IronFX Daily Commentary by Charalambos Pissouros | 15/05/2017
May 15, 2017 9:42 am
Saudi Arabia and Russia agree to extend oil deal into 2018 • Oil surged today, following news that Saudi and Russia agreed to extend the oil output cut deal until March 2018, a 9-month extension. • No changes in the volume of the cuts, just the time period. With only 10 days to go until the meeting in Vienna, we think the near-term outlook of oil is up. • Any further confident/optimistic comments from the various oil ministers regarding this extension could keep oil prices supported ahead of the meeting. • Also, any hints regarding deeper cuts in production could be proved positive for prices.
Dollar slips after disappointing economic data • USD slipped on Friday, following disappointments in the nation’s CPI and retail sales data. • The probability for a June rate hike declined somewhat, but still remains elevated (74%). • Moving forward, we think that investors may pay extra attention to incoming US data.
Today: • Speakers: ECB Executive Board member Peter Praet speaks. • As for the rest of the week: • Tue: UK CPI for April. Both the headline and core rates are forecast to have risen further. • Wed: UK employment figures for March. • Thu: Australia’s unemployment rate and UK retail sales, both for April. • Fri: Canada’s inflation data for April.
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Saudi Arabia and Russia agree to extend oil deal into 2018
• Oil surged today, following news that Saudi and Russia agreed to extend the oil output cut deal until March 2018, a 9-month extension.
• No changes in the volume of the cuts, just the time period. With only 10 days to go until the meeting in Vienna, we think the near-term outlook of oil is up.
• Any further confident/optimistic comments from the various oil ministers regarding this extension could keep oil prices supported ahead of the meeting.
• Also, any hints regarding deeper cuts in production could be proved positive for prices.
Dollar slips after disappointing economic data
• USD slipped on Friday, following disappointments in the nation’s CPI and retail sales data.
• The probability for a June rate hike declined somewhat, but still remains elevated (74%).
• Moving forward, we think that investors may pay extra attention to incoming US data.
Today:
• Speakers: ECB Executive Board member Peter Praet speaks.
• As for the rest of the week:
• Tue: UK CPI for April. Both the headline and core rates are forecast to have risen further.
• Wed: UK employment figures for March.
• Thu: Australia’s unemployment rate and UK retail sales, both for April.
• Fri: Canada’s inflation data for April.
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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