The United
States added another 155,000 jobs last month which was below the 189,000
forecast, while October figures were revised lower to 237,000 from the first
estimate of 250,000. With wage growth also falling short of market expectations
- rising only 0.2% m/m vs the 0,3% forecast - the Dollar has found itself back
in the crosshairs of bearish investors. Today’s uninspiring report certainly
addresses recent concerns over the US economy potentially decelerating, given
the inversion of the US Treasury yield curve earlier this week. Although the
unemployment rate remained unchanged at 3.7%, the overall US jobs report
remains Dollar negative and is likely to create some uncertainty over the Fed’s
hiking path beyond December.
In regards to
the technical picture, Dollar bulls are in trouble on the daily charts.
Sustained weakness below the 97.00 level is likely to send the Dollar Index
towards 96.40 in the near term.
OPEC + agree to cut oil production
A collective
sigh of relief was felt across Oil markets after OPEC+ delegates successfully
reached an agreement to cut production by 1.2 million barrels per day. OPEC
nations have agreed to trim production by 800,000 barrels while non-OPEC
members will handle the remainder.
This
breakthrough in talks is a welcome development for financial markets and is
seen supporting risk sentiment during the upcoming trading week. With OPEC agreeing to cut Oil production
larger than initially expected, Oil prices are poised to extend gains in the
short term. However, the medium- to longer-term outlook remains open to
question. It must be kept in mind that US Shale production remains as robust as
ever while concerns over slowing global growth are fuelling fears of falling
demand for Oil. If escalating US-China trade tensions evolve into an all-out
trade war, Oil markets will certainly be one of the many casualties.
Although WTI
Crude staged a solid rebound following the OPEC production cut, bulls have a
long way to go before reclaiming back any sort of control. A weekly close above
$54.00 is seen opening a path towards $56.00 and $57.40 in the short to medium
term.
Have you heard this? Many Nigerian exporters have been defrauded of huge amount of money in the process of exporting commodities to foreign countries. Do you know why? They were not trained on export operations, management, documentations and the best methods of payment in export trade. This is terrible!!! Nigerians cannot continue to lose money to foreigners in the course of export business. Exporters, why don’t you get a practical manual that teaches the stages of export trade from processing and packaging of commodities to receipt of payment by the foreign buyers. It teaches export operations, export management, export documentations and methods of payment in export trade? It is a contemporary step-by-step guide to export trade. It tells all the contemporary dynamics in export trade. To get it, click on the link below:
http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
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