Oil: OPEC's production cuts liven up the market – ANZ

FXStreet Team FXStreet

Investors continue to shrug off rising geopolitical tension, as economic activity shows signs of improving, strategists at ANZ bank report.

See: Russia close to hitting OPEC+ oil output target in May – Reuters

Key quotes

“President Putin and President Trump discussed the OPEC+ deal, with the Kremlin saying it had brought great stability to the oil market.”

“A Bloomberg report suggests there is some support for OPEC+ extending the current production quotas another one to three months. The 23% cut in output was supposed to be in place for only May and June before slightly higher quotas kicked in for H2 2020. The group is also considering bringing forward its next planned meeting to the 4 June.”

“Investors were buoyed by further falls in US drilling. Another 15 rigs were stood down, bring the total operating rigs to 222. This is the lowest since the financial crisis in 2009.”

Author

FXStreet Team

FXStreet

EUR/USD stays in tight channel near 1.1800

EUR/USD moves sideways in a narrow band at around 1.1800 in the second half of the day on Friday as investors refrain from taking large positions. February inflation data from Germany and January Producer Price Index figures from the US could drive the pair's action heading into the weekend.

GBP/USD struggles below 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band below 1.3500 on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the BoE easing expectations, acting as a headwind for the GBP.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.