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Markets are awaiting the results of the OPEC meeting, as well as the US jobs report tomorrow. According to sources cited by Reuters, OPEC+ may as an option discuss hiking output by just 200K barrels per day (BPD) in January versus the current agreement which stipulates 400K BPD monthly output hikes into mid-2022. Moreover, a senior OPEC+ source reportedly said that sentiment at the moment is to stick to the existing output plan at the meeting.
Currency markets witnessed remarkable stability on Thursday, as investors awaited signs of the threat that the new Omicron strain of the Coronavirus may pose and the speed with which the US Federal Reserve will reduce stimulus.
The dollar fell against most of its rival currencies, while the prevailing caution among investors was reflected in the decline in stock markets in Europe in the morning trading.
The dollar index, which measures the strength of the greenback against a basket of six major currencies, was down 0.2 percent on the day at 95.892.
The United States and Germany joined other countries around the world planning stricter restrictions to combat the COVID-19 disease on Thursday, as the emergence of the new mutated Omicron from the coronavirus provoked turmoil in markets, fearing it could disrupt the economic recovery.
The US Financial Times revealed on Wednesday that the United States intends to announce the postponement of the trade agreement with Britain, under which the tariffs on steel and aluminum coming from Britain, which had been imposed by former US President Donald Trump, would be removed.
There were 222,000 initial claims for unemployment benefits in the US during the week ending November 27, data published by the US Department of Labor (DoL) revealed on Wednesday. This reading followed last week’s print of 194,000 (revised from 199,000) and came in lower than the market’s expectation for 240,000.
