WTI breaks 2 year highs amid Saudi turmoil | 07/11/17

[IronFX The Global Leader in Online Trading]( 7th November 2017 [start trading]( [open demo account]( All trading involves risk. It is possible to lose all your capital. Main Points of Today WTI breaks 2 year highs amid Saudi turmoil - WTI prices skyrocketed yesterday, amid news from Saudi Arabia. - The regime has arrested many princes, ministers, and former ministers, on allegations of corruption. - This purge is seen as a move by the new Crown Prince to cement his power. He has previously expressed support for a continuation of the current OPEC deal. - Meanwhile, tensions are rising in the region. Yesterday, Saudi said that Lebanon declared war against it. - These heightened risks of supply disruptions could keep WTI supported for a while, ahead of the OPEC meeting towards the end of November. - Any further escalation, such as higher likelihood of armed conflict, could push WTI prices higher still. RBA: Nothing to see here, move along - The RBA kept its policy unchanged overnight, as was widely anticipated. - The accompanying statement retained its concerns regarding the strength of AUD, noting that the exchange rate is weighing on the outlook for growth and employment. - The Bank also highlighted the weakness in consumption (retail sales). - Overall, the Bank maintained its broadly neutral stance, confirming our view that any rate hike in Australia is probably a long way off still. - Next major market mover for AUD: Labor costs index for Q3 (next week). It could determine whether the RBA will tilt hawkish anytime soon and thereby, the near-term direction of AUD. Today’s highlights: - Speakers: ECB President Mario Draghi (08:00 GMT), Executive Board member Sabine Lautenschlager (14:30 GMT), Fed Chair Janet Yellen (19:30 GMT), and BoC Governor Stephen Poloz (17:55 GMT). [Download full report]( The Market WTI [Image title] - Support: 56.45 (S1), 55.30 (S2), 54.00 (S3) - Resistance: 57.70 (R1), 58.80 (R2), 60.00 (R3) AUD/USD [Image title] - Support: 0.7635 (S1), 0.7570 (S2), 0.7535 (S3) - Resistance: 0.7690 (R1), 0.7730 (R2), 0.7770 (R3) [View all Market insights]( [View IronFX Week Ahead report]( Economic Calendar [Image title] Prepared by: Charalambos Pissouros and Marios Hadjikyriacos [Facebook]( [Linkedin]( [Instagram]( [Twitter]( [Google+]( [YouTube]( - Tel: +44 (0) 20 3282 7777 - Email: support@ironfx.com High Risk Trading Warning: Our services include products that are traded on margin and carry a risk of losing all your initial deposit. Before deciding on trading on margin products you should consider your investment objectives, risk tolerance and your level of experience on these products. Trading with high leverage level can either be against you or for you. Margin products may not be suitable for everyone and you should ensure that you understand the risks involved. You should be aware of all the risks associated in regards to products that are traded on margin and seek independent financial advice, if necessary. Please read IronFX’s Risk Disclosure statement. Licences and Authorisations IronFX Global Limited is authorized and regulated by CySEC (Licence no. 125/10) Group Licences and Authorisations 8Safe UK Limited is authorized and regulated by the Financial Conduct Authority (FCA no. 585561) GVS (AU) Pty Limited is authorized and regulated by ASIC (AFSL no. 417482) IronFX does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea. [Unsubscribe](