Oil price may depend on OPEC meeting today

Early morning today major Asian markets may open mixed because North Korea tested missile on Wednesday to respond USA put it the terrorist list as well as investors await manufacturing PMI in China at 8.00 a.m. SET may move sideways and try to keep moving above 1,700 points. While European market may open higher as CPI at 17.00 p.m. predicted higher. EUR/USD may move between 1.1850-1.1960 points.
Oil price may hold steady waiting for OPEC meeting. I think if all the OPEC’s members agree to extend reducing supply to 2018, oil price may rise up. But if OPEC will not be able to make a mutual agreement, oil price may drop lower. While gold price may keep rising higher or sideways up as the increasing tension on Korean Peninsula. In my opinion Kim Jong Un may not bow to the United State and may react aggressively so the best way is having a negotiation meeting.
Furthermore, labor market in Germany seems strong even the current politic of country is uncertainty. If the unemployment change in German at 15.55 p.m. is lower than minus 10000 people, DAX may edge higher. While initial jobless claim in USA forecasted higher. I my opinion U.S. labor market also strong and this index may lower 240000 so greenback may hold steady.
Finally, Bitcoin price made a new all-time high over 10,000USD on Tuesday. I suggest investors to prepare for the decreasing price. After Bitcoin cash price fell for a few days, it may move flat or if it can break 1500points, it may head up again. On the other hand, 90% of Crypto Mobile Apps have security trouble so investors should use it carefully.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade

Olymp Trade Review