25.11. Strong dollar, oil drops in anticipation of OPEC + meeting

25.11.2021

Technical reviews

News for today, November 25:

Tech stocks rose in Asia on Thursday, following their peers in the U.S. Growth, however, was limited by the strength of the U.S. dollar, as investors bet on the U.S. to raise interest rates faster than other major economies.

The U.S. dollar is trading almost at a nearly five-year high against the Japanese currency, at 115.3 yen. At the same time, the dollar is testing an almost 18-month high against the euro, which now stands at $ 1.1211. The Dollar Index, which measures the dollar against a basket of six major peers, was down 0.1% to 96.733, but remained close to a high of 96.938, its highest level since July 2020 reached the previous day.

On Thursday, oil prices were largely unchanged, and investors are waiting for the reaction of the major producers to the emergency release of oil by major consumer countries, intended to cool the market. Attention is focused on the Organization of the Petroleum Exporting Countries, whose members are due to meet next week to discuss oil supply and demand. U.S. Treasuries will not trade on Thursday due to the Thanksgiving Day celebrations, and U.S. stock markets will also be closed on Thursday and will have a shortened session on Friday.

The price of Brent crude is at the moment $ 82.18 per barrel, WTI — $ 78.21. EUR/USD is at 1.1219, GBP/USD — 1.3345, gold is at $ 1,794.73 per ounce.­­­­

 

Author: GC
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