Market Insights Podcast – Volatile oil prices ex-post OPEC+, ECB and US NFP on the radar for this week

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. Firstly, OPEC+ members did not extend the voluntary cuts of 2.2 million bpd till end of 2024 but instead only until Q3 2024, oil prices reacted negatively due to incoming influx of more supplies after September 2024.

Secondly, market participants have likely fully priced in a 25 bps cut for this coming Thursday, 6 June ECB monetary policy meeting to bring down the deposit rate and refinancing rate to 3.75% and  4.25% respectively but what happens next after the expected first rate cut since 2016 is unclear due to mixed messages from ECB officials.

Lastly, we will have US jobs data, the non-farm payrolls for May where in the past three months, the actual results missed the consensus estimates by a wide variance. After last month significant miss where the consensus was expecting a +315K jobs added for April  but actual numbers came in at +175K. Hence, the expectations for May  is a slight improvement, looking at +190K jobs added.

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Kelvin Wong

Kelvin Wong

Senior Market Analyst, OANDA at OANDA
Based in Singapore, Kelvin Wong is a well-established senior global macro strategist with over 15 years of experience trading and providing market research on foreign exchange, stock markets, and commodities. Passionate about connecting the dots in the financial markets and sharing perspectives around trading and investment, Kelvin Wong is an expert in using a unique combination of fundamental and technical analyses, specializing in Elliott Wave and fund flow positioning, to pinpoint key reversal levels in the financial markets. In addition, over the last ten years, Kelvin has conducted numerous market outlook and trading-related seminars, as well as technical analysis training courses, for thousands of retail traders.