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OPEC Indicators Bearish Crude Oil Outlook, GBP Corrects Increased – US Market Open

MARKET DEVELOPMENT – OPEC Highlights Bearish Crude Oil Outlook, Euro Softer on QE Speak

DailyFX 2019 FX Buying and selling Forecasts

EUR: Commentary from one of the dovish ECB members, Olli Rehn, has pushed the Euro decrease with the speed setter noting that the ECB ought to over-deliver with charge cuts and a restarting of QE. Because it stands, cash markets anticipate 15bps value of easing within the depo charge, nonetheless, the main target will probably be on the composition of QE2 in September. Alongside this, eyes will probably be on the opposite ECB members to gauge the consensus pertaining to an ECB QE package deal in September. Elsewhere, Italian political dangers might hold the Euro on the backfoot amid the potential no-confidence vote on Tuesday.

GBP: The Pound is notably firmer this morning with positive aspects largely stemming from the corrective pullback noticed in EURGBP, which trades decrease by 1%. The absence of notable Brexit associated information circulate has stored the modest Sterling uptrend intact.

Oil: OPEC lowered their international oil demand forecast for 2019 by 40kbpd to 1mbpd. Alongside this, they highlighted that the outlook is prone to be bearish all through the rest of the 12 months, consequently sparking a pullback within the vitality complicated.

OPEC Signals Bearish Crude Oil Outlook, GBP Corrects Higher - US Market Open

Supply: DailyFX

IG Consumer Sentiment

OPEC Signals Bearish Crude Oil Outlook, GBP Corrects Higher - US Market Open

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WHAT’S DRIVING MARKETS TODAY

US Greenback, Euro Technical Outlook: Poised for Bigger Breakout” by Paul Robinson, Foreign money StrategistECB and Fed Financial Shifts Have Outsized International Affect” by Nick Cawley, Market AnalystMost Risky Currencies Subsequent Week – Japanese Yen Volatility Highest Since Flash Crash” by Justin McQueen, Market AnalystUtilizing FX To Successfully Commerce International Market Themes at IG” by Tyler Yell, CMT , Foreign exchange Buying and selling Teacher

— Written by Justin McQueen, Market Analyst

To contact Justin, e mail him at Justin.mcqueen@ig.com

Observe Justin on Twitter @JMcQueenFX

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