{"id":24792,"date":"2022-03-31T12:57:00","date_gmt":"2022-03-31T11:57:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=24792"},"modified":"2022-03-31T14:30:04","modified_gmt":"2022-03-31T13:30:04","slug":"opec-meeting-day-in-focus","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/","title":{"rendered":"OPEC+ Meeting Day in Focus"},"content":{"rendered":"\t\t
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Midday Update<\/strong><\/p>

Oil<\/a> markets opened lower as investors are pricing in a potentially massive injection of oil output by the Biden administration. President Biden is set to speak later midday on energy prices after pledging 1 million barrels a day from US oil reserves to fight inflation. Kyiv says talks with Moscow may resume on Friday despite a failed round of peace talks on the previous diplomatic meetings.<\/p>

Inflation skyrockets in the Euro area with UK-shop-price inflation speeding up, French inflation jumps more than expected to new record highs, and Italian Inflation hitting the highest in 3 decades pressuring the ECB to adjust policy course in the near-term. Investors eye the results of the OPEC+ meeting scheduled early in the New York session.<\/p>

The Dollar Index<\/a> soared +0.26% early European session after bouncing off near-term support at 97.70. Bulls need to challenge the 98.70 near-term resistance which coincides with a 50-day moving average on the H4 chart to reinforce bullish momentum.<\/p>

USDCAD<\/a> pushed higher as the Canadian dollar got weighed down by falling oil prices. The pair rose +0.39% after slightly sweeping below 1.2450, 4-month support attractive bullish participation in the near-term.<\/p>

A critical area to watch is a near-term resistance at 1.2560 near-term resistance. Canadian GDP data is due for release later in the New York session, and traders should expect volatility.<\/p>

EURGBP<\/a> slid by -0.22% earlier in the European session as the pound got boosted by better-than-expected GDP data. The pair is currently trading above near-term support at 0.8450 and a possible break below that area may cause a near-term selling pressure towards 0.8400.<\/p>

If the price manages to break above 0.8500 near-term resistance a possible bullish target at 0.8600, a 6-month high. ECB members Lane and De Guindos will be speaking later in the New York session.<\/p>

EURCHF<\/a> dropped by -0.38% as the Eurozone continues to be weighed down by soaring inflationary pressure. Bears may be stopped by a 1.0250 area from further downside pressure, however, a break below that mid-figure may see the pair drop towards 1.02000 near-term support. Investors turn focus to the SNB gov board member Maechler\u2019s speech later in the day.<\/p>

European equities opened lower, with CAC40<\/a> sliding by -0.56% as bears trade below 6700 near-term support. FTSE<\/a> loses -0.17% as price crosses below a critical 50-day moving average dynamic support and a possibility to trade to 7520.00 near-term support. The DAX<\/a> dropped by -0.45% and may revisit 14200 as bears dominate the trend in the near term.<\/p>

US equities closed lower on Wednesday with Nasdaq<\/a> losing -1.10% taking a corrective pattern to 15000 psychological support. The index may trade lower if 15000 near-term support fails to hold in the near term. The S & P 500<\/a> closed at 4602.00 losing -0.63% while the Dow Jones industrial index<\/a> shed -0.19% closing at 35228.82.<\/p>

Commodity prices plunged early Thursday as the US pledged a release of massive oil stockpiles in a bid to curb rising energy prices. The US WTI dropped by -5% to $100\/barrel and a possibility to trade lower if bears break below the $100 near-term support.<\/p>

UK Brent futures<\/a> dropped by -6% early morning from $112.8\/barrel ahead of the OPEC+ meeting. Gold<\/a> slid lower by -0.20% but found a near-term barrier at 1920.00 which coincides with the 50-day moving average on the H1 chart.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Midday Update Oil markets opened lower as investors are pricing in a potentially massive injection of oil output by the Biden administration. President Biden is set to speak later midday on energy prices after pledging 1 million barrels a day from US oil reserves to fight inflation. Kyiv says talks with Moscow may resume on […]<\/p>\n","protected":false},"author":4,"featured_media":24794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[58,453,64,172,601,307],"yoast_head":"\nOPEC+ Meeting Day in Focus - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ Meeting Day in Focus OPEC+ Meeting Day in Focus\" \/>\n<meta property=\"og:description\" content=\"Oil markets opened lower as investors are pricing in a potentially massive injection of oil output by the Biden administration.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-31T11:57:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-31T13:30:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/03\/GettyImages-1355844976.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"563\" \/>\n\t<meta property=\"og:image:height\" content=\"303\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"OPEC+ Meeting Day in Focus OPEC+ Meeting Day in Focus\" \/>\n<meta name=\"twitter:description\" content=\"Oil markets opened lower as investors are pricing in a potentially massive injection of oil output by the Biden administration.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"OPEC+ Meeting Day in Focus\",\"datePublished\":\"2022-03-31T11:57:00+00:00\",\"dateModified\":\"2022-03-31T13:30:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/\"},\"wordCount\":535,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Brent\",\"CAD\",\"Crude oil\",\"OPEC\",\"Stocks\",\"USD\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/\",\"url\":\"https:\/\/youtrading.com\/en\/opec-meeting-day-in-focus\/\",\"name\":\"OPEC+ Meeting Day in Focus - 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