USD/JPY To Hold Its Break Below 114, EUR/USD To Push Above 1.12 - BNPP

Newswires have reported that energy ministers of several OPEC countries have agreed at a meeting in Doha to freeze oil production at 11 January levels, rather than cut production as some were expecting, notes BNP Paribas.

"Our commodity strategists note that if OPEC output were to be maintained at January levels, this would result in supply similar to their base case, and would not materially impact our existing oil price projections," BNPP argues.

"However, in the near-term, risky assets are likely to remain under pressure, and in sympathy there is potential for USDJPY to hold its break below 114 and EURUSD to push above 1.12," BNPP projects.

BNPP sees the price of WTI averaging $36/bbl in 2016 and $44/bbl in 2017. BNPP sees the price of Brent averaging $37/bbl in 2016 and $46/bbl in 2017.

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