Oil Unchanged at $44, US Markets on Holiday

WTI crude is unchanged on Wednesday, trading at $43.63 a barrel in the European session. In economic news, there are no economic releases out of the US, as the markets are closed for Veterans Day. On Thursday, we could more movement on the markets, as the US releases Unemployment Claims. As well, Federal Reserve head Janet Yellen speaks at event in Washington.

The US dollar posted broad gains late last week, following the strong NFP reading, which crushed the estimate and increased the likelihood of a December rate hike by the Federal Reserve. Still, traders should keep in mind that the Fed has been split over a rate hike, and many members will be hesitant to vote in favor of raising rates unless they are confident that the US economy can withstand an interest rate hike. Employment numbers out of the US have certainly improved, with recent indicators such as the unemployment rate pointing to close to full employment in the US economy. At the same time, other indicators have not fared as well, particularly manufacturing data and inflation levels. While a rate hike in December is again on the table, it is by no means a done deal, making for plenty of speculation on the part of markets players in the next several weeks.

With the stellar performance by US Nonfarm Payrolls, the markets will be looking for more good news from US employment numbers. Strong job numbers not only point to a solid US economy, but will increase the likelihood of a rate increase in December, an event which would likely send the greenback to higher levels against its rivals. We’ll get a look at unemployment claims on Thursday, with the key indicator expected to drop to 270 thousand. Although last week’s reading of 276 thousand was higher than expected, the four-week indicator, which is less volatile than the weekly measurement, remains at its lowest level since December 1973. A strong reading from unemployment claims could bolster the US dollar.


WTI/USD Fundamentals

Wednesday (Nov. 11)

  • There are no releases as markets are closed for Veterans Day

Upcoming Key Releases

Thursday (Nov. 12)

  • 13:30 US Unemployment Claims. Estimate 270K
  • 14:30 Federal Reserve Chair Janet Yellen Speaks

*Key releases are highlighted in bold

*All release times are GMT


WTI/USD for Wednesday, November 11, 2015

WTI/USD November 11 at 12:35 GMT

WTI/USD 43.63 H: 44.21 L: 43.54


XAU/USD Technical

S3 S2 S1 R1 R2 R3
37.75 39.87 42.59 44.30 47.04 49.06
  • WTI/USD posted slight losses in the Asian session and is flat in European trade.
  • 42.59 is providing support.
  • 44.30 is a weak resistance line.

Further levels in both directions:

  • Below: 42.59, 39.87 and 37.75
  • Above: 44.30, 47.04, 49.06, and 53.86

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher

Currency Analyst at Market Pulse
Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years.