Economic Data: OPEC meeting seems significant for crude oil prices

Here is the checklist of today’s economic data, make yourself informed and trade safely.

OPEC-JMMC Meetings -ALL DAY

Monthly;

Next Release: Aug 1, 2022

OPEC-JMMC meetings are attended by representatives from the 13 OPEC members and 11 other oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press but officials usually talk with reporters throughout the day, and a formal statement covering policy shifts and meeting objectives is released after the meetings have concluded. Source first met in Jan 2017

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USD: Unemployment Claims at 6:00 PM

Measures: The number of individuals who filed for unemployment insurance for the first time during the past week

Released weekly, usually on the first Thursday after the week ends

Next Release Date: Jul 7, 2022

This is the nation’s earliest economic data. The market impact fluctuates from week to week – there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes

Although it’s generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country’s monetary policy

Forecast- [228K]
Previous- [229K]
Actual- ?

Impact- The forecast figure seems to be slightly positive for base metals and the dollar while negative for bullions. The actual figure is to release at 6:00 PM.

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USD: Core PCE Price Index m/m at 6:00 PM

Measures: Change in the price of goods and services purchased by consumers, excluding food and energy

Released monthly, about 30 days after the month ends

Next Release Date: Jul 29, 2022

This differs from Core CPI in that it only measures goods and services targeted towards and consumed by individuals. Prices are weighted according to total expenditure per item which gives important insights into consumer spending behavior. CPI is released about 10 days earlier and tends to garner most of the attention

It’s the Federal Reserve’s primary inflation measure. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate

Forecast- [0.4%]
Previous- [0.3%]
Actual- ?

Impact- The forecast figure seems to be slightly negative for base metals and the dollar while positive for bullions. The actual figure is to release at 6:00 PM.

For more economic data, stay tuned with us!!

Source: Forex Factory