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OPEC+ began holding online meetings to decide on oil production policy for June, sources said.On May 3, OPEC representatives said that major countries led by Saudi Arabia and Russia agreed on Saturday to increase production by 411,000 barrels per day next month. This is the second consecutive month that the alliance has accelerated the pace of supply recovery after an unexpectedly large increase in production in May. The organizations leaders are trying to punish member countries that violate quotas and overproduce in a strategic shift. Market analysts believe that this move may indicate that a potential price war is brewing. According to OPEC+ representatives, Saudi Arabia has become fed up with the long-term overproduction of countries such as Kazakhstan and Iraq. Jorge Leon, an analyst at Rystad Energy who once worked in the OPEC Secretariat, said, "OPEC+ has just dropped a bombshell on the crude oil market. Saudi Arabias move is both to punish unruly members and to cater to Trumps desire to see lower oil prices."According to Sky News: It is expected that the opposition coalition will not win enough seats to form a majority government in the Australian election.On May 3, OPEC representatives said that OPEC+ members agreed to increase production by 411,000 barrels per day in June. The OPEC+ meeting originally scheduled for next Monday was brought forward to Saturday, but it is not clear why the meeting was rescheduled. Four sources previously leaked before the meeting that the increase in production in June is likely to be similar to the amount agreed in May (411,000 barrels per day). The market also mostly expects the organization to increase production significantly again, with an increase similar to that in May. Scott Shelton, energy expert at UnitedICAP, said: "The market is now completely focused on OPEC, and even the tariff war has taken a back seat." Oil traders are ready for OPEC+ to increase supply. Oil prices fell more than 1% on Friday, and fell 8% this week, the largest weekly drop since March.Market news: OPEC+ members agreed to increase production by 411,000 barrels per day in June.

AUD/JPY is anticipated to decline to 92.00 based on stable Japan Employment data

Daniel Rogers

Nov 29, 2022 15:10

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As a result of the Statistics Bureau of Japan's publication of robust employment data, it is anticipated that the AUD/JPY pair will extend its slide into the crucial support level of 92.00. The Unemployment Rate was 2.6%, beating expectations of 2.5% but matching the prior announcement of 2.6%. While the employment-to-applicant ratio has been recorded at 1.35, in accordance with projections, it is greater than the prior figure of 1.34.

 

As a result of rising protests in China against the Chinese government's lifting of Covid-19 lockup restrictions, the Australian dollar has suffered and the risk barometer is experiencing a rough patch. After hearing tales of public protest over restrictions, experts wasted little time in providing negative economic estimates for China.

 

No one could deny that diminished expectations for China will harm more than simply the economy of the dragon. Even major trading partners, including Australia and New Zealand, feel the heat. China's protest-inspired risk aversion has sent the AUD/JPY pair near to the 92,000 mark.

 

Notably, the demand for democracy in place of authoritarianism may cause political instability inside the Chinese economy. This may further decrease investors' risk appetite.

 

The Caixin Manufacturing PMI data released on Thursday will be the focus of investors' attention moving forward. The expected economic data is 48.6, compared to 49.2 in the previous release. A Caixin Manufacturing data that is weaker than expected could boost market volatility.


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