20.04.201820:01 Forex Analysis & Reviews: The European currency was subjected to a large sale

Today, the OPEC meeting was held, at which it was suggested that the previous production strategy should be followed. As OPEC chairman stated, OPEC countries and other oil exporters should keep production restrictions until the end of the year, since there is no target level for oil prices. He also noted that all oil exporters want to reach an agreement, the terms of which will always be fulfilled.

After that, US President Donald Trump on his twitter recorded that the price of oil artificially inflated, and this is unacceptable, which affected quotations that quickly went down, but then returned to their positions.

Such a statement by the US president went unnoticed by Saudi Arabia's oil minister, who responded by saying that there is no such thing as an artificially inflated price, as the market independently determines prices.

However, all this says once again that the countries exported oil are more interested in the prices continuing their growth, which has been observed since the middle of last year. Most likely, the contract to limit oil production will be extended in the future, which allows us to count on maintaining the uptrend.

The current price for the WTI brand is now within its weekly highs, which were achieved after the publication of the US Department of Energy's reserve report. If the level breaks 69.60 per barrel on WTI, the upward trend will continue with a new force.

The European currency, which has been down for the last three days, today managed to recover slightly its position in tandem with the US dollar, after data that the optimism of consumers in the eurozone relative to its prospects in April rose after a serious decline in March. Most likely, the growth of optimism is related to the pause, which European politicians managed to achieve after the US president announced the introduction of trade duties. However, it is worth recalling that the issue has not been fully resolved yet and at any moment the White House can again start talking about new restrictions. However, most likely, this will happen after the solution of a similar "problem" with China.

According to the European Commission, the preliminary index of consumer confidence in the eurozone in April this year rose to 0.4 points against 0.1 points in March. Economists predicted that the index will be -0.3 points.

Despite data on the growth of retail sales to Canada, the Canadian dollar continued its decline against the US dollar. The growth in sales was directly related to the demand for new cars.

According to the report of the National Bureau of Statistics of Canada, retail sales in February rose by 0.4% compared with the previous month, 49.76 billion Canadian dollars. Economists had expected that sales would grow by 0.4%.