By IFCMarkets
Market participants decided that the decrease in oil production of OPEC + countries by 10 million barrels per day from May 1 is not sufficient to stabilize the global oil market. The decline in world demand is estimated to be much higher – at 25 million barrels per day. Because of this, oil was among the top losers, and composite trading instruments based on it were the growth leaders. Accordingly, in the Forex market, the currencies of commodity-exporting countries became top losers, weakening against the US dollar.
1. &GAS/OIL – a personal composite instrument, natural gas against US light crude oil West Texas Intermediate (WTI).
2. XAUOIL – a gold instrument, gold against WTI oil
1. Light Sweet Crude Oil (WTI) – oil in the USA.
2. &WTI/JPY – a personal composite instrument WTI oil against the Japanese yen.
Free Reports:
1. USDNOK, USDMXN – the growth of these charts means the strengthening of the US dollar against the Norwegian krone and the Mexican peso.
2. USDCZK, USDRUB – the growth of these charts means the weakening of the Czech koruna and the Russian ruble against the US dollar.
1. NZDUSD, GBPUSD – the decrease in these charts means the strengthening of the US dollar against the New Zealand dollar and the British pound.
2. NZDJPY, AUDUSD – the decrease in these charts means the strengthening of the Japanese yen against the New Zealand dollar and the weakening of the Australian dollar against the US dollar.
Market Analysis provided by IFCMarkets
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.