Euro Outlook: Why Price Caps Don’t Matter
In the last couple of days, the Euro has been drifting higher, back towards parity. It comes at a somewhat curious juncture, considering the context in the UK. Though, it should be pointed out that yesterday markets jumped higher on expectations that the Fed would pivot sooner than previously expected. This isn’t an unusual phenomenon for the markets, to get a dose of optimism after trending downward for over a month. US stocks hit a new low for the year, and bounced back. The dollar weakness would naturally help the Euro. But there’s more going on here. Not all spending is the same Last week, the pound took a ... (full story)
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tweet at 10:21am: FED'S DALY: DO NOT SEE RATE CUTS IN 2023 tweet at 10:21am: FED'S DALY: FOR US THE PATH IS CLEAR: WE ARE GOING TO RAISE RATES TO RESTRICTIVE TERRITORY, THEN HOLD THEM THERE FOR A WHILE #News #Forex #US tweet at 10:20am: FED'S DALY: I SEE DEMAND CONTINUES TO ACCOUNT FOR APPROXIMATELY 50% OF INFLATION. tweet at 10:20am: FED'S DALY: WE MUST BE PREPARED FOR INFLATION TO BE MORE PERSISTENT THAN WE ANTICIPATE. tweet at 10:29am: FED'S DALY: IF FRIDAY'S DATA SHOWS THAT HIRING IS SLOWING, THAT WOULD BE WELCOME NEWS.
tweet at 10:20am: #OPEC+ will no longer hold monthly meetings - #Iran's oil minister Zamaninia #oott tweet at 10:21am: *OPEC+ JMMC TO MEET EVERY TWO MONTHS: IRAN'S ZAMANINIA tweet at 10:26am: OPEC+ TO HOLD NEXT MEETING IN DEC - SOURCE
tweet at 10:00am: Iran requested to be part of the JMMC #OOTT #opec tweet at 10:03am: This request by Iran will be discussed at the next opec meeting #OOTT tweet at 10:05am: The cut appears to be from baselines and there were no revisions to the baselines #OOTT #opec tweet at 9:58am: Opec plus meeting ends and all agreed on a 2 million cut #OOTT #opec
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U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 30, 2022 which was 210,000 barrels per day more than the previous week’s ...
tweet at 10:44am: OPEC+: THE REDUCTION IS BEING DRIVEN BY GLOBAL ECONOMIC UNCERTAINTY. tweet at 10:43am: SAUDI OPEC TARGET MOVES TO 10.5M B/D FOR NOVEMBER - DECEMBER - STATEMENT #OOTT #OPEC tweet at 10:44am: FULL STATEMENT: The OPEC+ communiqué. The group cuts output by 2m b/d from the August required output levels; extends cooperation deal with Russia until end of 2023. The group justifies its decision due to "uncertainty that surrounds the global economic and oil market outlook" https://t.co/3JjMUcOk9W33rd OPEC and non-OPEC Ministerial Meeting The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022. In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021. Extend the duration of Declaration of Cooperation until the 31st of December 2023 Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries as per the attached table. Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC). Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC sched
tweet at 10:40am: RUSSIA'S NOVAK SAYS OIL-PRICE CAP WILL BACKFIRE ON THOSE WHO IMPOSE IT RUSSIA'S NOVAK SAYS RUSSIA WON’T SELL OIL TO COUNTRIES THAT ADOPT PRICE CAP