IronFX Daily Commentary by Charalambos Pissouros | 09/05/2017
May 9, 2017 9:01 am
Saudi Arabia says the November oil deal can be extended beyond 2017 • The Saudi oil minister said that the oil deal could be extended for more than 6 months. • There seems to be an unofficial consensus among producers that the deal will be extended for at least 6 months. • Thus, bullish signals for oil prices in the next days would be any fresh comments suggesting extensions for a longer time period, or deeper production cuts.
Aussie slides after soft retail sales data • AUD came under renewed selling interest overnight, after the nation’s retail sales data missed their forecasts. • The currency’s outlook remains negative, amid rapidly falling iron ore prices.
Today’s highlights: • Germany: Trade balance data for March (06:00 GMT), but usually not a major market mover. • US: NFIB small business optimism for April (10:00 GMT) and JOLTS job openings for March (14:00 GMT). • Canada: Building permits for March (12:30 GMT) are expected to have risen, a rebound. • Speakers: Minneapolis Fed President Neel Kashkari (13:00 GMT).
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Saudi Arabia says the November oil deal can be extended beyond 2017
• The Saudi oil minister said that the oil deal could be extended for more than 6 months.
• There seems to be an unofficial consensus among producers that the deal will be extended for at least 6 months.
• Thus, bullish signals for oil prices in the next days would be any fresh comments suggesting extensions for a longer time period, or deeper production cuts.
Aussie slides after soft retail sales data
• AUD came under renewed selling interest overnight, after the nation’s retail sales data missed their forecasts.
• The currency’s outlook remains negative, amid rapidly falling iron ore prices.
Today’s highlights:
• Germany: Trade balance data for March (06:00 GMT), but usually not a major market mover.
• US: NFIB small business optimism for April (10:00 GMT) and JOLTS job openings for March (14:00 GMT).
• Canada: Building permits for March (12:30 GMT) are expected to have risen, a rebound.
• Speakers: Minneapolis Fed President Neel Kashkari (13:00 GMT).
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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