IronFX Daily Commentary by Charalambos Pissouros | 16/02/2016
February 16, 2016 10:13 am
Oil prices jump on surprise Saudi-Russian meeting • Saudi Arabian and Russian energy ministers will meet to discuss oil production. • Saudi has said before it will consider output cuts only if joined by major non-OPEC producers as well. • A potential agreement to cut or freeze production could stabilize a bit the prices.
RBNZ under pressure to ease • New Zealand’s inflation expectations plunged overnight. NZD/USD fell 50 pips. • This puts huge pressure on the RBNZ to ease, which could weaken Kiwi further.
Today: • Norway: GDP growth for Q4 is exp. to have slowed. This could weaken NOK. • UK: CPI for Jan. is exp. to accelerate, but core CPI to decelerate. Market could focus on the core. GBP may weaken. • Germany: ZEW survey for Feb. Both indices are exp. to decline due to the global negative sentiment. This could prove EUR-negative. • US: Empire state manufacturing and NAHB housing market indices, both for Feb. • Canada: Manufacturing sales for Dec. • Speakers: Philadelphia Fed President Patrick Harker and Minneapolis Fed President Neel Kashkari.
Oil prices jump on surprise Saudi-Russian meeting
• Saudi Arabian and Russian energy ministers will meet to discuss oil production.
• Saudi has said before it will consider output cuts only if joined by major non-OPEC producers as well.
• A potential agreement to cut or freeze production could stabilize a bit the prices.
RBNZ under pressure to ease
• New Zealand’s inflation expectations plunged overnight. NZD/USD fell 50 pips.
• This puts huge pressure on the RBNZ to ease, which could weaken Kiwi further.
Today:
• Norway: GDP growth for Q4 is exp. to have slowed. This could weaken NOK.
• UK: CPI for Jan. is exp. to accelerate, but core CPI to decelerate. Market could focus on the core. GBP may weaken.
• Germany: ZEW survey for Feb. Both indices are exp. to decline due to the global negative sentiment. This could prove EUR-negative.
• US: Empire state manufacturing and NAHB housing market indices, both for Feb.
• Canada: Manufacturing sales for Dec.
• Speakers: Philadelphia Fed President Patrick Harker and Minneapolis Fed President Neel Kashkari.
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