EURUSD at new near 20-year lows; oil rebounds through the announcement of production cuts!

4:45 PM 22 August 2022

The EURUSD has pierced the previous month's lows below parity and is trading at its lowest since December 2002. The weakness of the euro is dictated by the weak energy situation in Europe. Gas prices are rising almost to EUR300/MWh, while electricity prices in France or Germany continue their extreme increases.

EURUSD at new 19-year lows. Source: xStation5

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It seems that the recent price drop does not please Saudi Arabia. AS announces that OPEC+ may take action to stabilize the oil market, as they believe prices do not justify the fundamentals! Thus, OPEC+ may decide to cut production! It is worth noting that OPEC+ has not been able to restore production to its target, but the production cut may work. On the other hand, how will other countries react to this? The cut would have to be taken by countries that are producing at or above target.

Oil is making up about half of the decline from the latter part of today's session. We are currently testing the resistance associated with this morning's local low. Source: xStation5

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