IronFX Daily Commentary by Charalambos Pissouros | 20/04/2017
April 20, 2017 11:53 am
• New Zealand’s inflation accelerates above RBNZ’s target midpoint • NZD strengthened after New Zealand’s CPI rate surged to +2.2% yoy in Q1 from +1.3% yoy in Q4. • Although this was due to temporary effects, a CPI measure excluding those effects showed inflation at 1.5% yoy, which is still within the Bank’s target range. What’s more, NZ 2-year infl. expectations have been rising lately and now stand at midpoint as well. • All these diminish significantly the likelihood for RBNZ easing (RBNZ has been very dovish recently) at the upcoming meetings, and could keep the NZD supported.
WTI falls to a two-week low on bearish inventory data • Yesterday, EIA reported that US crude inventories fell by less than expected, and gasoline inventories built up instead of dropping as was forecasted. This comes a day after EIA reported that US shale production was set to rise in May. • All these are in line with our view that rising oil prices invite US shale producers back to the market, which in turn could increase supply. • Focus now turns to the OPEC and non-OPEC meeting on May 25. Extension of Nov. cut deal is exp.
Today: • Eurozone: German PPI for March (06:00 GMT). Eurozone Prel. consumer confidence index for March (14:00 GMT). • US: Initial jobless claims for the week ended Apr. 14th (12:30GMT). Philly Fed index (12:30 GMT). • Speakers: G20 meeting and IMF/World Bank conference in Washington. (Thursday until Sunday).
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• New Zealand’s inflation accelerates above RBNZ’s target midpoint
• NZD strengthened after New Zealand’s CPI rate surged to +2.2% yoy in Q1 from +1.3% yoy in Q4.
• Although this was due to temporary effects, a CPI measure excluding those effects showed inflation at 1.5% yoy, which is still within the Bank’s target range. What’s more, NZ 2-year infl. expectations have been rising lately and now stand at midpoint as well.
• All these diminish significantly the likelihood for RBNZ easing (RBNZ has been very dovish recently) at the upcoming meetings, and could keep the NZD supported.
WTI falls to a two-week low on bearish inventory data
• Yesterday, EIA reported that US crude inventories fell by less than expected, and gasoline inventories built up instead of dropping as was forecasted. This comes a day after EIA reported that US shale production was set to rise in May.
• All these are in line with our view that rising oil prices invite US shale producers back to the market, which in turn could increase supply.
• Focus now turns to the OPEC and non-OPEC meeting on May 25. Extension of Nov. cut deal is exp.
Today:
• Eurozone: German PPI for March (06:00 GMT). Eurozone Prel. consumer confidence index for March (14:00 GMT).
• US: Initial jobless claims for the week ended Apr. 14th (12:30GMT). Philly Fed index (12:30 GMT).
• Speakers: G20 meeting and IMF/World Bank conference in Washington. (Thursday until Sunday).
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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