Investors Start 2022 on Upbeat Mode, OPEC+ Meets

USD GAINS, EQUITIES MARCH NORTH, OPEC+ TO DECIDE ON OIL PRODUCTION

The US dollar traded higher against all the other major currencies on Monday and during the Asian session Tuesday. It gained the most ground versus AUD, NZD, and JPY in that order.

USD/JPY — TECHNICAL OUTLOOK

USD/JPY traded higher yesterday, breaking the peak of November 24th, at 115.52, and entering territories last tested in the beginning of 2017. Overall, the pair continues to trade above the upside support line drawn from the low of December 3rd, but also above another steeper line, taken from the low of December 20th. So, with that in mind, we will consider the short-term picture to be positive.

WTI CRUDE OIL — TECHNICAL OUTLOOK

WTI crude oil trade higher yesterday, after hitting support at 74.27. In the bigger picture, the price remains between that level and the 77.45 barrier, marked by the highs of December 29th and 30th, but also above a prior downside resistance line taken from the high of November 1st. In our view, this paints a cautiously positive picture.

AS FOR THE REST OF TODAY’S EVENTS

We get the UK final manufacturing PMI for December, which is expected to confirm its preliminary estimate, and the US ISM manufacturing index, which is expected to have slid somewhat.

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