Weekly Trading Update

OPEC-JMMC meeting is the highlight of a big week for the rest of the world



With the Fed and Bank of England meetings out of the world, attention turns to the oil community for the meeting of the JMMC.

World
On Thursday we see the second meeting of the year for the Joint Ministerial Monitoring Committee (JMMC), with the task of finding a successful path to the completion of objectives set in the 181st meeting of the OPEC conference.

With the aim of committing to a stable global oil market, if the JMMC can find a successful route to achieve this, investors will see the $75 dollar a barrel level as a realistic target for rising Oil prices.

After last week’s manufacturing PMI results being released for most European countries, this week sees the release of China’s manufacturing PMI, a good comparative for Europe to see how they stack up against the rest of the world.

US
Another important week for the US lies ahead with some big announcements to be released throughout. On Thursday we will see the US release their ISM manufacturing PMI. The week of important releases does not end there, with Friday highlighting Average Hourly Earnings, the Non-Farm Employment Change, and most importantly the US Unemployment Rate. With the Dow and S&P recovering last week from a sizable dip, investors will be interested to see if their results can simulate further growth, and a strong start to July.

UK
After an important last week with the meeting of the MPC, this week sees a relatively quiet week for the UK with no major announcements to come.

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