Daily Alert – Wednesday 5th July 2023: All eyes on the Fed and OPEC+
Yesterday’s 4th of July holiday in the US has contributed to a very quiet start to the week. Risk sentiment is as indecisive as I have ever seen.
The Reserve bank of Australia kept interest rates unchanged at 4.1%. It is being seen as a “hawkish skip”, as the central bank made it clear if they had to hike again, they would. Of course, they would.
Today we have the OPEC+ meeting in Vienna. This comes on the back of the recent announcement of an extension to the Saudi production cut and a promise of cuts from Russia. With prices at lows not seen since late 2021, there is a clear desire amongst the OPEC+ members to support the commodity. Maybe further, or longer, cuts to come?
Tonight, we have the FOMC Meeting Minutes where we should get some insight into the thinking behind the decision to pause hiking at the 14th of June meeting.
I’ll be back tomorrow with your Performance Report for June.
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