After the rally of last week, the oil price slowed down yesterday to a low of $58.30, before trying to recover to the threshold of $59 per barrel. In short, investors are still cautious about whether all countries will respect the deal signed at the meeting in Vienna.
Moreover, there are growing expectations for the FOMC’s meeting, even if investors are not expecting big changes in guidance. Attention will be focused on the dot plot, the chart forecasting Fed’s rates for the future, and trying to assess whether this will have any impact on the oil price. Of course, any news on the trade war and the long-awaited deal would be another market driver, while the UK’s general election should have a much smaller impact.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
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© 2019 High Leverage FX - All Rights Reserved.