- Oil prices are down as OPEC agreement in question.
- US politics positives help the markets.
- Can China data surprise again?
Haven-linked yen and the US dollar fell against their G10 counterparts while S&P 500 futures rose – setting the tone for a risk-on opening day of the new week.
The Australian and New Zealand dollars are slightly underperforming in a broadly upbeat global market.
The Thanksgiving Holiday had affected liquidity last week in the US markets while a set of positive news including Trump’s readiness, albeit reluctant, to transfer power to Biden; nomination of former Fed Chair Yellen as Treasury secretary and positive coronavirus developments helped to drive market optimism.
Oil prices are not reflecting the cheer today as the WTI benchmark prices fell at the market open – in reaction to the OPEC+’s lack of agreement to delay the planned January output hike.
Oil ministers from OPEC and other major oil producers like Russia will today start a meeting to iron out the differences. The gathering until December 1, if unsuccessful in finding an agreement, will result in an output rise by 1.9 million barrels per day from the start of 2021.
In the economic docket ahead, traders eye the November’s official Chinese PMI data with an expected uptick in manufacturing and a slightly slower pace in services. Any surprise, like in other recent economic data from China, can help the upbeat market mood.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.