Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
An extension looks the most likely outcome, with 90 days just not enough time to reach a comprehensive deal. Trump has indicated that he could support an extension despite claiming to like tariffs during his press conference on Friday, something that will comfort investors at a time when global growth concerns are posing a significant risk for markets.
With there being so many doubts over global growth this year, it will also be interesting to see what impact this has on the cartel’s assessment of demand growth and whether that will exacerbate the oversupply issue.
Oil is responding very differently to the jobs report it would seem, perhaps an indication of the bullish sentiment in the market. WTI and Brent surged in the aftermath of the jobs report and were further aided by the oil rig data, which showed a further 15 rigs going offline, continuing the trend since November. We're now seeing both testing major resistance around $55 and $65, respectively, a break of which could be very bullish.