.70 -0.27%
#AA 36.20 0.00%
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#ADBE 119.62 0.00%
#AIG 62.49 0.00%
#AMD 13.11 0.00%
#AMZN 844.52 0.00%
#AXP 79.69 0.00%
#BA 172.68 0.00%
#BAC 24.49 0.00%
#BK 47.11 0.00%
#C 60.14 0.00%
#CAT 98.83 0.00%
#CL 53.70 0.17%
#CSCO 33.71 0.00%
#DD 77.45 0.00%
#DIS 110.01 0.00%
#EBAY 33.75 0.00%
#F 12.56 0.00%
#GE 30.35 0.00%
#GOOG 827.79 0.00%
#HD 142.88 0.00%
#HON 124.50 0.00%
#HPQ 15.93 0.00%
#IBM 180.65 0.00%
#INTC 36.46 0.00%
#IP 52.13 0.00%
#JNJ 118.83 0.00%
#JPM 90.18 0.00%
#KHC 96.53 0.00%
#KO 41.19 0.00%
#MCD 127.76 0.00%
#MDLZ 42.50 0.00%
#MMM 182.93 0.00%
#MO 72.91 0.00%
#MRK 65.38 0.00%
#MSFT 64.60 0.00%
#NG 2.774 0.14%
#NOK 5.03 0.00%
#ORAN 15.35 0.00%
#PFE 33.61 0.00%
#PG 91.03 0.00%
#QQQ 129.79 0.00%
#S 9.29 0.00%
#SNE 31.32 0.00%
#SPY 235.03 0.00%
#T 41.46 0.00%
#UL 48.52 0.00%
#UTX 112.09 0.00%
#VZ 49.19 0.00%
#WMT 69.34 0.00%
#XOM 81.71 0.00%
AUDCAD 1.0068 -0.03%
AUDCHF 0.7707 -0.06%
AUDJPY 86.89 -0.14%
AUDUSD 0.7662 -0.34%
CADCHF 0.7647 -0.05%
CADJPY 86.30 -0.10%
CHFJPY 112.71 -0.07%
CRSIDX 10021.5 0.10%
EURAUD 1.3805 0.01%
EURGBP 0.8500 -0.07%
NZDCAD 0.9399 0.03%
NZDCHF 0.7191 -0.01%
NZDJPY 81.14 -0.06%
SILVER 17.96 -0.36%
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