IronFX Daily Commentary by Charalambos Pissouros | 11/10/2016
October 11, 2016 8:55 am
Oil rallies as Putin offers his support to limit production • Oil prices rallied amid fresh signals that a deal to limit oil production can be achieved. • WTI initially rose on optimistic comments from the Saudi oil minister, and then surged after Putin said Russia supports a deal. • Even though we do not exclude the possibility that more “verbal stimulus” can push prices even higher near-term, nothing was actually agreed so far. • So, we’d stay cautious that investors may start doubting whether a deal will finally be struck.
Overnight: RBNZ’s McDermott adds fuel to Kiwi’s plunge • NZD/USD was on the back foot overnight and McDermott’s comments pushed it even lower. • He said that the Q3 CPI print is likely to be low and reiterated further easing will be required. • This may keep NZD under pressure for a while, at least until the Q3 CPI is out next week.
Today: • Sweden: CPI for Sep. is exp. to accelerate, which could prove SEK-positive. • Germany: ZEW survey for Oct. The forecast is for both figures to increase, but we see downside risks to the forecasts, mainly due to Deutsche Bank’s troubles. Smaller-than-expected increases could hurt EUR somewhat. • Canada: Housing starts for Sep. are exp. to rise somewhat.
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Oil rallies as Putin offers his support to limit production
• Oil prices rallied amid fresh signals that a deal to limit oil production can be achieved.
• WTI initially rose on optimistic comments from the Saudi oil minister, and then surged after Putin said Russia supports a deal.
• Even though we do not exclude the possibility that more “verbal stimulus” can push prices even higher near-term, nothing was actually agreed so far.
• So, we’d stay cautious that investors may start doubting whether a deal will finally be struck.
Overnight: RBNZ’s McDermott adds fuel to Kiwi’s plunge
• NZD/USD was on the back foot overnight and McDermott’s comments pushed it even lower.
• He said that the Q3 CPI print is likely to be low and reiterated further easing will be required.
• This may keep NZD under pressure for a while, at least until the Q3 CPI is out next week.
Today:
• Sweden: CPI for Sep. is exp. to accelerate, which could prove SEK-positive.
• Germany: ZEW survey for Oct. The forecast is for both figures to increase, but we see downside risks to the forecasts, mainly due to Deutsche Bank’s troubles. Smaller-than-expected increases could hurt EUR somewhat.
• Canada: Housing starts for Sep. are exp. to rise somewhat.
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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