Focus meeting in Vienna – OPEC & Non OPEC

Trade tension rose up and pressured world stock markets edged lower on Tuesday after Trump threatened China to increase tariff of Chinese import product to 200,000 million dollars.
Furthermore, euro may move sideways between 1.550-1.650 dollar await ECB chair give speech which may not surprise and give small support for euro. But I suggest to focus on Powell speaks to see how Fed thinks about rising trade war. Despite all of this, existing home sales in the United State may reach the forecast or edge higher and give positive support for U.S. dollar in the short time when the news releases.
Brent oil price rose close to 75 dollar per barrel on Tuesday and it held steady on Wednesday. In my opinion, oil price may move flatly waiting OPEC and non OPEC countries meeting in Vienna today. I suggest the resistant line for Brent at 75 USD and support line at 72.5 USD. Crypto-market may continue moving sideways to adapt with many new regulation from many countries in 2018.
Economic indices in focus:
• USA: Fed Chair Powell speaks at 20.30 p.m., Existing home sales (May) at 21.00 p.m. and Crude oil inventories at 21.30
• Europe: ECB president Draghi speaks at 20.30 p.m.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

Olymp Trade Review