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Old 27-11-2020, 14:56
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KostiaFM KostiaFM is offline
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Default Re: Daily Market Analysis by ForexMart

Brent. November 27, 2020 Oil is correcting after an upward rally

Yesterday Brent began to decline, interrupting the upward rally. Prices failed to hold on to the reached maximum near $49 per barrel and retreated to $47.45. The current quotation is $48.40 per barrel.

Most likely, the driver of the decline was the news that Venezuela, despite the US sanctions, resumed oil supplies to China. This once again caused investors to worry about a possible oversupply of oil.

The Venezuelan state-owned company PdVSA signed a contract with China to resume oil supplies in August this year. And after the publication of the results of the US presidential election, Venezuela apparently decided to ignore Trump's sanctions.

Today is a quiet trading day as the United States continues to celebrate Thanksgiving. Brent will fluctuate weakly around $48.50 a barrel.

EUR/USD. November 27, 2020 Euro is trading above 1.1900

On Friday, the EUR/USD pair resumed its growth: the current quotation of the asset is 1.1920. Thanksgiving weekend continues in the US, so the dynamics of trading today is rather sluggish.

The euro is strengthening, despite weak data from Germany, published yesterday. The consumer climate index in Germany from the GfK institute for December fell to -6.7 points from -3.1 earlier. This is even worse than predicted, suggesting that consumer sentiment is becoming increasingly pessimistic.

The index of economic expectations fell to -0.2 points from the previous 7.3, which was the worst value since May this year.

Today the macroeconomic calendar is almost empty and the EUR/USD pair will continue to fluctuate slightly above the 1.19 level.
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