IronFX Daily Commentary by Charalambos Pissouros | 12/12/2016
December 12, 2016 9:38 am
Non-OPEC producers reach consensus • WTI prices opened with a large positive gap, after non-OPEC producers finalized a deal to cut their oil output over the weekend. • This shows the determination of major producers to help the oil market rebalance faster. • Given this boost in sentiment, oil prices and CAD could remain supported in the foreseeable future. • Looking ahead, market focus will shift towards the implementation and compliance of this deal.
Today: • Sweden: PES unemployment rate for Nov.
As for the rest of the week: • Tues: China’s retail sales, industrial production and fixed asset investment, all for Nov. In the UK, the CPI for Nov. is exp. to have accelerated. • Wedn: FOMC rate decision. The Fed is expected to raise borrowing costs at this gathering, but given such a move is already fully priced in (almost), the focus will turn to the “dot plot” and Yellen’s press conference for forward guidance. From Japan, we get the Tankan survey for Q4. • Thurs: Three CB meetings: Bank of England, Norges Bank, Swiss National Bank. All three expected to remain on hold. Market reaction may come from the accompanying statements. As for the data, UK retail sales and US CPI data, both for Nov.
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Non-OPEC producers reach consensus
• WTI prices opened with a large positive gap, after non-OPEC producers finalized a deal to cut their oil output over the weekend.
• This shows the determination of major producers to help the oil market rebalance faster.
• Given this boost in sentiment, oil prices and CAD could remain supported in the foreseeable future.
• Looking ahead, market focus will shift towards the implementation and compliance of this deal.
Today:
• Sweden: PES unemployment rate for Nov.
As for the rest of the week:
• Tues: China’s retail sales, industrial production and fixed asset investment, all for Nov. In the UK, the CPI for Nov. is exp. to have accelerated.
• Wedn: FOMC rate decision. The Fed is expected to raise borrowing costs at this gathering, but given such a move is already fully priced in (almost), the focus will turn to the “dot plot” and Yellen’s press conference for forward guidance. From Japan, we get the Tankan survey for Q4.
• Thurs: Three CB meetings: Bank of England, Norges Bank, Swiss National Bank. All three expected to remain on hold. Market reaction may come from the accompanying statements. As for the data, UK retail sales and US CPI data, both for Nov.
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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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