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Oil producers may announce deeper cuts today
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USDCAD waits for labour market data from the US and Canada
OPEC+ meeting
OPEC members failed to agree on the details of a new output cut agreement yesterday. However, it is said that additional cuts of 500kbp are discussed. Saudi Arabia’s energy minister promised a “beautiful news” today so oil traders should stay on guard. Closed meetings session is expected to begin at 11:00 am GMT and a press conference will be held afterwards.
Data releases to watch today
1:30 pm GMT - US, NFP report for November. The US dollar is on its way to have a worst week in five months as data from the country continues to disappoint. ADP report signalled a weak 67k increase in employment in November and ISM indices disappointed. NFP will be the final chance for the USD to recover this week. An increase of 183k is expected. Wage growth is expected to stay unchanged at 3% YoY.
1:30 pm GMT - Canada, labour market report for November. The Canadian labour market report is expected to show an increase of 10k with gains seen in part time and full time jobs.
3:00 pm GMT - US, Michigan consumer sentiment for December. CB consumer confidence reading signalled a deterioration in November. However, Michigan consumer sentiment is expected to produce a small gain, jumping from 96.8 pts to 97 pts. Both subindices - current conditions and expectations - are expected to move higher.
