OPEC countries may slow down coronavirus impact on global economy

OPEC countries may slow down coronavirus impact on global economy

BAKU, Azerbaijan, Feb. 18

By Eldar Janashvili - Trend:

A decline in global economic activity due to the coronavirus epidemic may slow down in the oil and gas sector if OPEC countries intervene and adjust prices for Brent crude oil in Europe, reads the weekly summary of the Azerbaijani InvestAZ investment company, Trend reports.

It is predicted that the probability itself may increase oil prices to $61 per barrel.

The price dynamics will also be affected by important fundamental data on US oil and gasoline stocks, which will be released on Feb. 20 at 20:00 (GMT +4).

InvestAZ analysts also presented data on the situation in international financial markets and short-term forecasts.

Euro

The rapid spread of coronavirus found in China leads to increased demand for the US dollar, increasing uncertainty on international foreign currency exchanges. So, the EUR/USD exchange rate is forecasted to increase to $1.07 per euro.

Along with this, the disclosure of important fundamental indicators for the services and industry sectors in the Eurozone on Feb. 21 at 13:00 will be in the focus of investors.

British pound

The GBP/USD rate is under pressure for the same reasons, and if the pound sterling falls below $1.31, the currency will drop in price to $1.29 per pound.

Investors are focusing on important fundamental indicators of inflation in the UK on Feb. 19 at 13:30 and retail turnover on Feb. 20 at 13:30, as well as business activity indicators in the services and industries sector, which will be announced on Feb. 21 at 13:30.

Turkish lira

A decrease is also observed regarding the lira exchange rate, while it is predicted that the fall of the lira may continue to the level of 6.13 lira per US dollar.

The investors are focused on the decision of the Central Bank of Turkey on the interest rate on Feb. 19 at 15:00.

Gold

The presence of political and economic risks in the world leads to the fact that the demand for gold in the markets of non-ferrous metals remains relevant. So, the price per ounce last week began to rise again and may reach $1,583 ($ 50.95 per gram). According to the analysis, if the price breaks even this level, the prices may further increase to $1,594 ($51.3 per gram).

Attention: The above mentioned data are completely recommendatory in nature. Operations on this type of activity are included in the high-risk group, and InvestAz, based on the above mentioned data, doesn’t bear any responsibility for investment operations.

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