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The week ahead; Powell's testimony and NFP
Markets wait for cues from the Federal Reserve and payroll data this week.
OPEC+ extends cuts, lifting oil prices (Brent $83.37, WTI $79.43); China anticipates stimulus amid economic challenges.
Weaker ISM data led to the dollar dropping below 104; ISM manufacturing PMI at 47.8.
Gold hit yearly highs at $2088 due to subdued ISM figures.
On the Market Watch:
Important week for markets as we’ll receive more clarity over when we should expect interest rates through Powells testimony and key NFP data on Friday.
Following weaker ISM data, the dollar fell below the 104 handle. The ISM manufacturing PMI recorded a decline at 47.8, below the expected 49.5 and the previous figure of 49.1.
In commodities, Gold reached fresh yearly highs, hovering around $2088. This surge was prompted by subdued ISM figures and the PCE staying in line with expectations.
OPEC+ has extended production cuts until the end of Q2, and Russia's unexpected commitment to reduce production and exports has caused a market surprise. As a result, oil prices have risen, with Brent hovering around $83.37 and WTI near $79.43.
The decision by OPEC+ to continue the voluntary cut of 2.2 million barrels per day is seen as a measure to bolster the market amid global economic uncertainties and rising production from non-OPEC+ nations.
Russia has announced an additional cut of 471,000 barrels per day.
In China, there is a broad anticipation that Beijing will implement additional stimulus measures to bolster a decelerating economic recovery, particularly in response to challenges posed by a property market crisis and an escalating deflationary trend.
