Oil prices affected as OPEC maintain production levels (video)

Currencies Direct November 28th 2014 - < 1 minute read

Oil prices were affected yesterday as the OPEC proposed not to cut the production levels in 2015. Current levels of 30 million barrels a day have been questioned and sentiment was that the amount would drop significantly and this decision weakened USD off the back of this to two week lows against GBP.
What’s more, with yesterday’s Thanksgiving holiday closing in the US all eyes were on the Eurozone and notably Germany for market movements. German unemployment data come out at 6.6 per cent lower than the previous month’s numbers of 6.7 per cent giving the euro some breathing space after heavy losses recently. Given that the German economy scraped past falling into recession last third quarter figures were weak, this was welcome news for the nervy euro.
Important Eurozone CPI data is out this morning and will be closely monitored along with the Eurozone Unemployment rate, and with not much data out in the UK and US these will be the main market movers this morning.
Finally, today we have Canadian Gross Domestic Product expected at 2.1 per cent which props up the day in terms of data.


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Currencies Direct

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