During today’s Currency Call, Gim Hong highlighted the following points:
- OPEC+ likely to increase oil quota for August due to three reasons.
- Reason #1: Latest OPEC forecast shows that maintaining oil output at current levels will lead to a supply deficit of 1.5 million barrels per day in August.
- Reason #2: It is to the best interest of the members of OPEC+ to hike production, thus bring in more revenues to the country.
- Reason #3: Pressure from other countries to hike production so as to tone down inflation.
- OPEC+ unlikely going to provide production quota for months beyond August due to two reasons.
- Reason #1: Spread of Delta variant of the virus globally may slow down demand of oil, thus complicating the process of setting a quota.
- Reason #2: Ongoing Iranian nuclear talks may interfere with the quota figure if sanctions on Iran is lifted.
Scott highlighted the following points:
- The U.S. dollar index is currently trading along the resistance level of 92.064.
- With the building up of buying pressures and the upcoming U.S. nonfarm payroll expecting better data, the dollar index may head higher.
- As the dollar index may most likely be ranging across, wait for the release of NFP before looking for trading opportunities.
Jin highlighted the following points:
- USD/CAD is currently trading at the resistance level of 1.24050 and may be reacting strongly off this level due to the OPEC+ meeting.
- The UK GDP q/q data that will be released at 1400 (GMT+8) may turn out to be weaker than expected due to the extended COVID restriction measures.
- Wait for GBP/USD to break below the 1.37700 level before looking for selling opportunities.
- Look for buying opportunities of EUR/GBP if it breaks above the 0.8590 level.
During the day, GBP/USD was moving indecisively while EUR/GBP strengthened slightly.
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