No compromise just yet ahead of the meeting later
As pointed out , the UAE seems to be the sticking point but they are merely asking for their production baseline to be revised – not being against an extension or easing of output cuts – so that is an important distinction when viewing this supposed standoff.

The loonie is holding its ground in European trading
USD/CAD was up earlier to a high of 1.2449 but is now tracking lower to the lows for the day at 1.2418 as the loonie regains some momentum after a sluggish week against the dollar, despite higher oil prices in the lead up to the OPEC+ decision.

It is all about the NFP release today
The payrolls figure will once again steal the headlines initially but barring any shocks and/or surprises, I would say that the devil will be in the details when it comes to digesting the report as a whole.

Latest data released by Eurostat – 2 July 2021
Again, a lot of this likely stems from supply chain disruptions – which will be a persistent issue going into 2H 2021.

Forex news from the European trading session – 1 July 2021
Headlines:
Markets:
– NZD leads, JPY lags on the day
– European equities mixed; S&P 500 futures up 0.1%

Remarks by UK prime minister, Boris Johnson

The proposal is for a 2 million bpd easing of output cuts in Q3 and Q4
This being tweeted by renowned oil market journalist, Amena Bakr:
There is a proposal on the table that will be further discussed to ease 2 million bpd between august and December – sources

Reuters reports on the matter
This pertains to the OPEC+ meeting later in the day and it is no surprise to see deals/accords struck prior to the meeting itself. A 500k bpd overall increase is the baseline figure to expect so we’ll see if there are any other details in the hours ahead.

Draghi remarks on monetary policy
Well, old habits die hard they say. And Draghi is certainly proving that to be the case.

Forex news from the European trading session – 30 June 2021
Headlines:
Markets:
– GBP leads, CHF lags on the day
– European equities lower; S&P 500 futures flat