OPEC+ should delay output hike, a technical advisory panel recommends – Bloomberg

Omkar Godbole FXStreet Contributor

The OPEC+, a group of major oil producers led by Saudi Arabia and Russia, should consider delaying its planned output boost by three to six months, a technical panel advising ministers suggested, according to Bloomberg.

In an online meeting held Monday, the Joint Technical Committee concluded that the resurgence of coronavirus and new wave of lockdowns pose downside risks to oil prices and the 23-nation alliance should consider pushing out output hikes.

The alliance is scheduled to increase crude production by almost 2 million barrels a day in January and will make a final decision when it meets between Nov. 30 and Dec. 1.

The WTI crude is currently trading at $41.60 per barrel, representing a 0.6% gain on the day.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

USD/JPY: Japanese Yen tumbles as Fed signals higher rate path

The Japanese Yen depreciated against the US Dollar on Wednesday after the US Federal Reserve delivered a hawkish hold, with most officials expecting one rate hike towards the end of the year, while the new Fed Chair, Warsh, reiterated the Fed’s commitment to achieving the 2% inflation goal. At the time of writing, the USD/JPY trades at 160.66 after bouncing off the daily low of 160.11.

AUD/USD benefits from softer USD as US-Iran deal counters Fed's hawkish tilt

AUD/USD edges higher during the Asian session on Thursday as the US Dollar retreats from its highest level since late March, touched in reaction to the Fed's hawkish tilt the previous day. The US and Iran signed a MoU aimed at ending the war and reopening the Strait of Hormuz, boosting investors' confidence and undermining the safe-haven USD. Furthermore, the RBA's signal that additional rate hikes remain possible, if inflation persists, acts as a tailwind for the Aussie.

Gold slumps to near $4,250 as Fed holds rates but flags potential hike this year

Gold price tumbles to around $4,280 during the early Asian session on Thursday. The precious metal faces some selling pressure after the US Federal Reserve decided to hold its benchmark interest rate steady but signaled a hike in borrowing costs later this year.

Bitcoin remains under bearish pressure despite recent rebound — Glassnode

Bitcoin remains well below key onchain metrics, with realized losses continuing to dominate capital flows despite a partial price recovery. The top crypto rebounded from lows near $60,000 to the $65,000 range after the US-Iran peace deal reversed much of the war premium that had weighed on risk assets.

The next big AI trade may not be about chips or software

Artificial intelligence has already created some of the biggest winners in modern market history. Chipmakers have surged, data centre construction is booming, and electricity demand forecasts are changing globally.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.